Impact of F1 Singapore Grand Prix on Businesses

Mr Foo Cexiang asked the Deputy Prime Minister and Minister for Trade and Industry (a) whether the Ministry has been engaging business owners to assess the impact of the F1 Singapore Grand Prix; and (b) since its inception, what are the improvements in support measures provided to business owners who have reported adverse impact to their businesses due to the F1 Singapore Grand Prix.

Government agencies, such as the Singapore Tourism Board (STB) and the Land Transport Authority, as well as race promoter Singapore GP Pte Ltd (SGP), regularly engage business stakeholders, with a particular focus on those operating in the Marina Bay area to hear their feedback. Where possible, the agencies will implement measures to mitigate the disruptions arising from the Formula 1 (F1) Singapore Grand Prix. Examples of such measures include providing access and better wayfinding within and around the Marina Bay area and ensuring malls in the area remain accessible via public transport and taxis or private hire cars. Agencies have also worked to reduce the road closure period from 12 days in 2008 to seven days today.

STB has also worked with businesses in the Marina Bay area and across Singapore to capitalise on the buzz created by the race through the Grand Prix Season Singapore (GPSS) initiative. GPSS offers 10 days of stakeholder-led race-themed festivities that spotlight our vibrant attractions, retail, dining and entertainment options to complement the race experience. We encourage businesses to participate in GPSS or develop their own initiatives to capitalise on the increased footfall and additional spend that is generated from the race.

Since the inception of the F1 Singapore Grand Prix in 2008, the F1 race has brought in more than 720,000 international visitors and generated more than $2.2 billion in incremental tourism receipts across industries such as hospitality, food and beverage, attractions and retail for Singapore.

Agencies and SGP will continue to explore ways to support businesses to derive greater benefits and also minimise the disruptions from the F1 Singapore Grand Prix.