The buildings which are exactly opposite the the road from the
MRT station are both HDB blocks, one block (block 27A, which has 2
kopitiams at each end) much newer than the other (block 181 / 182 /
183). the older block is near the former Queenstown NPC, and
probably not going to be demolished in next 2-3 years.
The building you are referring to, the one with bowling alley and
KFC, is NOT "opposite" the MRT station (in the dictionary's sense
of "opposite"). it is about 5 minutes walk away. 
That building used to house the Queenstown and Queensway cinemas,
as well as the Palace KTV Lounge. In late 1990s the cinemas closed.
If I'm not wrong Queenstown Bowl, the bowling alley there has also
closed. Later on, a billiard and LAN game centre opened there, in
the space of either the cinema or the bowling alley, or both of
them. This arcade also seems to have closed.
The KFC in that building closed around 2000. However, Queenstown
Bowl was still operating at the time. I visited the KFC a few
times, last time was just months before it closed and from the 2nd
floor of the KFC you could see the bowlers below.
As for the building that the topic starter mentioned, the one
opposite block 39, that is the one with signs of tables and chairs
being removed. That is a market and food centre. Dunno what the
gahmen was thinking when they decided to close it, before it closed
there were some stalls with rather new signages there, maybe they
just renewed their leases. 
Even more puzzling to me is why HDB has kept the building around to
this day, they should have demolished it by now judging from the
fate of blocks 38 and 39 (those are the blocks opposite this
market-cum-FC, they formed an L shape and were demolished together
with the block which housed Golden Crown Restaurant and Tah Chung
emporium - was it block 37? can't remember - in 2001).
