Singapore has one of the highest population densities of the world (and the government is encouraging growth). This means that most of the population live in high-rise, high-density accommodation. As a result, public recreation spaces are extremely important and this is one of the newest additions. It is quite compact, but contains shaded spaces, grass for playing on, a running / walking track and exercise stations (which include instructions on stretching).
With space in Singapore at a premium it can be quite difficult to find a suitable space to have social functions. Traditional meals such as Chinese New Year Celebrations are held at restaurant and hotels, but a kids birthday party? Most of the large private condominums (vs government housing - HDB's) have at least 1 function room which is available for use by the residents. Uses include weddings, meetings, exercise classes and of course... parties