Next to the Church of the Immaculate Conception is a hill and opposite to this are San Thome and Fontains, placed down the steep slope giving the view of Mandovi River to the east, this is area is one of Panjim attraction.

This area too like most of the Panjim sites originally was marshland, its real development started when Viceroy had come to Panjim. In the year 1818 first Chapel honouring Saint Sebastian was built here, still this place was backward; in the year 1818 road was built crossing the banks of the tributary of the Mandovi, that allows the traffic from south and the airport to enter Panjim and it was name as Rua Nova de Ourem after the Governor who initiated this project. From the 19th century further development has started, by supplying water through the fountains, thus giving this name to this place. First road was built here giving the name Corte de Oitero, which is now renamed as Emidio Gracia Road; this influenced the place to take step as residential area.

At one point the little quarter of San Thome was known as 'Tobacco Square' because of the buildings, which is now called as Panjim's main "Post and Telegraph Office" and to its south side is tobacco trading house. The small church here is San Thome which was built in 1849 and renovated again in 1902. Behind the church road to district of Fontainhas and on the upper end of square are filled with houses and a tiny church of Saint Sebestain.

Original church built in 1818 which was standing to the opposite end of new churches square until 1888 the old chapel was demolished to make the road between the churches which is now known as Cunha Gonsalves. This lane has also turned into good commercial site as it is surrounded by some shops and hotels too.