After much speculation about its future, it has been confirmed the Singapore Formula 1 Grand Prix will continue for another four more years from 2018 to 2021. Singapore has been part of the Formula 1 World Championship since 2008, and is the first country to ever host a night Grand Prix.

The announcement comes against the background of a year-to-date 19% increase in ticket sales, with the weekend sales still to be included. According to Singapore GP and the Singapore Tourism Board, the race has yielded significant economic benefits, attracting over 450,000 international visitors to Singapore.

This has helped generate about SG$1.4 billion (about RM4.3 billion) in tourism receipts, and it is also revealed 90% of the race organisation is sub-contracted annually to Singapore-based companies, which allows the race to contribute to the local economy.

Over the years, the Singapore Grand Prix served up some dramatic moments on track (this year was no exception), and has been backed by a strong line-up of concerts, entertainment and lifestyle offerings both within the circuit park and throughout the city.

“The Singapore Grand Prix is a signature Formula 1 race and therefore we are very pleased that it will continue to feature on the calendar for a further four years. The first ever night race in this sport is one of the most thrilling events of the year, taking place against the stunning backdrop of Marina Bay,” said Chase Carey, chairman and CEO of Formula 1.

“Since 2008 we have enjoyed a close working relationship with Formula 1 and all of its key players. We believe this has been a beneficial partnership for all parties, for our city and for the sport, and we look forward to building on that foundation with F1’s new owners,” noted Ong Beng Seng from Singapore GP.

“The race in Singapore has provided an excellent platform for businesses to test bed new lifestyle initiatives and products. This has not only created an exciting atmosphere during the race season, but also injected creative concepts and experiences that continue to attract tourists to Singapore all year round,” added Lionel Yeo, chief executive of Singapore Tourism Board.

With Malaysia confirming it will no longer host F1 races from 2018, Singapore is set to be the only country in Southeast Asia to be part of the F1 calendar next year. However, there have been rumours F1 chiefs are looking at Vietnam as a possible replacement for Malaysia in the future.