Formula One: Formula One boss Bernie Ecclestone welcomed Singapore "to the Formula One family" after confirming the country will stage races from 2008 onwards.
The first race will is scheduled to be held in September or October 2008 on a street circuit and could be held at night under lights.
Singapore has been campaigning hard to stage a grand prix and has been given the option to hold the race for five years.
Ecclestone announced yesterday that Valencia would stage an F1 race in 2008 on a street circuit and has an option to stage races for the next seven years.
"I am very pleased to welcome Singapore to the Formula One family and we look forward to this exotic addition to the championship," said Ecclestone, who spoke on a conference line from Barcelona.
"This will be the first fully-lit street race in Formula One and as a night race, we anticipate it will quickly establish itself as one of the most dramatic and atmospheric races in our calendar.
"I know that the Formula One drivers, teams and fans are all looking forward to coming to Singapore next year."
Speaking at a news conference, Singapore's Minister of State for Trade and Industry, S Iswaran announced that the city state has secured the rights to host an F1 race for five years, with an option for Formula One Administration (FOA) to extend the contract for a further five years.
The first race will take place on a 5.2-kilometre downtown street circuit in September or early October 2008 and could potentially be the first F1 race to be held at night.
"Singapore is a leading business centre and our aim is to be a vibrant global city that is abuzz with high quality entertainment and events. A world class even like the F1 race, with more than 500 million viewers worldwide, will take us closer to this objective," said Iswaran.
"By holding the race on a street circuit in Marina Centre, we will bring the buzz and excitement into the heart of the city, so that everyone can join in the festivities."
The race will be a partnership between Formula One, the Singapore Tourism Board and Singapore GP Pte Ltd, a newly-formed company led by local tycoon Ong Beng Seng.