Five more years for F1 Night Race in Singapore

Singapore has extended its glittering night-time Formula One grand prix for another five years until 2017 after lengthy haggling for cheaper fees. 

The announcement concludes tough negotiations to extend the five-year contract, which expires this year, for what has quickly become a favourite on the Formula One calendar. 

High costs have caused friction for several hosts of Formula One, which has expanded aggressively from its traditional European domain with seven races in the Asia-Pacific region this season.

The Trade and Industry Ministry says the community must accept the Singapore Formula One race as a necessary event in Singapore. 

This is because the race has reaped benefits such as enhancing Singapore's image and bringing in more tourism receipts. 

This year's race may be in its fifth year but the F1 demand is revving up more sales in the Orchard Road shopping belt compared to previous years. 

The Orchard Road Business Association says it expects to see a 10 per cent increase in sales this year compared to last year.