Singapore: Former Senior Minister Tharman Shanmugaratnam was elected Singapore's ninth President on Friday with a resounding victory, Channel NewsAsia (CNA) reported.

In a landslide victory, Tharman earned 70.4 per cent of the vote, with former GIC chief investment officer Ng Kok Song coming in second with 15.72 per cent.

Tan Kin Lian, the former NTUC Income chief, garnered 13.88 per cent of the vote.

Singapore held its first contested presidential election in 12 years.

According to the Elections Department (ELD), more than 2.48 million ballots were cast in Singapore, with 50,152 votes invalidated, Channel NewsAsia reported.

After Tharman's victory, Prime Minister Lee Hsien Loong issued a statement congratulating him on his election as President-elect of Singapore in 2023.

"Mr Tharman has a long and distinguished record of public service. I have every confidence that he will carry out his duties as President with distinction," he said, according to Channel NewsAsia.

While launching his bid for the presidential race, Tharman pledged to be a "President for the new era" and a "unifying figure".

Tharman, an economist and a civil servant served mainly at the Monetary Authority of Singapore, before joining politics in 2001. He has served as Minister for Education and Finance and was Deputy Prime Minister from 2011 to 2019, according to CNA.