Marina Bay view. Photo via wikipedia

Business owners whose business is located within the F1 circuit area and or affected by the extensive roads closure by the the upcoming Singapore F1, has raised concerned that they stand to lose during the F1 period

Despite Land Transport Authority (LTA) and Singapore Tourism Board (STB) assurances, the business owners, which consist of some 5,000 stakeholders (landlords and building owners, key operations personnel as well as tenants) drew in comparison with the 2006 International Monetary Fund (IMF) and World Bank meetings, where Singapore Tourism Board then forecasted some $50 million in tourism and retail receipts, but that didn’t go to plan

The stakeholders are concerned that during the road closure of Marina Centre area from 20th September to 2nd October, the public and tourist might shun the area and result in loss in potential revenue

There was some suggestions to some kind of compensation during this period but Singapore Tourism Board was firm and confident to say that the ‘economic spin-offs’ from Singapore’s inaugural F1 is more than likely to makeup for expected losses due to the traffic closures