developers were unable to find solid rock for foundations. A diamond-headed drill from Britain and a specialist from Australia was brought in by a developer to assist in the process, finding solid rock and underground water under the site. The depth of the rock, along with the underground water, necessitated the use of more expensive precast piles, driving up building cost. By September 1953, only two developers had started construction, while several others were contemplating abandoning development, owing to the onset of a recession, and high construction costs. Subsequently, in June 1954, the government took back 11 of the auctioned plots from the developers, as the developers had not commenced construction within the stipulated two-year period. New development plans for the area were announced by the government in January 1956, comprising the construction of the Singapore Polytechnic and of government offices. Work on the polytechnic commenced on in August 1956, and it started classes in November 1958, but the government office project was cancelled by the government in April 1958, due to a trade recession. In addition, the Trade Union House, the National Trades Union Congress's headquarters, was built along Shenton Way from 1962 to 1965. Subsequent development By 1963, much of the land in Singapore's central business district, between Raffles Place, High Street, and North Bridge Road, had been developed, and according to The Straits Times, property developers had asked the Singapore government about development of the Shenton Way area. In response, in October 1963, the government announced plans to allow private interests to develop a site along Shenton Way, beside the Trade Union House, for "administrative uses". The site, subdivided into four plots, was let out on 99-year leases in 1964. Since the 1950s, Shenton Way has become known as Singapore's Wall Street, especially after commercial developments and government offices were built there from the 1970s onwards and continues to be a prime commercial address on par with that of Raffles Place today. Public transport Buses The Shenton Way Bus Terminal is located at 31 Shenton Way. Mass Rapid Transit (MRT) The road is directly served by its namesake Shenton Way station on the Thomson–East Coast line (TEL), located on Park Street next to the Asia Square building. Other stations within the vicinity include Downtown station on the Downtown line (DTL) and the upcoming Prince Edward Road station on the Circle line (CCL), located at the end of