Singapore Grand Prix renews contract for four years

Singapore Grand Prix organisers announced a four-year contract extension on Friday, extending the glittering night race from 2018 to 2021.

In this image made with a fisheye lens from the Swissotel The Stamford, the Singapore F1 Grand Prix's Marina Bay City Circuit is lit at dusk.   -  AP

Singapore Grand Prix organisers announced a four-year contract extension on Friday, guaranteeing the glittering night race until 2021.

"The agreement was concluded today after several rounds of negotiations," Singapore Trade Minister S. Iswaran told reporters.

The extension had been expected after Formula One chief Chase Carey this week praised the floodlit street race, which snakes past landmarks and skyscrapers, as "spectacular".

"The Singapore race is clearly a signature race... it's also our gateway into Asia which is important for our future and our growth," Carey said on Friday.

"Singapore is truly an iconic race on our schedule worldwide," he added.

While Singapore has signed on for another four years, neighbouring Malaysia is about to hold its last Grand Prix after cancelling the race citing rising costs.

The Singapore Grand Prix, whose 10th edition is on Sunday, has quickly become one of Formula One's best known races and is often compared to Monaco's classic street Grand Prix.