The 30-storey United Overseas Bank Building was the tallest landmark in the city centre when it was completed in 1974 (centre). However, it was overtaken as the highest structure in the area by the 52-storey Oversea-Chinese Banking Corporation Centre, which was completed in 1976.In 1965, the Housing and Development Board (HDB) announced a five-year urban renewal plan to rejuvenate the old city centre. Renewal of the city centre was urgently needed as the area was undergoing decay due to poor traffic flow, overcrowding, lack of amenities and inefficient land usage. The renewal plan involved the redevelopment of dilapidated two-storey shophouses, the construction of new multi-storey structures, and the paving of wider roads. In 1966, the Urban Renewal Department was formed within HDB to manage the various redevelopment projects. By the late 1960s, the rebuilding of the city centre was in full swing. A separate government body, the Urban Redevelopment Authority, was formed in 1974 to take over the planning and management of redevelopment projects in the city area.