UPDATE 1-Motor racing-Singapore to host F1 street race from 2008

(Adds quotes, details, background)

By Sebastian Tong

SINGAPORE, May 11 (Reuters) - Singapore has won a five-year deal to host a Formula One race starting next year and plans to stage the first ever night grand prix, speeding past skyscrapers, colonial-era buildings and the waterfront.

The race may be held in September or early October 2008, and the city-state has the option to extend the deal for another five years after 2012, the government said on Friday.

"Singapore could potentially stage the first-ever night race. It would be unique, different, and allow the Singapore event to reach out to television audiences in Asia, Europe and even the U.S." S. Iswaran, Minister of State for Trade and Industry, told a press briefing.

He said the race would only be held at night if safety requirements were fully met.

Several F1 drivers have spoken against the idea of a night race, citing safety concerns.

But the sport's supremo Bernie Ecclestone, speaking by teleconference, said he was confident that a night race would be held and that safety conditions would be met.

"It's going to be lit as if it's daylight," he said.