Singapore will host a grand prix until at least 2021 after signing a new contract with Formula 1.
"It is particularly important that Honda, one of the main manufacturers in the motor industry and a company that has played an important role in the history of motorsport, will still be in Formula 1 for years to come".
Ticket sales fell past year to around 73,000 for each of the three days of the race weekend.
From next year, Singapore will be the sole stop that Formula One makes in Southeast Asia, as next month's Malaysian Grand Prix is to be the last.More news: Red Bull pipped to pole by Vettel in Singapore
More news: Expect crude oil to trade positive: Sushil Finance
More news: Household Incomes Rose to Record in 2016 as Poverty Fell
Since its debut in 2008, the first ever night race in the F1 calendar proved to be a favorite for fans.
"Over the years, the Singapore event has distinguished itself as one that is not just about the competition, but one complemented by a strong line-up of concerts, entertainment and lifestyle offerings both within the circuit park and throughout the city".
This year is the 10th edition of the Singapore Grand Prix. "It has also created good opportunities for Singaporeans and the local business community", Iswaran said.
Singapore has considerable appeal as a popular tourist destination, with about "40 to 50 percent of visitors (to the race) from overseas", said Lionel Yeo, the chief executive of Singapore's tourism board. "The Singapore race is clearly a signature event, the spectacular skyline of Singapore lit up at night (with) a crowd that's truly from around the world".