The thrilling journey of the "Ben Thanh Quadrangle" project that once involved Ms. Truong My Lan

(NLDO) - The Ben Thanh quadrangle project was once related to Ms. Truong My Lan and was at one point advertised for sale at 1 billion VND/m2.

Masterise Homes has just confirmed that it will be the developer of The Spirit of Saigon project after a long hiatus. This project is located at a "diamond" location opposite Ben Thanh Market, District 1, Ho Chi Minh City.

Possessing four valuable facades on Pham Ngu Lao, Calmette, Le Thi Hong Gam and Pho Duc Chinh streets, the project was expected to become a new architectural symbol of the city, with apartment prices reaching nearly 1 billion VND/m².

The project has a prime location and will be developed by Masterise Homes.

The Spirit of Saigon was initially invested by Saigon Glory Company Limited — a 100% owned enterprise of Bitexco Group — with a total investment capital of up to 500 million USD.

The project is planned to include two towers of 46 and 55 floors, including 214 apartments that have been licensed for sale and about 250 6-star hotel rooms. However, the implementation process has encountered many obstacles.

After completing the tunnel, the project was suspended during 2012-2013, then restarted in mid-2020 but continued to fall into a state of "inaction".

The developer, Masterise Homes, has just changed its signboard.

In 2020, Saigon Glory Company Limited issued 10 bonds with a total value of VND 10,000 billion to raise capital for The Spirit of Saigon project.

To ensure payment obligations, Bitexco Group's entire capital contribution at Saigon Glory, along with Tower A of the project, has been mortgaged to Vietnam Technological and Commercial Joint Stock Bank ( Techcombank ).

However, in the context of financial difficulties, Saigon Glory was forced to combine bond issuance and bank loans to maintain operations and project progress.

Ms. Truong My Lan, former Chairwoman of the Board of Directors of Van Thinh Phat Group, also played an important role in the transfer and management of The Spirit of Saigon project, also known as One Central.

Specifically, in 2018, Ms. Lan reached an agreement to transfer the project from Bitexco Group for about VND22,000 billion. Although legally the project is still owned by Saigon Glory, Ms. Lan still sent people to take over the management and planned to open the sale of apartments at a price of up to VND1 billion/m².

Project view from above

In 2022, The Spirit of Saigon project was transferred to Viva Land Company - a member of the Van Thinh Phat Group ecosystem, and renamed Pearl. However, after incidents related to Van Thinh Phat, the project returned to its old name and returned to Bitexco Group.

By 2024, Bitexco will continue to transfer 100% of its capital contribution at Saigon Glory Company Limited to Hanoi Phuong Dong Real Estate Company Limited - marking a new turning point in the project's legal and ownership journey.

Masterise Homes is known as a famous branded real estate developer in Vietnam, with projects in cooperation with foreign corporations Marriott International and Elie Saab. Masterise Homes also cooperated with Phuong Dong Hanoi Real Estate Company Limited in the Masteri West Heights project in Hanoi.

In Ho Chi Minh City, Masterise Homes made its mark with the first branded real estate project in Vietnam - Grand Marina Saigon, located in Ba Son area, District 1. In addition, this unit is currently implementing many other high-end projects, notably Global City - a large-scale urban area in Thu Duc City, positioned to become the city's new financial and commercial center.

Source: https://nld.com.vn/hanh-trinh-ly-ky-cua-du-an-tu-giac-ben-thanh-tung-dinh-voi-ba-truong-my-lan-196250527000815374.htm