It was the fourth year in a row that Southeast Asia's biggest phone company received the accolade, formerly known as the Best Fixed Carrier award, from the publication.
"I am delighted at the recognition that the industry has accorded to SingTel and to me personally," Lee said in a statement.
He was quick to add that the telco would not get complacent. "We do not take the respect of our peers and customers for granted," he said. "SingTel remains committed to innovation and offering services that meet the changing needs of our different customer groups.
"At the same time, we will also invest in our world-class infrastructure, such as our C2C and i2i submarine cable systems and broadband multimedia network, to ensure that the efficiency and reliability of our networks remain at the highest standards. Our ultimate goal is to be the preferred and trusted telecom service provider in the Asia Pacific."
SingTel has also been listed among the "100 Most Innovative Companies in the World" by US magazine Red Herring. The list of private and public technology companies was based on the companies' "potential for disrupting its market, its execution of a sound strategy, the quality of its management, and its financial performance".