SINGAPORE – An independent committee set up to review the current Formula One (F1) contract was satisfied that the Government’s interests in the deal were “sufficiently safeguarded”, said Deputy Prime Minister Gan Kim Yong said on Oct 15.
The committee also assessed that the Government was “diligent, rigorous and careful” in approaching the F1 project and no irregularities were observed, he said.
For instance, the Government appointed external legal counsel to vet the contract to ensure its interests were sufficiently protected.
These report findings were submitted to him and Minister-in-charge of Trade Relations Grace Fu, who oversees tourism, after the committee completed its work, said DPM Gan in a written parliamentary reply on Oct 15.
He was responding to Mr Edward Chia (Holland-Bukit Timah GRC) who had asked for an update of the review that was convened in 2024.
DPM Gan said the committee also found that the deal, which covers 2022 to 2028, constituted a “fair and reasonable exchange” of commercial obligations and benefits between the Government and Singapore GP, which organises the races.
The economic benefits that accrued to Singapore outweighed the costs, and the foreign visitorship and incremental tourism receipts that Singapore received from hosting F1 exceeded targets, he added.
The committee also identified ways to enhance the existing processes between Singapore Tourism Board (STB) and Singapore GP, as well as areas of improvement for any future renewal of the F1 project. The contract is now in its fourth term.
DPM Gan said he had issued a ministerial direction in 2024 for the STB to convene an independent committee to review the terms of its current contract with Singapore GP for the Singapore Grand Prix 2022 to 2028.
