Park Park Geun-hye, the daughter of a former military ruler, is set to become South Korea's first female head of state after liberal candidate Moon Jae-in conceded in the country's presidential race.

The win for 60-year old conservative Ms Park will see her return to the presidential palace where she served as her father's first lady in the 1970s, after her mother was assassinated by a North Korean-backed gunman.With more than 70 per cent of the votes counted, Ms Park led with 51.6 per cent to 48 per cent Mr Moon, a human rights lawyer.Her raucous, jubilant supporters braved sub-zero temperatures to chant her name and wave South Korean flags outside her house. An elated Ms Park reached into the crowd to grasp hands.Ms Park will take office for a mandatory single, five-year term in February and will face an immediate challenge from a hostile North Korea and have to deal with an economy in which annual growth rates have fallen to about 2 per cent from an average of 5.5 per cent in the past 50 years.She is unmarried and has no children, saying that her life will be devoted to her country.

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