It was built in the 11th century, during the reign of King Anawratha. Some historians believe the temple was built in the 10th century, during the reign of King Nyaung-u Sawrahan (also known as Taungthugyi). The temple was originally built for Hindu Burmese Indians of the 11th century, including merchants and Brahmins in the service of the king. Many structures of the original temple have disappeared, although the main hall remains. Originally, the temple contained statues of the incarnations of Vishnu; however, today, only seven remain. The brick temple was isolated and unrepaired for many years, damaged by earthquakes.
The temple is set on a square template with steep-rising upper terraces. It may have been built by Indian artisans brought into Bagan (Pagan), during the 10th century AD, to work on it and other temples. As the oldest temple in Bagan, its style influenced and inspired the numerous other Buddhist structures that followed. Another legend states that the temple was built to store all the nat from other temples, so that Buddhism could get established in Bagan Kingdom.