Three important projects do not complete missions in Saigon

Neighboring projects on the land “gold” – Real estate market in Saigon

It is located in the most valuable land in Ho Chi Minh City. But the projects that its owner expects are huge, unable to fulfill its mission.

Three projects are mentioned: Saigon One Tower, The One and The One Saigon. They are very close to each other in the heart of District 1.

There are projects to change the name for garment but can not “change” to confirm their position. The One Saigon, despite the progress but the legal troubles and doubts about the ability.

The One Ho Chi Minh City – The project has changed its name but in essence it has not changed anything

Saigon One Tower

The project is located at the intersection of three central districts of 1, 2 and 4. This project was expected to be a new iconic project of Ho Chi Minh City.

At the time of the model’s launch, the building was declared to be one of the most luxurious values ​​of urban life: offices, apartments, entertainment services (restaurants, the most exclusive aerial bar city,…).

But contrary to the investor’s words, over the years, the project is now only referred to as the “catastrophic” construction of the city.

Started to launch in 2007, Saigon One Tower (formerly known as Saigon M & C Tower) is expected to be completed in 2009. It will become the third tallest building in Ho Chi Minh City (190 m). The project has a total investment of more than US $ 256 million (VND5,000 billion

The high living standards of this building include: a pedestrianized shopping center with 6 floors; an international standard office block with 34 floors and 133 high quality apartments.

The investor of the project is Saigon M & C Real Estate Joint Stock Company. This company is formed from the joint venture of the top five enterprises in HCM City.

M & C Joint Stock Company, Saigon Tourist Corporation (Saigontourist), Dong A Commercial Joint Stock Bank, Dong A Bank Securities Company Limited, Phu Nhuan Jewelry Joint Stock Company.

Meanwhile, construction contractors are modeled EPC contractors. By the contractor Bouygues Batiment International. In addition, the big names in the world such as DP Architects of Singapore (architectural design), Cisco Systems of the United States (building management system).

Composition of the companies involved in the construction are businesses with strong financial background. So the project was started quickly, but after a quick acceleration, there were many problems that the project could not be completed.

The project was not able to finish the project on schedule so the change of investment was very many times. The structure of M & C Real Estate Investment Joint Stock Company- the owner of the project has changed. When this business has recently announced its seal, as well as its new legal representative and representative.

From a project like the “swan” of the city, now through several bumps. Saigon One Tower is bearing the image of a “duck” tattered with huge debt can not handle.

Saigon One Tower has been placed a lot of expectations. But hope is much more frustrated

The One Saigon

From the name of the project to the name of the newly renovated investor, The One Saigon has reached its construction goal. But it is difficult to sell on the road and violations in the process of construction.

The One Saigon Building (formerly Ben Thanh Luxuty and Sai Gon Luxury). A 22 storey high building is located in the heart of District 1.

The building has 3 big fronts: Ky Con, Dang Thi Nhu and Le Thi Hong Gam – a good location in the center of the city.

The project is invested by Ben Thanh Real Estate Investment Joint Stock Company, now known as Capella Holdings.

The name represents the investor of the project Ben Thanh Land and also shows the luxury of the project “luxury”. But mentioning The One Saigon, people remember the “scandal” more than its value

Operated in 2010, after a period of exploitation. Many items have been changed by the owner of the design without consulting the opinions of residents.

Specifically, the building’s upper deck has been added two storeys for restaurants and bars, called the Air 360 Sky Bar, belonging to the Capella Holding system.

According to the people here, this restaurant and bar operates irrespective of the day and night. The guests as well as the nature of the activity both affect the lives of the residents.

The One Saigon project named LUXURY. But after many years there are signs of devaluation due to fraud in business

The sales situation of this project is also facing great difficulties. So far has completed 7 years. The new projects only sell about 40% of the apartments. This is due in part to the high price, partly due to the clutter that customers are afraid of.

The One Ho Chi Minh City – The name does not show many things

Project The One Ho Chi Minh City (now Spirit of Saigon). From an expected project that can revive the city’s real estate market in the crisis of 2011. So far still has the image of a grassland grows grass. The market has twice the success of the wave that this project has not yet reached the ground.

Spirit of Saigon is expected to invest over $ 500 million. More than 6 years ago the city decided to withdraw 8,641 sqm in Ben Thanh area. To hand over to Bitexco to implement the project of office – commercial – service investment

Spirit of Saigon is located in the heart of Quan 1, surrounded by famous landmarks, such as Ben Thanh market, art museum, 23/9 park. .

This project demonstrates the confidence of Bitexco after the Bitexco Financial Tower project has created a powerful effect in Ho Chi Minh City. That is also the reason that the project was decided to start the real estate market. This is the most dreaded (2011 period).

At that time, Vu Quang Hoi, President of Bitex, said: By 2015, when the project is completed, the economy and BDS market will recover. Up to now, the real estate market has been in the last phase of the return, the project has not yet engaged in the game.

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