In a Facebook post, the 62-year-old said he accepted full responsibility for his actions and apologised to Singaporeans.
Iswaran is the first former Singapore minister to be jailed in almost 50 years.
Iswaran resigned as transport minister after less than three years in the job after he was charged in January.
He said the case had taken an emotional toll on his family and said this weighed heavily on him. He was not ready to subject them to a long trial that may extend well into 2025.
“The past 15 months have already been the most difficult.
With this decision, I hope that we can put the pain and anguish behind us, move forward and rebuild our lives together.
The investigation into Iswaran centred on allegations he accepted lavish gifts from a Malaysian billionaire that included tickets to English Premier League football matches, the Singapore Formula 1 Grand Prix, London musicals and a ride on a private jet.
The value of these gifts totalled more than S$400,000 (RM1.29 million), the prosecution said.
Property tycoon Ong Beng Seng was last Friday charged by prosecutors in connection with the case. No plea was recorded.
Iswaran went on to thank all those who stood by him and helped him face his darkest hours, including family, friends and grassroots leaders.
“Serving my constituents and Singaporeans over the past three decades has been the greatest honour of my life.
As this chapter of my life comes to a close, my family and I look to the future with gratitude and renewed hope.
CNA news portal said Iswaran is due to surrender at the State Courts at 4pm today to begin his jail term.
It was previously reported that the High Court, after pronouncing the sentence, ordered Iswaran to begin serving his term today, following a request by him. - FMT
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