SINGAPORE - The incoming host of year-ending Women's Tennis Association (WTA) Championships from next year could probably generate incremental tourism receipts of about 15 million Singapore dollars ($12.1 million) each year, the city-state's Second Minister for Trade and Industry S Iswaran revealed on Monday.

Singapore beat China's Tianjin and Monterrey in Mexico to host the WTA Championships for five years from 2014 to 2018. The event features the top eight women's tennis players and from next year, the eight leading women's doubles pairs.

Iswaran said the event attracts more than 40 million viewers across 167 countries.

He added that there is potential to augment the sporting event with an integrated lifestyle festival with considerable tourism and international branding potential for Singapore.

Singapore had agreed with the commercial rights holder of Formula One to extend the Grand Prix contract for another five years in last September.

The Singapore Grand Prix, the only Formula One night race, has proved a huge success, attracting tens of thousands of people coming to the city-state to enjoy the astonishing event.