2 super projects with strange fates in the center of Ho Chi Minh City

Located on prime land in the center of District 1, both The One HCMC and Saigon One Tower have been unfinished concrete blocks for more than ten years, having been "renamed" several times and then "shelved". A legal entity that once appeared in these two buildings was Viva Land Company. However, this unit was also unable to complete the project.

Super project with strange fate in the center of Ho Chi Minh City.

At the recent second phase of the Van Thinh Phat trial, defendant Truong My Lan testified that she had paid more than 7,000 billion VND to buy back The One HCMC before being arrested. Meanwhile, Saigon One Tower, despite having a new owner, has not been completed.

Saigon One Tower is located next to Bitexco Financial Tower, which was expected to be the third tallest building in Vietnam but has been unfinished for 13 years. (Photo: Luong Y)

Saigon One Tower struggles after 13 years

Saigon One Tower - formerly known as Saigon M&C Tower, is located on a land area of over 6,670 m2 at the golden corner of Ham Nghi - Ton Duc Thang - Vo Van Kiet Street, District 1. This is a project with a prime location in Ho Chi Minh City, located on the Saigon River, right in the center of District 1, opposite the new urban area of Thu Thiem.

The project started in 2007, with a total investment of 265 million USD, equivalent to 5,000 billion VND at that time. The project is expected to be the 3rd tallest building in Vietnam with 42 floors above ground and 5 basements, floor area of about 123,000 m2, planned as a high-rise commercial building including offices, apartments, serviced apartments and a commercial center.

According to the original plan, Saigon One Tower, completed in 2011, is a prominent luxury hotel and apartment complex in Ho Chi Minh City.

Saigon One Tower has a prime location in Ho Chi Minh City, located on the Saigon River, right in the heart of District 1, opposite the new urban area of Thu Thiem. (Photo: Luong Y)

But after 4 years of construction, in 2011, the project had to stop when 80% of the structure was completed. From here, the project began 13 years of hardship, becoming a deserted concrete block that was named as a disgrace to the city.

This building has also gone through several name and owner changes. The first investor was Saigon M&C Real Estate Joint Stock Company, so the building was originally named - Saigon M&C Building. This is a joint venture between M&C and Saigon Tourist Corporation ( Saigontourist ) - Dat Thu Do Company Limited.

After that, the investor changed its name to Saigon One Tower Joint Stock Company and the project was also named Saigon One Tower.

When the project stopped construction, 1 year later, Dat Thu Do divested its capital, replaced by a group of shareholders including DongA Bank, DongA Bank Securities, PNJ, but then Saigontourist and PNJ also divested their capital in 2015.

After being abandoned for a period of time, Saigon One Tower was mortgaged for a credit loan of more than 7,000 billion VND at Maritime Bank and DongA Bank, becoming a bad debt.

Construction on Saigon One Tower, which has been suspended since 2011, has been singled out by Ho Chi Minh City leaders as one of the projects that has brought shame to the city. (Photo: Luong Y)

At the end of 2015, the investor of the Saigon One Tower project was notified by the Ho Chi Minh City Tax Department to freeze invoices due to overdue tax debt of more than 4.6 billion VND.

In August 2017, the Vietnam Asset Management Company (VAMC) seized this building to handle bad debts of more than VND 7,000 billion. By mid-2018, the Saigon One Tower building was announced by VAMC to be auctioned to handle bad debts, with a starting price of VND 6,110 billion. The assets owned are 14,954m2 of commercial area of the luxury apartment complex, the right to exploit and operate the basement construction, offices for rent and auxiliary works. However, after many auctions, all were unsuccessful.

By 2021, construction machinery and workers appeared at the Saigon One Tower project, with signs of resuming construction, the project was also renamed IFC One Saigon. The new owner is Viva Land Investment and Development Joint Stock Company, a company established in 2019, with a charter capital of 2,000 billion VND. This is also the legal entity appearing in the Ben Thanh quadrangle project not far from Saigon One Tower.

In 2022, the building attracted attention when the exterior glass was replaced with a brilliant one, and the market believed the project would be revived. (Photo: Luong Y)

However, in reality, the glass layer was replaced to ensure safety and urban beautification after 11 years of abandonment, but the project still stopped construction. (Photo: Luong Y)

On Van Thinh Phat's website at that time, Viva Land was introduced as a partner of this group.

By August 2022, the building attracted attention when its exterior appearance was changed to a very sparkling one. The market believed that Saigon One Tower, after more than 10 years of abandonment, was revived when many of the glass panels on the outside of the building were removed and replaced with strange triangular glass blocks.

