The newly reclaimed land, on which the current market now sits, was declared to be ready for use in 1890, and construction of a new market was initiated. The market was certified as completed on 1 March 1894, and Market Street was extended to the new location. The new building, which covers an area of 55,000 square feet, was designed by the Municipal Engineer James MacRitchie (who also designed the MacRitchie Reservoir). MacRitchie adopted the octagonal shape of Coleman's original design, and used cast-iron pillars to support the building. The cast iron work cost £13,200, and was shipped out from Glasgow by P&W MacLellan, who had also supplied the iron for the Cavenagh Bridge in 1868. The great cast-iron columns which support the structure bear the maker's mark of W. MacFarlane and Co., also of Glasgow. The iron structure was erected by Riley Hargreaves & Co. (now United Engineers) at a cost of $14,900, while building contractor Chea Keow laid the foundation for $18,000. This building, which is the current one still standing, was placed close to the waterfront and served as a general market, but linked by a bridge to a fish market built over the sea. However, further land reclamations in the 20th century meant that the octagonal building is now some distance from the shoreline. A cast-iron fountain was originally placed at the centre of the market under the clock tower, but in 1902 the fountain was moved to the front of the now demolished Orchard Road Market. The fountain was moved again in 1930 to the Grand Hotel in Katong, and later dismantled and forgotten. It was rediscovered in pieces in 1989 by a team responsible for the restoration works for Raffles Hotel. The fountain has since been reassembled and restored, and now forms the centrepiece of the Palm Garden at the Raffles Hotel. By the early 1970s, the area around Telok Ayer Market—Shenton Way, Robinson Road, Cecil Street and Raffles Place—had transformed into a major commercial and financial district of Singapore, and a wet market was no longer considered suitable for the area. In 1972, the market was converted into a hawker centre. However, the historical and architectural value of Telok Ayer Marker was recognised, and it was gazetted as a national monument on 6 July 1973. In 1986, the market was closed to allow construction of a new Mass Rapid Transit (MRT) line which runs underneath the building.