"Over the past decade the Singapore race has introduced many innovative elements and become an iconic and highly anticipated event on the F1 calendar", he said.
"Our aim, as always, is to improve the event both on and off the track to keep people coming back and to attract even more visitors to Singapore", he said.
Singapore GP announced yesterday that overall attendance at the 2017 edition was 260,400, a 19 per cent year-on-year increase. In its first decade, the race has yielded significant economic benefits, attracting over 450,000 global visitors to Singapore and about S$1.4 billion in tourism receipts (Inclusive of projected worldwide visitor arrivals and tourism receipts for 2017).
But after two free practice sessions on Friday, teams are ready to admit that Red Bull may be hard to beat at the Marina Bay Street Circuit.
During the Grand Prix build-up, fans could access a live 360° video feed from the paddock or during a race, as a driver pulled into the pits, they could complement the action on TV with a 360° view of everything that is happening in the pit lane in real-time.
Singapore Tourism Board chief executive, Lionel Yeo said: "The race in Singapore has provided an excellent platform for businesses to test bed new lifestyle initiatives and products".
Singapore GP's Ong Beng Seng added: "Since 2008 we have enjoyed a close working relationship with Formula 1 and all of its key players". It has also created good opportunities for Singaporeans and the local business community.
In the last few years Formula One has only just started to get used to the idea of having a United States Grand Prix again following the emergence of the Circuit of the Americas.
Formula 1 racing began in 1950 and is the world's most prestigious motor racing competition, as well as the world's most popular annual sporting series.