Dr Cheong Koon Hean, 53, the former chief executive of the Urban Redevelopment Authority, was presented the prestigious award by Senior Minister S. Jayakumar at the Fullerton Hotel last night.
At a press conference earlier in the afternoon, Dr Cheong said she "almost fell off my chair" when she heard that she won.
Now the chief executive of the Housing Board, she said: "It was fulfilling to see the city change before my eyes."
The Her World Young Woman Achiever 2010 award went to Dr Marissa Teo, 34, a research fellow at National Cancer Centre Singapore.
A Special Award was also handed to Dr Oon Chiew Seng, 95, the founder and chairman of Apex Harmony Lodge, a Pasir Ris home for dementia patients.