New hospitality packages snapped up as corporates splurge on F1

DEMAND for hospitality packages at this year’s Singapore Airlines Singapore Grand Prix Formula 1 (F1) has been so hot that 2 additional hospitality packages were launched and almost instantly sold, The Business Times (BT) understands. 

This comes after event organiser Singapore GP on Apr 13 reported that 3-day grandstand and combination tickets were all sold out within 6 hours of their release, and that all 6 of the hospitality packages initially launched were fully taken up “due to the overwhelming demand”.

“We have seen particularly strong interest from companies in the financial, automotive, IT, construction, MICE, and oil and gas industries this year,” a Singapore GP spokesperson told BT.

New hospitality facilities named Pit Exit Grandstand and Summerhouse were launched after the initial 6 were booked out. Priced at S$1,988 and S$6,300 per head, respectively, these were quietly snapped up before Singapore GP could officially announce them.  

Pit Exit Grandstand is located near Turn 1 and offers assigned seating and access to all 4 zones of the Circuit Park as well as performances at Zones 1 and 4. Summerhouse, meanwhile, provides prime views of the cars as they exit Turn 3 towards Republic Boulevard and offers the same zone access with free seating at a dedicated viewing gallery.  

Before these new packages were released, corporates had already been shelling out thousands for a spot at the upcoming F1 weekend from Sep 30 to Oct 2 – the mega-event’s first comeback after 2 consecutive years of cancellations. 

Based on product brochures provided by Singapore GP, dedicated Paddock Club suites spanning 3 days for a minimum of 90 guests were listed at a whopping S$9,250 per person before GST (goods and services tax). Other 3-day hospitality packages – Lounge @ Turn 3 and The Green Room – were priced at S$3,250 and S$4,500 per head, respectively.

Single-day ticketing options ranged from S$1,500 for Oct 2 at the Sky Suite to S$6,075 at the Upper Deck at the Paddock Club. 

Singapore GP said it is now expecting a sell-out event this weekend as ticket sales for this year’s event have already superseded that of 2019 – which saw the second-highest attendance ever at 268,000 spectators over 3 days after the 2008 record of 300,000 attendees at the inaugural race. 

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While not all F1 enthusiasts will be able to secure a spot at this year’s race event, Singaporeans are also planning to take part in the excitement by splurging on dining out over this weekend.

A survey of 1,000 consumers in Singapore by Censuswide in September 2022 showed that 71.6 per cent of Singaporeans are intending to visit a bar, restaurant or cafe over the F1 weekend with intentions to spend an average of S$70.23.

Conducted on behalf of guest experience and retention platform SevenRooms, the data suggests an expected total expenditure of S$420 million this weekend across the city state’s almost 6 million-strong population.