SINGAPORE - Presidential candidate Ng Kok Song conceded the election on Friday night, after a sample count result showed him garnering 16 per cent of the vote, compared with former senior minister Tharman Shanmugaratnam’s 70 per cent share.

The final result saw Mr Ng take 15.72 per cent of the vote, or 390,041 votes, compared with Mr Tharman’s 70.4 per cent and Mr Tan Kin Lian’s 13.88 per cent.

Mr Ng said that he had congratulated Mr Tharman on a “magnificent victory”.

The 75-year-old former chief investment officer of sovereign wealth fund GIC was accompanied by his fiancee Sybil Lau, 45, and family members during a watch party held at the office of Mr Ng’s social media agency.

He appeared expressionless as the result of the sample count was flashed on television.

Mr Ng told the media: “I have decided to concede to Tharman because I do not want to keep all of you from your bedtime.

“As far as I’m concerned, there is no need to wait a few more hours in order to get the final result.”

Asked if he was shocked by the sample count, which saw Mr Tharman leading with 70 per cent of the vote over Mr Ng’s 16 per cent and Mr Tan’s 14 per cent, Mr Ng said: “Mr Tharman has a formidable political record, so 70 per cent is not far from what he achieved in Jurong, and to be able to do it at the national level I think is even more laudable.”

In the general election in 2020, Mr Tharman led his People’s Action Party team in Jurong GRC to a resounding win, with 74.62 per cent of the vote.

On Friday night, Mr Ng said that soon after the sample count was out, he received a call from Mr Tharman.

“Mr Tharman (said) that my team and I had put up a vigorous campaign and I, in turn, congratulated him on a magnificent victory.”

Mr Ng said that he had achieved his “No. 1 goal” of ensuring that the people of Singapore had the chance to vote, a point he had made when he first announced his intention to run for the presidency. 

“That was the ultimate objective when I set up to stand for the presidency.”

He added: “When I came forward, I also set as my goal to set an example for good and capable people to come forward and serve our country in the presidency, the Government or the opposition.

“Another goal was for me to thank my country for what my country has given me. I will continue to serve my country until my last breath.”

Mr Ng and Ms Lau had been out and about since the morning, to vote and visit various polling stations.

The duo left their condominium home at 9am and headed to Cairnhill Community Club for Ms Lau to cast her vote. They then headed to Katong Community Centre for Mr Ng to vote.

Mr Ng then visited polling stations at Wisma Geylang Serai and Block 832 and 852 Hougang Central, before going home for lunch and then back out to polling stations at the HDB Hub in Toa Payoh, Block 348 Ang Mo Kio Avenue 3, Block 2D Boon Tiong Road and Block 9C Boon Tiong Road.

He told The Straits Times before dinner: “(Today has been) very nice. Sybil and I went voting in Cairnhill and in Katong, then we went to several polling stations just to greet the people, and then we went home to have lunch, and then we went out again.

“I’m happy that people came out to vote very early. It shows a certain enthusiasm but maybe that’s because they want to go off for the rest of the day. But it’s good. I can sense a kind of enthusiasm to vote, so that’s very positive.”

Mr Ng announced his bid for the presidency on July 19, after days of speculation. He was the third contender to throw his hat into the ring after Mr Tharman and entrepreneur George Goh, who did not qualify.

Mr Ng retired from GIC in 2013 after 27 years. He is currently executive chairman of investment firm Avanda Investment Management, which he co-founded with two former GIC colleagues in 2015.

While his post at GIC did not put him in the public eye often, Mr Ng made headlines during a 2022 interview with Bloomberg when it was revealed that he taught Minister Mentor Lee Kuan Yew to meditate in the late 2000s.

On his campaign trail, he repeated his call to be a meditating president for Singapore, by having the practice taught in schools to improve the mental health of young people.

Another focus of his campaign was how he stressed that he was the only non-partisan candidate in the race. Mr Ng emphasised that unlike his rivals, Mr Tharman and Mr Tan, he had never been a part of any political party, nor had he been endorsed as a candidate by leaders from political parties.

Mr Ng used this non-partisanship point to reject insinuations that he had been put up to run for the election by the Government.

He further distanced himself from Mr Tharman in the week leading up to Polling Day, when he took issue with Mr Tharman’s comments on a live forum on Aug 28.

Mr Tharman had said that the presidential contest should be about the candidates’ character and track record, not whether they had been members of political parties. Private companies may depend on government contracts, and fund management companies may depend on government monies, but this does not mean that they are not independent, said Mr Tharman.

Mr Ng said then that the comment was clearly made about him and reiterated that if elected, he would fully divest his ownership stake in asset management company Avanda Investment Management.

He also disputed Mr Tharman’s comparison of those with past political affiliations and those who are dependent on the Government in some way, saying: “There is a big difference between being a senior government leader and the rest of us.”

He eschewed posters in favour of social media campaigning, and also went on daily walkabouts from Nomination Day till Wednesday, visiting the heartland and the Central Business District to interact with Singaporeans.

But not everything went without a hitch. 

On Tuesday, a heckler on a bicycle disrupted Mr Ng’s walkabout in Clementi Central. He appeared agitated and raised a fist at bystanders. The 30-year-old man was taken to the Institute of Mental Health after he went to the police to lodge a report.

Mr Ng’s online campaign won him many likes.

His Instagram account, which was created only after he announced his intention to run, has amassed 133,000 followers, more than both his competitors combined. 

On TikTok, videos of how he stays healthy at 75 and on financial literacy have garnered more than three million views.

In thanking his staff, family and supporters, Mr Ng specifically mentioned his “young social media warriors”.

“I have discovered in this campaign the power of social media. I’ve also discovered the power of our younger generation of Singaporeans,” he said.

Mr Mark Tay, 63, a retired fund manager who has known Mr Ng since 1984, said Mr Ng had fought a good fight, given that he was the least known candidate among the three.

“Any supporter would have felt that he should have gotten more votes, but as a relatively unknown candidate, without any link to any political party, he has done relatively well.”