The Exciting Journey of the “Ben Thanh Quadrangle” Project, once associated with Truong My Lan.

Masterise Homes has confirmed its role as the developer of The Spirit of Saigon project after a long hiatus. This project is located in a “diamond” position opposite Ben Thanh Market, District 1, Ho Chi Minh City.

With four valuable facades on Pham Ngu Lao, Calmette, Le Thi Hong Gam, and Pho Duc Chinh streets, the project was once expected to become the city’s new architectural icon, with apartment selling prices reaching nearly $43,000 per square meter.

Initially, The Spirit of Saigon was invested in by Saigon Glory Company Limited, a 100% foreign-owned enterprise of the Bitexco Group, with a total investment of up to USD 500 million.

The project consists of two towers of 46 and 55 stories, including 214 apartments licensed for sale and about 250 6-star standard hotel rooms. However, the implementation process encountered many obstacles.

After completing the basement, the project was halted during the 2012-2013 period, then restarted in mid-2020 but soon fell into a state of stagnation again.

In 2020, Saigon Glory Company Limited issued 10 bond lots with a total value of VND 10,000 billion to raise capital for The Spirit of Saigon project.

To guarantee the payment obligation, all of the Bitexco Group’s contributed capital in Saigon Glory, along with Tower A of the project, were mortgaged to Vietnam Technological and Commercial Joint Stock Bank (Techcombank).

However, in the context of financial difficulties, Saigon Glory was forced to combine bond issuance and bank loans to maintain its operations and project progress.

Madam Truong My Lan, former Chairman of the Board of Directors of Van Thinh Phat Group, also played an important role in the transfer and management of The Spirit of Saigon project, also known as One Central.

Specifically, in 2018, Ms. Lan reached an agreement to transfer the project from the Bitexco Group for a price of about VND 22,000 billion. Even though the project legally belonged to Saigon Glory, Ms. Lan still brought people to take over the management and once planned to sell apartments at a price of up to VND 1 billion per square meter.

In 2022, The Spirit of Saigon project was once transferred to Viva Land Company – a member of Van Thinh Phat Group’s ecosystem – and was renamed Pearl. However, after the events related to Van Thinh Phat, the project returned to its old name and returned to the ownership of the Bitexco Group.

By 2024, Bitexco had completed the transfer of 100% of its capital contribution in Saigon Glory Company Limited to Hanoi Oriental Real Estate Company Limited, marking a new turning point in the project’s legal and ownership journey.

Masterise Homes is known as a leading real estate developer in Vietnam, with projects in collaboration with foreign groups such as Marriott International and Elie Saab. Masterise Homes has also cooperated with Hanoi Oriental Real Estate Company Limited in the Masteri West Heights project in Hanoi.

In Ho Chi Minh City, Masterise Homes made an impression with Vietnam’s first real estate brand name project – Grand Marina Saigon, located in Ba Son, District 1. In addition, the company is developing other premium projects, notably Global City, a large-scale metropolitan area in Thu Duc City, positioned to become the city’s new financial and commercial center.