Saigon Glory, a prominent real estate developer, has recently increased its charter capital from 7,000 billion VND to 23,000 billion VND. Hanoi Oriental, the sole shareholder, maintains its 100% ownership in the company.
Established in June 2018 by Bitexco, Saigon Glory is the investor behind the ambitious One Central HCM project, formerly known as Spirit of Saigon. Hanoi Oriental acquired Saigon Glory in late 2024 from the Bitexco Group.
The project boasts a prime location in the Ben Thanh quadrant, facing the iconic Ben Thanh Market in District 1, Ho Chi Minh City. With four frontage roads – Pham Ngu Lao, Calmette, Le Thi Hong Gam, and Pho Duc Chinh – the project comprises two towers of 46 and 55 stories, featuring 214 apartments and a 6-star hotel with 250 rooms. Despite receiving permission to sell the residential units, the project has been stalled since the construction of its basement in 2012-2013.
Image: The project remains stalled as of this update.
In 2020, Saigon Glory issued 10 lots of bonds with a total value of 10,000 billion VND, with 3-year and 5-year maturities, to fund the development of the project. However, the company defaulted on its bond payments, leading to Techcombank, the asset manager, demanding the handover of assets to settle the obligations to bondholders.
Saigon Glory and the bondholders eventually reached an agreement to extend the bond maturities and establish a new repayment schedule, backed by guarantees from the Bitexco Group. Hanoi Oriental, upon acquiring the project, also committed to honoring the bond repayment obligations.
All shares of Saigon Glory have been pledged at Techcombank, along with the previous charter capital of 7,000 billion VND and a portion of the project, to secure the bond payment obligations.
According to data from the Hanoi Stock Exchange (HNX), on April 10, 2025, Saigon Glory spent nearly 200 billion VND to repurchase a portion of the SGL-2020.05 bond lot, reducing its outstanding debt on this lot to 300 billion VND.
On April 28, the company repurchased additional SGL-2020.04 bonds worth over 199 billion VND, lowering the circulation value to 303 billion VND. On the same day, Saigon Glory also repurchased 350 million VND worth of SGL-2020.07 bonds and 75 million VND of SGL-2020.06 bonds.
As of April 28, 2025, the company’s total bond debt stood at 6,261 billion VND. HNX data also reveals that Saigon Glory has been actively repurchasing bonds ahead of schedule since September 2024, coinciding with changes in its ownership structure.
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The Capital’s Consensus: Hanoi Approves 148 Pilot Residential Land Project Sites Through Agreements.
The Hanoi People’s Committee has given the green light to a pilot real estate project within the city, as per Resolution No. 171/2024/QH15. This progressive move opens up exciting opportunities for the city’s real estate landscape, offering a glimpse into the future of urban development.
