Speaking to reporters on the sidelines of the event, Transport Minister S Iswaran said that about half of those who are attending are from abroad while the rest are local.
“I think it’s a reflection of the keen interest in our race, its uniqueness and the various elements that we wrap around the race as well. I think it’s a very good sign of how things are recovering in Singapore.”
He also noted that this has created a “cascading effect” on Singapore’s broader economy.
“The hotel occupancy rates are very strong. And also the average home rates according to (Singapore Tourism Board) STB data, exceeded the historical high of S$440 per night for previous F1 periods,” he said.
Mr Iswaran added that there has been a “significant number” of meetings, incentives, conferences and exhibitions (MICE) events around the race.
“This has always been the way our Formula 1 has been run to make sure that it goes beyond just the race to a broader business and lifestyle experience. And this year, there have been about 25 MICE events with about 90,000 delegates.
“And that again is a very strong indication of not just the interest in Formula 1 but also the economic activity resuming in Singapore and in particular the MICE event activities resuming,” he added.
“In summary, we’ve had a very strong Formula 1 event this year, the response from the world has been very strong, and you could say Singapore is back on track.”
The race will flag off later on Sunday, with Ferrari’s Charles Leclerc in pole position. Formula 1 world championship leader Max Verstappen will start the race in eighth.
