MAY 12, 2007: The day after it was announced Singapore would be hosting a Formula One race for the next five years, organisers were already thinking far ahead.

"The biggest challenge is getting people back in the second, third, fourth, fifth years," Singapore GP executive director Michael Roche told us back then.

"We know Singaporeans always want to be involved in anything that's held for the first time, but we need novel ideas that will draw them back in subsequent years."

Nearly two years on, two other issues have also surfaced that will determine whether the 2009 event, set for September 25th to 27th this year, is as successful as last year's.

The first is the poor economic climate, which has already claimed several major Wall Street institutions and forced F1 to undertake a raft of cost-cutting measures. 

In the light of retrenchments and uncertainty in the jobs market, most Singaporeans will be less willing to splash out on F1 tickets - considered by many to be a luxury. 

The second is the challenged posed by new kid on the block, Abu Dhabi, which will claim much of the novelty value that Singapore enjoyed last year. As with all things to do with the emirate, Abu Dhabi is working on a lavish, seven-star project that is bound to impress the world.

A brand-new motorsports circuit, now under construction, is part of a $40 billion development funded by Abu Dhabi’s ruling elite and a partially government-backed developer. The facility includes a marina and seven hotels, including one built over the track!

Organisers there are also reportedly keen on following Singapore's lead in staging a night race, though this has yet to be confirmed.

But what Abu Dhabi is promising will very likely mean that hard-core F1 fans from Europe, the sport's traditional heartland, will have more incentive to attend what promises to be the "race of the season".

Europeans would also not need to pay as much in airfares to travel there, compared to a long-haul trip all the way to Singapore.

Singapore organisers thus have a tough task this year if they want to match last year's race-day spectatorship figure of 100,000.

Their decision to introduce early-bird prices when public tickets go on sale in March is a step in the right direction. Last year, three-day public passes ranged from $168 to $1,388 and fans can probably expect the majority of these tickets to be cheaper this year.

Prices for the two cheapest options - general walkabout ($168) and Marina Bay grandstand tickets ($248-$298) - are not expected to increase too.

But more can, and should, be done to pack the Marina Bay circuit once again.

For instance, why not have discounts for students and families? 10 to 20 per cent off for those still schooling, as well as discounts for say, a family of four, would go a long way to attracting more fans.

For many families who decided not to attend the F1 last year, the main obstacle was the cost. This would amount to over $600 for a family of four, for three-day general walkabout passes. Grandstand tickets would burn an even bigger hole in the pocket.

Another strategy to draw more fans in is in the off-track entertainment, a rarity in other F1 venues.

Last year's race was praised by overseas visitors because of the varied music and entertainment acts sprinkled around the circuit, in areas like the Padang and outside the Esplanade.

Guest DJs were flown in by clubs like Zouk for dance parties, and there was live music by local bands and oveseas ones like The Whalers as well.

Why not aim for bigger headline acts this year, and even more entertainment stages so fans will have even more variety to choose from?

All this will make the entire race-day experience more worthwhile, and provide more value at a time when fans want to get the most out of any dollar spent.

The various challenges posed to this year's F1 are by no means insurmountable, and with good planning and some novel ideas, Singapore may once again be celebrating a job well done on the last weekend of September.

That would provide a bright spot, amidst all the economic gloom these days.