F1 GRAND PRIX IN SINGAPORE

F1 GRAND PRIX IN SINGAPORE

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(Financial impact): **

7.

Mr Viswa Sadasivan asked the Minister for Trade and Industry (a) whether the Government has an accurate estimate of the losses incurred by commercial entities in the CBD as a result of the F1 Grand Prix being held here in 2008 and 2009; and (b) whether the Government plans to compensate those who have been financially disadvantaged directly by this event.

Mr Lim Hng Kiang: We do not track the financial impact of the F1 race on commercial entities in the CBD specifically.

The organizers of the F1 race, which include the race promoter and Government agencies such as the Singapore Tourism Board and the Land Transport Authority, are mindful of the need to minimise inconvenience to Marina Bay stakeholders and other commercial entities in the CBD.

Drawing from experience gained in the inaugural race in 2008 and taking into consideration the feedback received from stakeholders and the general public, last year’s road closure period was reduced from 12 to seven days. Care was taken to minimise disruption to road users. For instance, Nicoll Highway and Esplanade Drive were re-opened to facilitate the morning peak traffic flow every day of the road closure period, with the exception of Sunday. As a result of these measures, commercial entities remained accessible to patrons throughout the 2009 F1 race period.

For the Marina Bay stakeholders, entrances to the circuit park were carefully positioned to direct and facilitate pedestrian traffic to the malls. (For example, Gate 3 was located right next to Raffles City and Gate 7 was accessible via Marina Square.) The installation of gates on stakeholder premises was also delayed to as late as possible – some as late as Wednesday 23rd September, just two days before the event. Taxis were also allowed to access the Marina Bay area and passengers could choose to drop off at selected taxi stands.

Our overall approach to the F1, as with other major events, such as the Singapore 2006 IMF-World Bank meetings, APEC 2009, the annual National Day Parade and Chingay celebrations, is to minimise inconvenience for all stakeholders and to help stimulate demand for businesses.