AFP - Singapore will not be rushed into extending its contract with Formula One, the Trade Ministry said on Tuesday, as negotiations for the night race to continue in the city-state are under way.
"Negotiations for the term renewal for F1 is ongoing and a decision has not been reached," a ministry spokesperson told AFP in an e-mailed reply.
"The process has to be a deliberate one to carefully consider the terms and benefits."
Race organiser Singapore GP said it could not comment because negotiations are under way. In a 2018 event calendar released on Monday by motorsport's governing body FIA, there was an asterix next to the Shanghai and Singapore dates with a note that said "subject to commercial rights holder confirmation".
Singapore's Formula One future hangs in the balance as it looks to renegotiate its contract to host the sport's only night race.
The then-Formula One supremo Bernie Ecclestone said last year the promoter was trying to strike a "long-term" deal with Singapore, and played down comments that the Republic was looking to drop the race.
Singapore's 23-turn Marina Bay street circuit is seen as one of the most challenging on the calendar and has proved popular with fans. But organisers said a slowing economic climate has seen daily attendance slump from 87,000 in 2015 to to 73,000 last year.
If negotiations fall through, it would mark the end of Formula One in South-east Asia. Malaysia has announced that this year's race there will be the last due to rising costs and low returns.