Raffles supposedly landed first on St. John's Island. This "landing" site might thus be symbolic of a secondary landing (and a location where more people would visit, and see a statue, than the St. John's Island site).
Anyway - should you visit this site? Probably yes. Not necessarily as a destination in itself, but as part of a key area near the mouth of the Singapore River. The Fullerton Building (formerly the GPO, with great traditional architecture and now a hotel), the trinity of bridges across the river's mouth, the sort-of redeveloped riverfront, etc.
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