Ho Chi Minh City is intensifying the review of all public land funds, especially prime plots in central areas. The aim is to unlock land resources, revive dormant “golden land,” generate stable revenue for the budget, and enhance urban renewal.
Through decisive efforts to resolve bottlenecks, several projects that had long marred the city’s landscape are now revitalizing. Many are located in the former District 1’s Saigon and Tan Dinh wards.
Nhà Rồng – Khánh Hội Complex
The 31.5-hectare Nhà Rồng – Khánh Hội Complex at Bến Nhà Rồng (former District 4), stalled for years, will be transformed into a cultural park, expanding Ho Chi Minh City’s cultural space. (Photo: Quang Huy)
This prime location, stalled for years, is being rezoned into a park and cultural space, a decision widely supported by residents.
In late 2016, HCMC approved the 31.5-hectare project, including a mall, 3,100+ apartments, schools, and clinics. Despite land handover in August 2017, the project remains stalled due to complications.
Located at Bến Nhà Rồng (former District 4), the site boasts nearly 3km of Saigon River frontage, direct access to Khánh Hội Bridge, and connectivity to Thu Thiem New Urban Area.
Narrow roads like Nguyen Tat Thanh cause chronic congestion. HCMC plans to expand the project across the entire 329,000m² Nhà Rồng – Khánh Hội area, widening Nguyen Tat Thanh and adding cultural amenities. (Photo: Quang Huy)
HCMC Party Secretary Tran Luu Quang announced the expansion of the Ho Chi Minh Cultural Space at Bến Nhà Rồng. The remaining land will become a park, with no residential development, focusing on public services.
The Agriculture and Environment Department has submitted a detailed implementation plan.
Based on the 1/500 detailed planning for District 4’s port area, the initial phase covers nearly 30,000m². HCMC aims to expand the project to 329,000m², widening Nguyen Tat Thanh and adding riverside cultural and public spaces.
Two investment options are proposed: public funding or a PPP (BT contract without payment).
Public funding would start in September 2026; PPP would begin around March 2026, pending investment approval, land clearance, and revocation of the original Nhà Rồng – Khánh Hội Complex project, based on the Van Thinh Phat Group case.
Prime Land at 1 Ly Thai To
The 4.3-hectare plot at 1 Ly Thai To, between Ly Thai To, Hung Vuong, and Tran Binh Trong streets, opposite Cong Hoa Intersection (former District 10), has been vacant for years despite its prime location. (Photo: Q. Huy)
On October 25, HCMC’s Construction Department proposed developing the 1 Ly Thai To site in Vuon Lai Ward (former District 10) into a public park, playground, COVID-19 memorial, and expanded roads with underground spaces through public-private partnerships.
HCMC Chairman directed completion of the park, playground, and memorial by Tet 2026, with Sun Group as the sponsor.
Initially planned as a modern complex, the 4.3-hectare site, formerly the Government Guest House, is strategically located between Ly Thai To, Hung Vuong, and Tran Binh Trong streets, near key intersections. Seven villas have been abandoned since 2017.
Saigon Centre 3: The “Diamond” Project
After three decades of inactivity, Saigon Centre in central Saigon has received Phase 3 investment approval, with construction expected to start in late 2026 and complete in five years. (Photo: Quang Huy)
After 30 years of dormancy, Saigon Centre, surrounded by Le Loi, Nam Ky Khoi Nghia, Huynh Thuc Khang, and Pasteur streets, has received Phase 3 investment approval.
Keppel Corporation will expand commercial and office spaces, aiming to complete the large-scale complex. Construction of Saigon Centre IV and V is set to begin in late 2026, adding modern offices, retail, and accommodations.
Two new towers in Phase 3 will begin construction in late 2026 after nearly 30 years of vacancy. (Photo: Quang Huy)
Licensed in 1993, the 19.668m² project includes five phases: offices, malls, hotels, apartments, and services. Phases 1 and 2 are operational. Keppel holds 84% through subsidiaries, with Resco owning the remainder.
Reviving Tax Trade Center
The 9,000m² site at 135 Nguyen Hue and 39 Le Loi, once Tax Trade Center, has been vacant since 2016 after metro line 1 construction. (Photo: Quang Huy)
The 9,000m² site at 135 Nguyen Hue and 39 Le Loi, once Tax Trade Center, is being reactivated. Satra is reviewing conditions to resume the project, which was demolished in 2016 for the metro.
HCMC Finance Department is assessing Satra’s report. If conditions aren’t met, Satra must return the land by 2024.
Built in 1880, Tax Trade Center was a luxury shopping destination for Saigon’s elite. Managed by Satra since 1997, it was a top shopping spot until 2016.
Tax Trade Center, built in 1880, was among HCMC’s top shopping destinations. (Photo: L. Quân)
Proposed design for Satra Tax Plaza. (Source: Satra)
In 2010, HCMC approved Satra’s 40-story mixed-use project, connecting to the metro. Demolished in 2016, the project was set for 2017-2020 completion but remains stalled.
Phan Dinh Phung Stadium Revival
Phan Dinh Phung Stadium in Xuan Hoa Ward (former District 3) is set to start in Q3/2027 and complete in Q1/2029 after years of delays. (Photo: Quang Huy)
After years of delays, Phan Dinh Phung Stadium is set to start in Q3/2027 and complete in Q1/2029. Located between Pasteur, Nguyen Dinh Chieu, Nam Ky Khoi Nghia, and Vo Van Tan streets, it will host national and international events.
The VND 2 trillion project covers 14,400m², accommodating 13 sports with 4,000-5,000 seats.
Initially planned for April 30, 2025, to mark 50 years of reunification, the project faced delays. (Photo: Quang Huy)
Approved in 2010 as a BT project, it was assigned to Phat Dat in 2018 but stalled. In 2024, HCMC shifted to public funding, aiming for a 2025 start, but faced further delays.
Malaysian Giant Revives Prime Land
UOA Group acquired a 2,000m² plot on Vo Thi Sau Street, Tan Dinh Ward (opposite Le Van Tam Park), for $68 million, planning a 22-story office tower.
UOA bought VIAS Hong Ngoc Bao in September, gaining development rights. The $120 million project will start in Q4/2025 and complete in Q2/2028.
The 2,000m² Tan Dinh plot is set for development. (Photo: Quang Huy)
UOA’s Class A office tower design. (Source: UOA)
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