Question

Ms Hazel Poa: To ask the Minister for Trade and Industry (a) what was the total cost of organising the 2022 Formula One Singapore Grand Prix; and (b) of the total cost, what was the total cost that was ultimately co-funded by the Government and what were the types of costs that were co-funded.

Written Answer by Minister for Trade and Industry Gan Kim Yong

1. The cost of organising the 2022 race was between $135 million and $140 million. This was similar to previous years of hosting the race. As per past years, the Government’s share of the costs was 60% of the total cost. The types of costs that the Government co-funded comprised items such as maintenance of the racetrack, setting up infrastructure for the event such as grandstands, hospitality suites, and providing security and medical services during the event.