This well, known as Hang Li Poh's well is said to be the oldest well in Melaka. It is believed that the well never dried up, not even during times of extreme drought and it became the city's only source of water then. In 1511, upon conquering Melaka, the Portuguese secured the well and hence gained total control of the well to serve as one of their main sources of water supply. In retaliation, the Javanese filled the well with poison and many who drank from it died of poisoning. According to the Portuguese Historian, Diogo de Couto, many Portuguese soldiers died from drinking the water from the well.

In 1677, after the Dutch conquered Melaka, they enclosed the well with solid brick walls in a bid to maintain their rights over it and to prevent the well from being poisoned again. The wall erected by the Dutch is still present today, surrounding and safeguarding the well. Today, it has become a wishing well. Tourists and locals alike can be seen throwing coins into it, making wishes and hoping their wishes would come true. It is said that whoever throws coins into the well or drink its water will soon return to Melaka.