Sep.24 (GMM) Singapore has not decided whether to extend the contract for its highly popular formula one street race beyond 2012.

Next year's floodlit event will be the fifth and final one according to the original contract signed in 2007 with Formula One Management, the local Today newspaper reports.

As for the possibility of a new deal, "It's still in negotiations", said trade and industry minister Teo Ser Luck.

"But it's more important to see if the F1 races have met our objectives and truly brought value to Singapore and helped put Singapore on the international stage," he added.

"It has brought value to Singapore, especially in the motor sports scene. But the considerations have to be more than that.

"So whether it is economic or social, we have to examine each of the factors, which is the stage where we are at now," the minister added.

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