F1: Singapore extends grand prix to 2017

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Singapore has announced a five-year extension for its spectacular night-time Formula One grand prix on Saturday following months of hard bargaining for cheaper fees.

Bernie Ecclestone said repeatedly that the Singapore government had proven tough negotiators.

Singapore held Formula One's first night race in 2008, after signing a five-year deal, and the race has rapidly established itself as a highlight of the season.

But the city-state is also one of several grand prix hosts to complain about the high race fees it pays to Formula One.

The Singapore race, one of seven held in the Asia-Pacific region this year, has been watched by more than 360 million TV viewers, according to government figures, and won universal praise from teams and drivers this week.

This week, Iswaran said the race has attracted more than 150,000 visitors spending over S$560 million in the past four years.

According to Justin Harper, market strategist for IG Markets Singapore, Singapore would have had a strong case to negotiate more favourable terms.

"For the last five years Singapore has proved itself to be a success and it has also helped F1 to be put on the map... it has given Singapore more weight to negotiate on its own terms," Harper said.