"A far-sighted statesman and a lion among leaders, Mr Lee Kuan Yew's life teaches valuable lessons to everyone. News of his demise is saddening," he said in a statement.
"In this hour of bereavement, our prayers are with Mr. Lee Kuan Yew's family and the people of Singapore. May his soul rest in peace", the Prime Minister said.
Lee, who was Singapore's first prime minister, died of severe pneumonia on Monday. He quit as prime minister in 1990. But there were indications Lee's health had been slipping in recent years.
In 2010 he was admitted to the hospital with a chest infection and in early 2013, Lee -- then 89 – was hospitalised and treated treated for "stroke-like symptoms."
Lee is survived by his two sons, current Singapore Prime Minister Lee Hsien Loong, 63, and Lee Hsien Yang, 57, daughter Lee Wei Ling, 60, seven grandchildren and two siblings.

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