1985: Pan-El capped watershed year for S'pore

FOR the first 20 years of its existence as a fully independent nation, Singapore developed at a pace matched only by China in recent years. Average GDP growth exceeded 8 per cent. The island began to be transformed into a major industrial hub, with development concentrated in Jurong. Transport and communications were key to this. Singapore had always been a significant port, initially based on the river and its godowns and the "roads" of the deepwater harbour outside in the 19th century. At independence, Singapore inherited major dockyards at Keppel and Sembawang and wharves that were spreading from Anson to the West. There was a regional airport hub at Paya Lebar.

By 1985, Paya Lebar had been replaced by Changi (Terminal 1 in 1981) and Terminal 2 was well under way. Containerisation was booming and the port was expanding massively, through Anson, into Keppel, and beyond to Jurong and eventually Tuas. Development of the MRT started in 1983, with the first line opened in 1987. Expressways sprang up - the AYE and the PIE were just about complete (albeit with some narrow parts), the CTE and the BKE were well under way. The HDB was in the midst of its biggest-ever building spree (and resettlement). Ang Mo Kio was complete, the hills at Tampines had been levelled to fill in Marina Bay. It was the time when nostalgic locals thought they would lose Chinatown, Raffles Hotel and Little India to the ever-expanding hotel and shopping developments. In terms of physical development, there was not a cloud on the horizon.

As a service centre, Singapore was comparatively underdeveloped, but still the hub for Asean. The government policy of absolute honesty, transparent regulation, relatively low red tape and openness to foreign investment allowed banking, insurance, legal, accounting and other services to flourish. However, there were restrictions which we would not recognise today. Foreign banks could do any foreign business, but the local retail market was off-limits. Licences had to be strictly adhered to. The stock market had yet to disengage fully from Kuala Lumpur, with many dual listings, and neither market could be said to be of international importance.