SINGAPORE : Singapore will hold a Formula One race in 2008.
This was announced at a press conference on Friday afternoon.
Formula One head Bernie Ecclestone had earlier met property tycoon Ong Beng Seng to discuss the possibility of holding the race in the Republic.
Singapore is keen to host an F1 race and the government has given its blessing to the negotiations between Mr Ong and Mr Ecclestone.
However financial and logistical hurdles have recently slowed progress on a deal.
The government said it was "willing to support such a venture up to a level commensurate with the broader benefits to the economy".
The cost of hosting a race is estimated to be US$70 million.
Aside from the costs, the task of working out logistics, particularly maximising public safety and minimising disruptions to local businesses in the area earmarked for the race, was also proving to be a challenge.
A senior member of Mr Ong's team has previously said a decision needed to be made by April this year if they were to be ready for a 2008 race
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