In 1818, during British rule in the East Indies under Stamford Raffles, the square's name was changed into Koningsplein (King's square) at the time the Governor-General's residence moved to a new palace, now known as Merdeka Palace.
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Although Kemayoran is located close to downtown Jakarta (around what is now known as Merdeka Square, Gambir Subdistrict), there are no significant economic center in Kemayoran.
Its proximity to some of the historic areas of Jakarta such as Merdeka Square (formerly the Koningsplein) and Lapangan Banteng (formerly Waterloo Square) means that this area is also one of the historic areas of Jakarta.