He was shot dead by his spy chief in 1979. Park’s mother had been killed five years earlier by a pro-North Korea gunman aiming for her father.
In an effort at reconciliation, Park had publicly acknowledged the excesses of her father’s regime during her campaign and apologised to the families of its victims.
“I believe that it is an unchanging value of democracy that ends cannot justify the means in politics,” she said.
Despite freezing temperatures that hovered around -10 Celsius (14 Fahrenheit), the election was marked by a high turnout of nearly 76 percent, compared to 63 percent in the 2007 presidential poll.
It was a bitter defeat for Moon, 59, the son of North Korean refugees and a former human rights lawyer who was once jailed for protesting against Park Chung-Hee’s rule.
“I feel so sorry and guilty that I have failed to accomplish my historic mission to open a new era of politics,” Moon told his downcast supporters.
“I congratulate Park Geun-Hye and humbly accept the outcome of the election,” he added.
Park, 60, has never married and has no children – a fact that makes her popular with voters tired of corruption scandals surrounding their first families.
A female president will be a huge change for a country that the World Economic Forum recently ranked 108th out of 135 countries in terms of gender equality – one place below the United Arab Emirates and just above Kuwait.
“I can’t even describe how happy I am right now. I feel like crying,” said Cha In-Hong, a 57-year-old office worker.
“Park Geun-Hye has married our nation. Now she will go on her honeymoon to the Blue House to begin governing,” Cha said.
Park’s presidential inauguration will be held on February 25.
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