"If you ask me how much this will come to… I would say plus or minus around $20 million," Lee told reporters. "We may be able to recoup a little bit of that, but i think it is a cost which we are willing to pay and it's our contribution to an international endeavor that's in our profound national interest."
Lee said the money would be used to maintain enhanced security and communications during the summit.
Despite the hefty costs, Lee said the summit would boost Singapore's status on the international stage.
"It gives us publicity. The fact that we have been chosen as the site of the meeting — we did not ask for it, but we were asked and we agreed — says something about Singapore's relations with the parties, with America, with North Korea, also our standing in the international community," he said.
Police in Singapore closed roads and ratcheted up security measures as the island nation prepared to host a historic summit between US President Donald Trump and North Korean leader Kim Jong-un.
Trump and Kim will meet on Tuesday at 9 a.m. for talks on denuclearization. The summit was made possible after a significant thaw of tensions on the Korean Peninsula.