F1: Singapore Grand Prix tickets almost sold out

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Are my eyes playing tricks on me or does the Marina Bay skyline really look like an F1 car?

Huge crowds are expected in the Marina Bay area when the race kicks off on Friday. 99 per cent of Formula 1 tickets have been snapped up ahead of the Singapore Grand Prix.

However, as streets in the vicinity went into lockdown on Wednesday to prepare the race circuit, businesses around Singapore were already feeling the F1 effects.

The Singapore Flyer, located in the heart of the Singapore Grand Prix circuit, reported a slight dip in ridership as surrounding streets were closed.

The nearby Suntec City mall is offering complimentary parking and gift vouchers to lure customers, but traffic snarls in Marina Bay have not helped tenants in the area.

However, hotels in the Marina Bay area are revving up in a different gear.

Pan Pacific Singapore has over 90 per cent occupancy booked for the race weekend while the Grand Park City Hall hotel near the race track says its occupancy exceeds 91 per cent for the same period.

Fullerton Hotel said it was fully booked -- three months earlier in 2013 than the year before. Guests taking higher-end rooms, or suites, can enjoy commanding views of the Formula 1 action from the hotel's rooftop.

In addition, the view encompasses the Padang, where concerts featuring international celebrities will be held. It costs a minimum of S$6,800 a night for a suite, which comes with complimentary glasses of fruit juice or champagne.

"While the races are happening in the Marina circuit, most of the tourists will come down to Orchard Road, because Orchard Road is well-known throughout the world. And the tourists come down as early as 7am to look around," said executive director of the Orchard Road Business Association Steven Goh.

The Orchard Road Business Association is projecting a five to 10 per cent increase in business for the 2013 Grand Prix season, which is higher than the previous year.