All major polls have placed liberal Lee Jae-myung as the clear front-runner in the presidential race
AFP

South Korea has a new president.

Shortly after broadcasters made a projection on Tuesday, Liberal Party candidate Lee Jae-myung clinched victory when conservative rival, Kim Moon-soo, conceded the race early Wednesday, according to reports.

In his concession, Moon-soo told reporters he "humbly accepts the people's choice" and gave Lee his congratulations, according to CBS News.

"Let us move forward with hope and make a fresh start from this moment on," Lee said, according to CBS. "Though we may have clashed for some time, even those who did not support us are still our fellow citizens of the Republic of Korea."

South Korea's former leader, Yoon Suk Yeol, a member of the People Power's Party, was impeached by parliament in December and removed from office in April, nearly halfway into his five-year term.

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This year's election was dubbed by Lee as "judgement day" against the previous administration, accusing them of condoning martial law to save Yoon's presidency, according to Reuters.

Of the nation's nearly 45 million citizens, 78% casted ballots in this year's election.

Lee is on course to officially become the commander in chief of the nation's military immediately after South Korea's National Election Commission declares the winner, likely on Wednesday.

This is a developing story.