A Pictorial Chronology of the Sale of Sites Programme for Private Development: 1967-1974 Urban Renewal Department, 1974 Urban Redevelopment Authority
The book published by the Urban Redevelopment Authority provided an official and comprehensive understanding of how Government Land Sales became a turning point in the property development of Singapore and became a major driving force in shaping the Golden Shoe area into a modernized central business district (CBD) since the late 1960s.
In order to coordinate urban (re)development in Singapore, particularly in the Central Area, a governmental institution has to be established. Hence, Urban Renewal Department (and soon as Urban Renewal Authority) was formed in 1966 to take the responsibility to regulate. The Authority successfully implemented Land Sales to stimulate Singapore’s property market by allowing private parties to have more involvement in site selection and planning. With more financial and legal incentives offered by the government, private developers enjoyed more freedom than ever to design projects for their clients (mostly banks and shopping malls in the Golden Shoe area).
The introduction Land Sales became a catalyst of redevelopment in the Golden Shoe area as it allowed more involvement from the private sector. In other words, more local and foreign capitals could be invested in the urban core of Singapore to build new projects or headquarters. It would be beneficial especially for local enterprises as they could have the opportunity to involve foreign capitals, as well as foreign architects, to involve the design of their projects and aim for creating a marvelous architecture piece standing in the heart of Singapore, not only to display its financial influence but also help Singapore to construct her new image as a new economic power in the late 20th century.