The Ho Chi Minh City Department of Construction has released an official statement regarding the progress of two long-abandoned high-rise projects, IFC One Saigon and One Central HCM, which have marred the city’s urban landscape for years.
Located at 34 Ton Duc Thang Street, Ward Saigon, IFC One Saigon was granted a construction permit on August 12, 2008, to Saigon M&C Real Estate JSC as the developer. However, construction halted in 2012 and has remained stagnant since.
In response to the project’s stagnation, the 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, forwarding Ms. Truong My Lan’s request to resume and complete the IFC One Saigon project to the Department of Construction, Department of Finance, and Ward Saigon People’s Committee for review and resolution.
Originally named Saigon M&C Tower, the project boasted an investment of approximately $256 million (equivalent to VND 5,000 billion at the time), positioning it as one of Ho Chi Minh City’s most luxurious developments upon announcement. Designed as a mixed-use complex featuring offices, high-end apartments, serviced residences, and a shopping center, the project reached 80% completion of its structural framework before halting in 2012.
In August 2022, exterior glass panels were replaced to enhance safety and aesthetics, though interior construction remains unfinished.
During its abandonment, the project underwent multiple shareholder changes and was mortgaged to Maritime Bank and DongA Bank, accumulating over VND 7,000 billion in bad debt—one of the largest in Vietnam’s banking system.
In 2017, VAMC seized the property and attempted an auction, but no investors participated. By 2021, Viva Land, part of the Van Thinh Phat Group ecosystem, emerged as the new developer, rebranding the project as IFC One Saigon.
While exterior glass panels were replaced in August 2022 to improve safety and aesthetics, interior construction remains on hold pending conclusions from the Government Inspectorate. Following the arrest of Ms. Truong My Lan, the project has remained inactive.
Regarding the One Central HCM complex opposite Ben Thanh Market, the Department of Construction confirmed that the Ho Chi Minh City People’s Committee has adjusted the investment plan, extending the project timeline by 48 months. The Department has been tasked with guiding the developer to complete legal procedures for lawful implementation.
Spanning 8,600 square meters in the Ben Thanh quadrilateral, One Central HCM occupies a prime location with four frontage roads: Pham Ngu Lao, Calmette, Le Thi Hong Gam, and Pho Duc Chinh. The project was initially developed by Bitexco Group with an investment of $500 million, featuring two towers connected by a podium: a 55-story west tower (offices and hotel) and a 48-story east tower (apartments and hotel).
After completing the basement in 2012-2013, construction halted. In 2019, the project was transferred to Saigon Glory. By mid-2020, construction resumed under Masterise Homes, which rebranded the project as One Central HCM and added several floors. Later, Viva Land took over, renaming it Pearl and adding it to their development portfolio.
However, in October 2022, following legal issues involving Van Thinh Phat Group’s leadership, the project was again frozen, and Viva Land’s logo was removed from the construction site.
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