Priests from India and Singapore sprinkled holy water on the facade of the Sri Maha Ganapathy sanctum at the Loyang Tua Pek Kong temple.
The ceremony took place between 6.45 am and 8 am in the midst of Taoist and Buddhist deities as well as a Muslim shrine.
All Hindu temples in Singapore undergo renovations and repairs every 12 years, and the temple and its deities have to be re-consecrated through a ritual known as maha kumbabhishekam.
There were also 16 new statues of the various forms of the Sri Maha Ganapathy deity that have been installed in the sanctum.
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About 500 volunteers also helped out with the event.
Speaking to reporters after the ceremony, Teo said that the event was a "good example" of multi-religious and multi- racial harmony in Singapore.
"The temple and the various shrines here have attracted more people over the years, and it's a good indication of how Singaporeans can live together in harmony," The Straits Times quoted Teo as saying.
Besides the Hindu sanctum, it houses Taoist and Buddhist deities, and a Muslim shrine called a kramat, with a dedicated area for each religion.
"To Hindus, (the consecration ceremony) is something that you must witness at least once in your lifetime. There's a belief that good things will happen to you after that, and you can get your mind and soul cleansed," said P Shanthikumar, civil servant, who attended the ceremony.