Originally known as Telok Ayer Market, this distinctive octagonal-shaped structure was built in 1894 out of cast iron from Glasgow. It was designed by Municipal Engineer James MacRitchie, and served as the only market in the city then. In 1973, the market was declared a national monument and was completely reconstructed in 1990. At the same time, the old Malay name was conveniently changed to a Chinese one: Lau Pa Sat, meaning 'old market'. The historical structure was then leased to Scotts Holdings, which commercialized the area into a maze of souvenir stalls and food outlets.