The Formula One Singapore Grand Prix is set to soar to new heights, with Singapore Airlines (SIA) coming on board as its new title sponsor.

In an announcement made at its Training Centre along Upper Changi Road East on Tuesday morning, the national carrier confirmed the two-year naming rights deal that will run through the 2015 race.

Said Singapore Airlines CEO Mr Goh Choon Phong: "We are thrilled to be taking up the title sponsorship of one of the most exciting races on the F1 calendar, and we are especially pleased to be doing so in the lead up to Singapore's 50th birthday next year.

"Singapore Airlines has always supported the development of both sports and tourism. Through our involvement with the world's first F1 night race we will be able to enhance both for the benefit of Singaporeans and visitors alike."

Added Formula One Group CEO Mr Bernie Ecclestone: "We are very happy to have Singapore Airlines join the Formula One family by becoming the title sponsor of the extremely popular Formula One Singapore Grand Prix... and demonstrates Singapore's forward thinking, an attribute Singapore Airlines has always achieved."

The deal sees SIA take over naming rights of the sport's first night race from SingTel.

Since its inaugural 2008 edition, the Singapore Grand Prix has come under the title sponsorship of the local telco, who paid a reported US$10 million (S$12.47 million) each year for the privilege.

Singapore forks out approximately $150 million to host each edition of the race - 40 per cent of which is borne by organiser Singapore GP, while the Government co-funds the remaining 60 per cent.

In return, the Republic earns an average of $150 million in incremental tourism receipts annually.

This year's race - the seventh under the lights of the Marina Bay Street Circuit - will be held from Sept 19-21.