U.S. President Barack Obama expressed condolences over the death of Singapore's founding prime minister, Lee Kuan Yew, saying he demonstrated "remarkable leadership" and made "lasting contributions" to the city state and beyond.

Lee, who is credited for transforming a port city into a thriving global financial center during his 31-year rule, died Monday at age 91. World leaders have expressed condolences over his passing, and South Korean President Park Geun-hye has decided to attend his funeral.

On Monday evening, Obama spoke by phone with Singapore Prime Minister Lee Hsien Loong and expressed condolences over the founding leader's death, the White House said in a readout released Tuesday.

"The president recognized founding Prime Minister Lee's remarkable leadership and lasting contributions, not just to Singapore's development, but also to the region's dynamism," the office said. "The president also conveyed his appreciation for founding Prime Minister Lee's wise counsel and strong support for U.S.-Singapore relations." (Yonhap)