“All of us without many exceptions like being here and I’m very, very happy with this. We’re all here for another five years,” commercial rights holder Bernie Ecclestone told reporters.

Commenting on the new deal, Singapore’s Second Minister for Trade and Industry S Iswaran said: “We have just concluded the terms of agreement today. The negotiations have taken some time because all parties have had very specific objectives and wanted to arrived at a mutually beneficial outcome.

“The Singapore Government has taken a very deliberate and careful study of the costs and benefits of continuing with this race and I want to say that our view is that F1 has been good for Singapore. It has helped to strengthen Singapore’s standing as a global city with a vibrant lifestyle.

“From an economic perspective the F1 Singapore Grand Prix has attracted over 150,000 international visitors over the last four years and each year on average it has induced an incremental tourism spend of about Sing$140m-150m. The cost of organizing each race has been about Sing$150m, with government co-funding about 60% of the approved costs.”

Asked whether the event would continue as a street race, Mr Iswaran said: “As of now we are looking at options. The current track has served us well and we continue to see if there are any opportunities to vary it or modify it but at this stage there are no specific plans to do so.”