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Singapore 'to make S$100m from night race visitors'

The Formula One night race that will be held in Singapore this year is expected to be so popular that it boosts the local economy by S$100 million (£37 million), according to reports.

According to trade and industry minister Lim Hng Kiang, between 30 and 40 per cent of visitors to the event are expected to come from overseas.

A number of new jobs are expected to be created in the service industries to cater for the influx of visitors, Channel News Asia reports.

S Iswaran, senior minister of trade and industry, said that people staying in hotels for the event could be pleasantly surprised by the cost of accommodation in Singapore.

"If you compare the room rates that I have seen in the media with the going rates in places like Monaco, even in Melbourne and some of the other circuits, I think our rates are quite comparable," he said.

Singapore's night race, which will be the first in the history of Formula One, will take place on September 28th in the city's Marina Bay area.

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