However, a representative of the HCM City Department of Construction Inspectorate said that the project only allows the investor to install new glass to replace the old, degraded glass on the outside of the building to ensure safety and urban beautification. Other items cannot be done because they are still waiting for the conclusion of the Government Inspectorate and a construction permit.

The project is currently on hold.

The Ben Thanh quadrangle super project has only been noisy about changing its name for more than a decade.

The Ben Thanh quadrangle is known as the "diamond" quadrangle because of its prime location opposite Ben Thanh market, with 4 street frontages in the center of District 1, where land prices are hot at around 500 million VND/m2, but for more than 10 years it has remained an unfinished concrete block with many name changes.

The One HCMC has a prime location in the Ben Thanh quadrangle, but for many years it has only attracted attention with its many name changes. (Photo: Luong Y)

In 2013, Bitexco was approved by the People's Committee of District 1 to invest in the Ben Thanh Quadrangle, and the People's Committee of Ho Chi Minh City allocated land with land use fees to develop the project, with the full name of the Office - Trade - Service - Apartment - 6-star Hotel and Hotel Office Area of the Ben Thanh Quadrangle. The project has the commercial name The One Ho Chi Minh City or The One HCMC.

This project is an 8,600 m2 complex located opposite Ben Thanh market, District 1, with 4 street frontages: Pham Ngu Lao - Calmette - Le Thi Hong Gam - Pho Duc Chinh.

According to the announcement, the project is designed to include 2 towers connected by a base block. Of which, Tower A is 55 floors high, with office and hotel functions with office blocks on the lower floors and about 250 hotel rooms on the upper floors. Tower B is 48 floors high with 214 apartments. The total investment is 500 million USD.

The project is only about 1 kilometer away from Bitexco Financial Tower and is also invested by Bitexco. (Photo: Luong Y)

Bitexco expected the project to be completed in 2017, and would become a new architectural highlight of Ho Chi Minh City. However, by 2018, the project had only completed 6 basement floors.

Also in 2018, Bitexco established Saigon Glory Company Limited, announcing the transfer of the entire project to Saigon Glory as the investor. The One HCMC also changed its name to The Spirit of Saigon.

In October 2019, Ben Thanh Quadrangle restarted with the participation of a new legal entity, Uniprime Investment and Development Joint Stock Company, as the developer.

In 2020, Saigon Glory mobilized 10,000 billion VND in bonds to increase operating capital, project investment, and debt restructuring. The collateral is valued at more than 18,550 billion VND, including 100% of the capital contribution at Saigon Glory owned by Bitexco and future assets of Tower A of the project.

And the project was restarted, the tower floors were gradually completed in 2020.

The One HCMC has been struggling for more than a decade, and is on the list of properties that Ms. Truong My Lan wants to use to remedy the consequences. (Photo: Luong Y)

By early 2021, Saigon Glory Company Limited changed its business registration, Bitexco Group was no longer the parent company. At the same time, the project changed its name to One Central HCM and the developer was Masterise Homes. The project restarted but only added a few more floors and then Masterise Homes quietly withdrew.

In August 2022, Viva Land Company appeared to replace Masterise Homes, the project was renamed The Pearl. But since then, the project has continued to stop construction, still a concrete block in the most prime center of Ho Chi Minh City.

On September 18, 2024, Bitexco announced the transfer of 100% of its capital contribution at Saigon Glory to Hanoi Phuong Dong Real Estate Company Limited.

The One HCMC has a series of special advantages close to Metro Station 1, Ben Thanh Market and many entertainment and sightseeing spots in the city center, but after more than 10 years it is still a concrete block. (Photo: Luong Y)

At the second phase of the Van Thinh Phat trial on the afternoon of October 1, defendant Truong My Lan stated that Bitexco Group was in the process of transferring the Ben Thanh Quadrangle Complex project to Ms. Lan when she was arrested. The former Chairman of Van Thinh Phat revealed that the current value of the project is more than 100,000 billion VND.
She stated that before being arrested, she and the Chairman of Bitexco Group had a verbal agreement to find a partner to transfer the project for 22,000 billion VND. Of which, she had transferred 7,000 billion VND to Bitexco many times. In total, she and her friend transferred nearly 16,000 billion VND to Bitexco.
Truong My Lan added that she told the Chairman of Bitexco that if the project was sold to anyone in the future, she would ask for the 7,000 billion VND and 30% of the value of the 7,000 billion VND. Now, whichever unit takes over the project must pay her, and she will use the money to remedy the consequences of the case.
Bitexco representative also admitted to receiving 15,712 billion VND from Ms. Truong My Lan to carry out the Ben Thanh quadrangle project, this amount has now been integrated into the group's operations.

Ha Linh - Luong Y

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