Mar 20
Daryl Loo

If Singapore gets to host the Formula One car races, the international exposure will definitely give the "Singapore brand" a boost on a global scale.

Experts say an estimated 350 million television viewers will watch each race.

And as cars zip through the city streets, viewers will also take in the background.

So will the world famous car races come to Singapore? Industry watchers expect a decision on this, very soon.

Singapore's downtown could be converted into a giant race track for one night a year, if the proposal gets the green light.

And this would make way for world-famous F1 race cars, such as those from Ferrari and McLaren, to blaze through the streets-turned tracks.

Many had anticipated the deal to come through over the weekend when Minister of State for Trade and Industry S. Iswaran were in Melbourne for the F1 race.

But now, it seems the earliest Singaporeans will find out is next week or even April.

And should the deal get the go-ahead, one key benefit would be the Singapore brand as it will be broadcast for much of the world to see.

Associate Professor Prem Shamdasani, NUS Business School, said: "Brand Singapore is about being a vibrant, global city that is a venue of choice for iconic world class events, whether they are sports, entertainment, or cultural events.

"So clearly, an event like Formula One racing will put Singapore on the global map, where there are hundreds of millions of viewers from all around the world watching the event."

The tourism industry too, will stand to gain from visitors coming for the races.

Mr Christopher Khoo, Managing Director of MasterConsult Services, said: "we are expecting well over a hundred thousand people coming into Singapore and that's going to be a huge number, very good news for the hotel industry, and tourism industry in Singapore.

"In addition to that, we also have a lot of media coverage during that time. It is not just the hundred thousand additional tourists, but these are going to be celebrities, the who's who. Everybody wants to be seen mingling with them. And that's going to add more pizzazz to Singapore's night life."

What's more, tourism consultancy MasterConsult also expects a number of spin-off events from the F1 races.

Mr Khoo added: "It's not just a two-hour race. It's a one-week event and this one week will be filled with a lot of additional events where you will have sponsors, a lot of MNCs and corporations hosting special events, hosting their special clients to Singapore to savour this Formula One experience, and that will translate into a lot of spin-offs for the other attractions."

And proof of that comes from other cities which have hosted F1 races, including Monaco, Shanghai, and Kuala Lumpur.