The 66-year-old economist was declared the winner over two other candidates after securing 70.4 percent of the votes cast. He replaces incumbent President Halimah Yacob.
“It is a vote for optimism about a future that we can manage together,” Shanmugaratnam said in a speech before the results were announced.
The president, whose position is nonpartisan, formally oversees the city’s pooled financial reserves and has the power to veto certain measures.