The 'diamond land' area in Ho Chi Minh City is restarting after many years of freezing?

After more than 3 years of construction suspension, workers have returned to work at the One Central HCM project on the 8,600 m² "diamond land" opposite Ben Thanh market.

After many years of "inaction" in the center of Ho Chi Minh City, the One Central HCM complex project (formerly The Spirit of Saigon) has officially restarted.

According to VTC News reporters, in recent days, inside the 8,600 m² "diamond" land opposite Ben Thanh market, many groups of workers have returned to construction; the floors are surrounded by protective nets and new construction information boards have been hung.

One Central HCM is located in a rare location with four frontages: Pham Ngu Lao - Calmette - Le Thi Hong Gam - Pho Duc Chinh, considered one of the most valuable land funds in Ho Chi Minh City.

Despite its strategic location, the project has been stalled for more than 12 years, changed owners many times, and had construction interrupted, with only the foundation and a few unfinished concrete floors completed.

The project was started by Bitexco Group in 2013, with a total investment of about 500 million USD, and was expected to be completed in 2017. However, after completing the basement, the project had to stop. In 2018, Bitexco transferred the investment rights to Saigon Glory Company Limited and the project was restarted in 2020, but only a few floors were added before being stalled again.

In the 2021-2022 period, the project was renamed One Central HCM and then transferred to Viva Land (part of the Van Thinh Phat ecosystem) with the new name "Pearl". However, when the case related to Van Thinh Phat was prosecuted at the end of 2022, the construction site was once again "frozen", and the entire identity of Viva Land was also dismantled.

By the end of 2024, Bitexco will transfer all capital at Saigon Glory to Hanoi Phuong Dong Real Estate Company Limited. A notable turning point occurred in May 2025 when Masterise Homes confirmed to become the new developer of the project.

At the Ho Chi Minh City socio -economic press conference at the end of November 2025, Mr. Mai Thanh Tung - Deputy Head of the Department of Infrastructure Planning, Ho Chi Minh City Department of Construction - said that the project has been allowed to resume construction. According to Mr. Tung, after the Department of Construction issued Construction Permit Appendix No. 14 dated November 10, 2025 adjusting related contents, Saigon Glory Company Limited announced to resume construction from November 11 and the construction site is currently under continuous construction.

One Central HCM is planned to include two towers of 46 and 55 floors, integrating luxury apartments, offices, shopping malls and a 6-star hotel. With this scale, the project is expected to become a new highlight at the gateway to the Ben Thanh area - an area that is changing dramatically with Metro Line 1 and a series of neighboring urban renovation projects.

The project’s resumption after a long period of “shelving” is considered a positive sign for the appearance of the center of Ho Chi Minh City. The return of the construction site shows that legal, investor and financial problems have been resolved, and at the same time opens up hopes of revival for one of the longest-stalled mega-projects in the core urban area.

Many projects have been re-implemented, from fencing, adding signs to arranging construction forces. Although the specific progress has not been announced, the project's official "awakening" after many years of being frozen is expected to create a big boost for the appearance of the center of Ho Chi Minh City in the near future.

Source: https://vtcnews.vn/khu-dat-kim-cuong-o-tp-hcm-tai-khoi-dong-sau-nhieu-nam-dong-bang-ar990849.html