In yet another sign that Singapore's first Formula One Grand Prix race is becoming more of a reality, an "event promotion" company , Singapore GP Pte Ltd, was registered last Thursday, by parties linked to property tycoon Ong Beng Seng.

The company office is listed as HPL House in Cuscaden Road, according to the Accounting & Corporate Regulatory Authority. Two of its three directors are Mr Teo Hock Seng, the managing director of Komoco Motors, and Mr Colin Syn, president of Hard Rock Cafe, The Business Times reported today.

These parties and entities, according to BT, are all linked to Mr Ong, who is the controlling shareholder of mainboard-listed HPL, which owns Hard Rock Cafe, and is also the majority shareholder of Komoco.

While Mr Ong has kept silent on the F1 matter, the only public announcement thus far has been given by HPL, which categorically says it is not involved in an F1 deal.

Nevertheless, all signs point to the fact that Singapore may stage its first F1 race next year. Parliament has been told that the government will underwrite half the cost of staging a race, and various ministers have commented on the F1 issue.

Formula One Management supremo Bernie Ecclestone has also flown in and out of Singapore since word spread earlier this year that Mr Ong was linked to an F1 bid.