The landmark was built between 1937 and 1939 on the site of the former Grand Hotel de L’Europe. The Old Supreme Court has great significance for Singapore as it contains a "time capsule" buried below the foundation stone, containing six Singapore newspapers dated 31 March 1937, as well as a handful of Straits Settlements coins.The time capsule is slated to be retrieved in the year 3000. In recognition of its architectural significance, the building was gazetted as a national monument on 14 February 1992. It was vacated in 2005 with the opening of a new Supreme Court building located behind it, and subsequently used for occasions such as Singapore Biennale 2006.In January 2011, a groundbreaking ceremony marked the beginning of restoration and construction works to refurbish and link the old Supreme Court building and the City Hall building next to it. The cost of the project was initially estimated at $320 million but was revised to $530 million in December 2010. The old Supreme Court and the adjacent City Hall will be re-opened as the new National Gallery Singapore in 2015.