Meanwhile, Mercedes' Lewis Hamilton will enter the race this Sunday with a slim three-point lead over Ferrari's Sebastian Vettel, but he thinks he's going to have a "difficult weekend".
"We're in a completely different position so progress has been good". The Daily Telegraph reports that the race could be "one of the most physically gruelling on record".
S. Iswaran, Minister of Singapore's Trade and Industry, said that the F1 Singapore Grand Prix has made significant revenue for the country's economy as well as motorsport's franchise. Maybe on a single lap we will have a better scenario and that is so important here. Other short odds to win are Lewis Hamilton (+162), Daniel Ricciardo (+700) and Max Verstappen (+700).
"A lot of corners always suit us more and street circuits as well, and not too many straights, that is ideal".
He explained that while Singapore had signed two previous deals for five years each, this extension is for only four years to give organisers time to establish a working relationship with Liberty Media. But this is racing and anything can happen.
Turning to Sunday's race - we do think it will be a good weekend for Ferrari.
"We've certainly got stronger and stronger", the 28-year-old told reporters Friday.
Humidity is really high and this is a tough race for the drivers, one of the most physically demanding of the calendar.
Mercedes may well be leading the Constructors' championship by more than 60 points but it is the Driver's Championship which presents a very interesting case.
The street circuit is quite slow and has 23 corners - that means it is likely to favour the Ferrari.
Vettel has been able to dominate this race, winning four times in his career.
Red Bull will hope to spoil the party for both the works teams as the fans are in for a treat where there are three teams which are major contenders for the race. But it is a very challenging circuit here, getting the set-up right, getting the timing right, understanding the tyres.
While neither side divulged terms of the new deal, Iswaran said Singapore's costs had fallen to S$135 million ($100 million) despite inflation over the last 10 years.