The Spirit of Saigon, a massive mixed-use development spanning 8,600 square meters, is the brainchild of the Bitexco Group, executed through its subsidiary, Saigon Glory.
This project boasts one of the most prime locations in Ho Chi Minh City, with frontage on four prominent streets: Phạm Ngũ Lão, Calmette, Lê Thị Hồng Gấm, and Phó Đức Chính.
Additionally, the project is conveniently located across from Bến Thành Market (in District 1, Ho Chi Minh City) and is less than 300 meters away from the Bến Thành Metro Station.
In 2018, Ms. Trương Mỹ Lan and the chairman of Bitexco verbally agreed to transfer the project to the Vạn Thịnh Phát Group for VND 22,000 billion. To date, Ms. Lan has transferred VND 15,712 billion to Bitexco. The two parties have not yet completed the handover procedures.
According to Ms. Lan, the value of The Spirit of Saigon project has now soared to over VND 100,000 billion. The project’s design encompasses two towers of 46 and 55 stories, interconnected by a podium. Additionally, there are 214 residential units that have been approved for sale and 250 six-star hotel rooms.
In reality, the Ho Chi Minh City government had approved the Bitexco Group’s investment in this project back in 2013. However, it wasn’t until 2018 that the project completed its foundation and six underground levels, after which construction halted.
According to Bitexco, this is the first project in Vietnam to feature six underground levels, and such a design is also rare worldwide. As a result, The Spirit of Saigon project encountered prolonged and unavoidable complexities, stemming from both objective and subjective reasons, in completing the six underground levels.
In mid-2020, The Spirit of Saigon resumed construction, focusing on the tower levels. However, despite multiple changes in ownership over the years, the project remains unfinished after more than a decade.
Currently, the structure remains incomplete, with no workers on-site. Numerous concrete blocks have been left unfinished, and construction materials are scattered within the project site.
Even though she has transferred more than 70% of the initially agreed-upon purchase price to Bitexco, Ms. Lan has stated that if another investor were to purchase the project, she would only ask for VND 7,000 billion back, along with 30% of the value of that amount, to cover the damages she has incurred due to the case.
Bitexco, the original investor, had anticipated completing the project by 2017. However, more than a decade has passed since its commencement, and the project remains stalled, awaiting resumption of construction. Recently, Bitexco announced its intention to transfer Saigon Glory to the Phuong Dong Hanoi Company.
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