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The Formula 1 Singapore Grand Prix 2022 will be held from Sep. 30 to Oct. 2.

And hotel room rates have exploded.

Demand for this year's race, after a two-year hiatus, is beyond healthy.

Ticket sales have surpassed the last race in 2019, which saw a three-day total of 268,000 spectators, the second-highest after 300,000 attended the inaugural race in 2008.

Hotels surrounding the Marina Bay circuit area are set to be fully booked, as guests are willing to pay some S$10,000 for three nights to be in the vicinity of the F1 races and shows.

Hotels fully booked

Tourists make up 25 per cent of hotel guests, and there has been a stronger demand for hotels following the return of large-scale events in Singapore, including a series of pop concerts.

According to Shin Min Daily News, hotels that are fully booked during the duration of the F1 race include Swissotel the Stamford, The Ritz-Carlton, Raffles Hotel, Conrad Centennial, Fullerton Hotel, Fullerton Bay Hotel, Parkroyal Collection Marina Bay, and Pan Pacific Hotel.

Accommodation costs peaking

As of Sep. 15, rooms at the iconic Marina Bay Sands and storied Raffles Hotel Singapore were pretty much sold out for much of the coming month, with many rooms that went for S$2,000 to S$3,000 a night.

Even before that surge, accommodation costs reached the highest in a decade as Singapore plays host to a slew of conferences, including the SuperReturn summit, which is charging delegates S$5,641.

Expensive rooms still available

At the time of writing, Mandarin Oriental Hotel and Andaz Singapore are the only ones left with suite rooms, priced around S$3,300 per night and can go up to S$10,000 for three nights.

Rooms at the five-star JW Marriott Hotel Singapore South Beach also cost around S$10,000 for three nights for their premier guest room with a Marina Bay view.

The price is some four times the usual rates.

Marina Bay Sands Singapore still has the deluxe room available for around S$1,870 per night, and would cost S$6,610 for three nights.

Prices of hotel rooms in Singapore have been soaring as a result of the influx of overseas visitors following the easing of restrictions.

At S$259 a night, the average hotel room rate in July 2022 rose nearly 70 per cent year-on-year.

Per night rates have reached a level not seen since September 2012, which was a decade ago.

Last two night races cancelled due to Covid-19

The Singapore night race has been staged 12 times since its debut in 2008.

The last race held in 2019 saw Ferrari's Sebastian Vettel emerge as the victor.

The last two night races in Singapore were cancelled due to the Covid-19 pandemic.

Top image via JW Marriott Hotel Singapore, Marina Bay Sands.