Addressing concerns about two long-stalled high-rise projects in Saigon Ward and Ben Thanh Ward, which have marred the city’s aesthetic appeal, the department confirms that both projects are under review and gradual resolutions are being implemented.
The office building, shopping center, and rental apartment project located at 34 Ton Duc Thang, Saigon Ward. Photo: Nguyen Hue |
The project at 34 Ton Duc Thang, Saigon Ward (formerly Nguyen Thai Binh Ward, District 1), initially named Saigon M&C Tower, is a high-rise development featuring office spaces, a shopping center, and rental apartments.
Construction was approved in 2008, with Saigon M&C Real Estate JSC as the developer. Work halted in 2012, leaving the project incomplete.
Ho Chi Minh City People’s Committee issued Document No. 8470/VP-ĐT on October 15, 2025, and Transfer Note No. 2998/PC-VP on October 10, 2025, to the Department of Construction, Department of Finance, and Saigon Ward People’s Committee. These documents address a petition by Truong My Lan (Van Thinh Phat Group, currently detained) to resume investment, complete the building, and rename it IFC One Saigon.
The Department of Construction is collaborating with relevant agencies to evaluate and process the request in accordance with legal regulations.
After over a decade of exposure to the elements, the project briefly resumed in August 2022 with exterior glass replacement. However, construction halted again after this partial revival.
The office, commercial, service, residential, and 6-star hotel project opposite Ben Thanh Market. Photo: Anh Phuong |
Similarly, according to 2002 records, One Central HCM (opposite Ben Thanh Market) is a mixed-use development featuring offices, commercial spaces, services, residential units, a 6-star hotel, and hotel offices. It is located on land plots 53 and 75, map sheets 1 and 15, in what was formerly Nguyen Thai Binh Ward, District 1, now Ben Thanh Ward.
Bitexco Group JSC was the original developer, holding Construction Permit No. 100/GPXD dated September 16, 2013, and Adjustment Appendix No. 14132/SXD-CPXD dated November 1, 2019, issued by the Ho Chi Minh City Department of Construction.
Bitexco Group JSC later transferred the entire project to Saigon Glory LLC. The city government facilitated legal and procedural resolutions for this transfer.
Specifically, Ho Chi Minh City People’s Committee issued Decision No. 5210/QĐ-UBND on December 10, 2019, approving the transfer. On October 16, 2025, the city further issued a document allowing investment project adjustments, granting a 48-month extension for the developer to proceed.
Previously, the city government had directed the Department of Construction to guide Saigon Glory LLC in completing necessary procedures in compliance with legal requirements.
Quoc Ngoc
– 22:20 10/11/2025
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