The museum, located in Sentosa's Imbiah Lookout, said in a Facebook post on Thursday (March 17) morning that the figures will be displayed at the courtyard outside the attraction.
The public are welcome to take photos with the figure from March 23 to March 27, said Madame Tussauds. They may also bring flowers as a gesture of respect.
March 23 marks the first-year death anniversary of Lee, who died at the age of 91.
"Lee Kuan Yew was highly regarded and well respected, both in Singapore and abroad. We hope this will encourage locals and tourists to take a moment to remember him, and what he achieved for the country," said Craig Connor, general manager of Madame Tussauds Singapore.
"We will also have a special 'Book of Memories' in which people may pen their thoughts about what they remembered Lee for and how he had inspired them in one way or the other."
The book will be kept in the museum for public viewing.
The iconic figure of Lee and his wife smiling, arm-in-arm and seated against a backdrop of red flowers formed in the shape of two hearts, was unveiled at the museum's grand opening in October 2014.
It was sculpted based on a photo taken by Kwa's niece in Sentosa on Valentine's Day 2008.
The museum also has another figure of Lee which he did during a sitting in 1997.