Jet sellers, party hosts try to rev up Singapore F1

Fri Sep 18, 2009 4:38am EDT
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By Brenda Goh

SINGAPORE (Reuters Life!) - The race for tickets and views for Singapore's Formula One grand prix has slowed this year after the country's worst recession, but restaurants along the street circuit are still putting the champagne on ice.

Investment banks in the Asian financial center have scaled back parties for clients for the September 25-27 race after seeing earnings battered by the financial crisis.

Tickets for practice runs and the race have yet to sell out, with the buzz from the sport's first ever night street race in Singapore in 2008 not evident this time, though the event is attracting attention from a scandal over last year's result.

Singapore officials are confident the allegations will not hurt the event, and marketers hope rich fans will still show up.

The Annix Group is organizing an exhibition that will showcase goods including 70 watches worth over S$15 million ($11 million), as it targets 35,000 high net-worth individuals expected to attend, the event's marketing director Prita Leenheer told Reuters.

The F1 will see the launch of a invitation-only club called "O" -- half of whom will be Lamborghini owners and others will be picked from among models, designers, movie stars and royalty.

MillionaireAsia magazine's private aviation show will be returning to Singapore, after $150 million worth of aircraft orders and sales generated by last year's show during the F1.

"As we prepare to exit the economic crisis, we hope that the show will help increase jet sales by at least 10 percent," the magazine's managing editor Brian Yim said.   Continued...