A ‘Request for Proposal’ for the permanent racetrack with a tenure of 30 years, is expected to go out in May 2008. The racetrack is expected to be completed by end 2010 or early 2011.
“The government has identified the motor sports industry as a growth industry that will contribute to sports development and the economy in Singapore," said Minister for Community Development, Youth and Sports, Dr Vivian Balakrishnan. ”In our discussions with the private sector, industry players shared that the development of a permanent racetrack is critical for us to develop a comprehensive motor sports industry.”
The project will be fully funded by the private sector.
