Development Policies, 1970
The map shows the relationship between the Golden Shoe area and the surrounding area, as marked within the Central Business District and 1958 Master Plan Central Area.
Golden Shoe, which takes approximately 80 acres (around 0.3 sq. km) takes a large proportion in the eastern side of the Central Business District. In other words, the development is vital to the economic development in terms of local and national scale. Meanwhile, it is also one of the areas that were allowed with property tax concession, which created financial incentives for private developers and entrepreneurs to invest in the area and contribute in strengthening her new image as a regional economic power.
One thing that stands out on the map from the rest is the adoption of ‘recovery of possession of rent-controlled premises’ for Golden Shoe area. It was actually one of the turning points in terms of policymaking that the government attempted to loosen the control of rent market and its growth. However, the former rent control policy was an obstacle in encouraging landlords to revitalize and renovate their own properties because they could not earn sufficient profits from the rents.
As a result, the Golden Shoe area became the pioneer in testing new government policy tackling property development and this largely resulted in skyrocketing rents and property prices as the land is located right in the heart of the Central Area of Singapore. This plot of land had a large potential in developing as a prosperous downtown area and demonstrating to the world that Singapore was able to transform herself from ‘the third world to the first world’.