Ho Chi Minh City: Saigon One Tower “Golden” Project Is Inactive

Being one of three projects “trillion” located in the prime location of Ho Chi Minh City, but due to stagnated construction since 2011, Saigon One Tower “golden” project, located at 34 Ton Duc Thang, District 1, has worsened the face of the city. 

Saigon One Tower "golden" project is inactive

Due to the stagnation of construction since 2011, the Saigon One Tower project has badly damaged HCM City

Saigon One Tower was started in 2007 and is expected after completed to be the building of over 195m, including 41 stories and 5 basements. With total investment capital of about 220 million USD.

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However, the Saigon One Tower project has an internal dispute, making the expected third-tallest building be discontinued since 2011, although it has completed about 80 percent. So far the project expected to become the third tallest building in the city still stands in the midst of the sky with colored concrete blocks, unmade glass panels, and many increasingly degraded items of the building in the investment project with a few trillion VND, all raised the question: What happened?

Previously, 34 Ton Duc Thang land area is managed by Saigon Tourism Administration Corporations. This enterprise later contributed capital to the joint venture with the right to use this land, the joint venture company invested in the construction of the project ground and then the foreign partners transferred the contributed capital to the Sai Gon Tourism Company Gon, now Saigon General Tourist Company – One Member Limited Liability Company. In the transfer value, there is the investment in the foundation of the project.

Became the owner of Saigon One Tower project since October 2001, the Saigon Tourist Corporation inherited the land use term of the project until August 2023, on the land that has the assets owned by the General Corporation Saigon tourism, which is the foundation of the project.

Based on the approval of HCMC People’s Committee, Saigon Tourist Corporation then cooperated with M & C Joint Stock Company and other partners to establish Sai Gon M & C Real Estate Joint Stock Company to implement the project.

In addition to the value of land use right up to 16.06 million USD, Sai Gon M & C Real Estate Corporation has to pay the commercial value of the land which is 12 million USD, this is the increase of State capital and other items for the General Saigon Travel Company. Along with that, the enterprise must also mobilize capital to build the project.

Saigon One Tower "golden" project is inactive

Saigon One Tower is located in 2011, close to the Bitexco building, the rebuilding of the project is expected not only by the people of Ho Chi Minh City but also with the people of the country

Started in 2007, built up to 80% of volume, then suddenly stopped construction and deserted from 2011 to now. Recently there is information that Saigon One Tower has fallen into the hands of a foreign corporation, Alpha King Real Estate Development JSC and RSP Architects Group (Singapore), they are planning to complete the project.During the meeting of Ho Chi Minh City’s leaders with infrastructure, real estate businesses held on June 3rd 2017, Chairman of Ho Chi Minh City People’s Committee Nguyen Thanh Phong pointed to the “3 gold position project” that made the face Ho Chi Minh City ashamed, including Saigon One Tower and requested the Department of Construction to review all the ongoing construction works. Which project is unfinished must be focused to process and any project that has not started yet must be reviewed in detail. “At the center of the city are the works that have done bad things for the city, the golden project but is unmoving for a long time,” said Chairman Nguyen Thanh Phong.

See the list of apartments for sale in District 1, Ho Chi Minh City: Apartment for sale in District 1 Ho chi Minh city

According to Mr. Vo Van Hoan – Head of Office of Ho Chi Minh City People’s Committee, the reason Saigon One Tower project stagnated is by internal investor conflicts, but so far the problems have been resolved and we hope the project will be restarted in the second half of 2017. The city has reminded the departments to create all conditions to accelerate the deployment fast, not make the face of the city ashamed as the last time.

If the “two golden projects” Lavenue Crown (No. 8-12, Le Duan, District 1) and SJC Tower (23, Le Duan, District 1) are the dreams of many investors, being used as parking zone for many years, Saigon One Tower has completed 80% of the plan and located close to the Bitexco building, the rebuilding of the project is expected not only by the people of Ho Chi Minh City but also with people all over the country.

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