Complete Property Market Updates of Singapore

March 25, 2008

SC Global is title sponsor for F1 support race

Filed under: General — Propertymarketupdates @ 11:43 pm

It will also field a car in this year’s Porsche Carrera Cup Asia series.

Luxury residential property developer SC Global Developments is zooming into the motorsports arena by fielding a car in this year’s Porsche Carrera Cup Asia series and becoming the title sponsor of the Singapore round of the race.

As a result, the September event will be officially named the ‘Porsche SC Global Carrera Cup Asia – Singapore 2008′ and it will take place before the inaugural 2008 Formula 1 SingTel Singapore Grand Prix as a support race.

‘The attention of motorsports fans around the world will undoubtedly be focused on Singapore later this year when it stages its first Formula 1 Grand Prix and the first ever Formula 1 night race,’ said SC Global chairman and CEO Simon Cheong yesterday in a speech to announce the sponsorship.

‘SC Global is proud to contribute to what will be both an enormously successful event, and one which will put the spotlight firmly on this dynamic city.’

SC Global will be the title sponsor for only the Singapore race, not the whole series, which begins with next weekend’s F1 race in Sepang, Kuala Lumpur, and ends with the Macau Grand Prix in November.

This means that during the Singapore race, all 18 Porsche cars in the competition will have the SC Global name plastered on the front windscreen – considered the most prominent spot on the car. In the other races, only the Porsche name will occupy that position.

No mention was made of the sponsorship amount, with Porsche Asia Pacific citing confidentiality agreements. But within motorsports circles, a title sponsor is understood to typically pay a six-figure sum for what is the highest level of sponsorship. In this case, it is expected to be more than 100,000 euros ($213S,703) but likely to be less than 500,000 euros.

In addition, SC Global will be paying up to 300,000 euros for running a team for the season total of seven race weekends.

This includes the Porsche 911 GT3 Cup car (under 130,000 euros), a services package (about 65,000 euros), parts and tyres, as well as travel and accommodation costs.

It was also announced at yesterday’s press conference that DBS would be the official financial services partner for the Porsche Carrera Cup Asia 2008 season. Like SC Global, Singapore’s largest bank’s sponsorship will also have a ’special focus’ on the race in Singapore.

SC Global and DBS will be joining international names such as Mobil, Michelin and adidas, among others, as Carrera Cup sponsors.

Meanwhile, the Porsche Centre Singapore has donated $50,000 each to the Mainly I Love Kids (MILK) Fund and The Straits Times School Pocket Money Fund.

Karsono Kwee, executive chairman of the Eurokars group of companies, ceremonially handed over the cheques yesterday at the Porsche Pit Stop Singapore held at the Padang.

S Iswaran, Minister of State for Trade and Industry, who attended the function said that preparation for September’s Formula One race was in ‘advanced stages’, with the completion of road works and the pit building expected by end May and end June respectively.

Source : Business Times – 15 Mar 2008

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