THE US financial debacle does not seem to have affected next weekend's inaugural Singapore Grand Prix as far as attendance at the first Formula One night race is concerned.

The 100,600 tickets are "effectively sold out", according to Senior Minister of State for Trade and Industry S Iswaran, with half of them going to foreigners. Fewer than 100 tickets are left - and they are mainly for the $2,588 Esplanade Steps Premier Grandstand seats. Also, only two corporate suites out of 180 are still available.

Mr Iswaran was speaking during a news briefing yesterday at the Stamford Suites, part of the corporate hospitality suites located beside the War Memorial Park.

Asked if some banks had cancelled bookings because of the turmoil in the financial sector, he said that even if there are cancellations, others are keen to take up the slack.

"Perhaps some may moderate their expenditure here, but in general the F1 fan base has a fairly healthy retail appetite," said Mr Iswaran.

According to a source, there are unlikely to be cancellations because race tickets have been paid for. The most expensive cost $7,500 and are for the exclusive Paddock Club.

"The tickets and the catering are all paid for," said the source. "Only the bill for the drinks will have to be settled."

Locations such as Old Parliament House and the Asian Civilisations Museum have been booked for an entire week of dinners and parties for VIP guests, he said.

"Banks like ING, Stanchart and RBS are going to be holding very big parties. If there were going to be any cancellations now, it would be a bit too late because the events are supposed to start from this weekend. There won't be any time to inform their high net-worth clients."

Also due to arrive from tomorrow onwards are the F1 drivers. Their cars and equipment are said to be already here.

Mr Iswaran said that overall the infrastructure and general preparations for the race have been "substantially completed". Only one or two finishing touches remain.

The way he sees things, F1 fever is rampant. "Even bakeries and chocolatiers are making F1 products," he said.

Turning to tourism generally, Mr Iswaran said the global economic environment will hurt visitor arrivals. The key is how to position Singapore to attract its fair share of the market.

Events like F1 and the Volvo Ocean Race will help attract tourists, he said. And as for tourism infrastructure, the Singapore Flyer and the two integrated resorts "will ensure we remain competitive".

This article was first published in The Business Times on Sept 20, 2008.