SINGAPORE (Mar 1): Singapore plans to buy an initial four F-35 fighter jets from Lockheed Martin Corp, with an option to purchase eight more, as it looks to replace its ageing F-16 fleet, the city-state's defence minister said on Friday.

Ng Eng Hen said in parliament that the ministry of defence will issue a letter of request (LOR) to the United States for the purchase, which must be approved by the US Congress.

With Southeast Asia's largest defence budget, the wealthy city-state is a key prize for global arms companies as it looks to invest in new technology and upgrade its equipment.

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