The Ho Chi Minh City Department of Construction has recently provided updates on the progress of resolving two high-rise projects, IFC One Saigon and One Central HCM. These structures, once envisioned as architectural landmarks in the city center, have lain abandoned for years, detracting from the urban aesthetic.
According to the Department of Construction, the city’s People’s Committee has received a request from Ms. Truong My Lan, Chairwoman of Van Thinh Phat Group (currently in custody), to continue her involvement in the IFC One Saigon project. The request has been forwarded to the Department of Construction, Department of Finance, and the Saigon Ward People’s Committee for review and processing in accordance with regulations.
The Department of Construction is collaborating with relevant agencies and units to evaluate and propose handling measures within their authority and in compliance with the law.
The IFC One Saigon project (formerly Saigon M&C Tower) is located at 34 Ton Duc Thang Street, Saigon Ward (former District 1), at the prime intersection of Ham Nghi, Vo Van Kiet, and Ton Duc Thang Streets. Despite its prime location, the building currently serves as a parking lot, with no significant construction activity observed, as reported by VTC News.
Approved in 2008 with an investment of approximately $256 million, the project was planned to include offices, luxury apartments, serviced apartments, and a shopping center. After reaching 80% completion of the rough construction, the project halted in 2012. During its stagnation, the project underwent multiple changes in shareholders and was mortgaged to Maritime Bank and DongA Bank, accumulating bad debts exceeding $7 billion, one of the largest in the banking system.
In 2017, VAMC seized the building and attempted to auction it, but no investors participated. In 2021, Viva Land emerged as the new developer, renaming the project IFC One Saigon. In August 2022, the exterior glass was replaced to ensure safety and aesthetics, but internal construction remains suspended pending inspection results. Following Ms. Truong My Lan’s arrest, the project has remained inactive.
Regarding the One Central HCM complex (formerly The Spirit of Saigon, also known as the Ben Thanh Quadrilateral), located opposite Ben Thanh Market, the Department of Construction stated that the city’s People’s Committee has issued a document adjusting the investment project, extending the implementation timeline by 48 months. The Department of Construction has been tasked with guiding the investor to complete the necessary procedures for compliance with the law.
One Central HCM is situated on prime land with four street fronts: Pham Ngu Lao, Calmette, Le Thi Hong Gam, and Pho Duc Chinh. Developed by Bitexco Group with an announced investment of $500 million, the project is envisioned as a mixed-use complex featuring offices, retail spaces, apartments, and a 6-star hotel.
Construction began in 2012, with the basement completed before work halted for years. In mid-2020, the project resumed but stalled again in 2022 following the arrest of Van Thinh Phat Group’s leaders.
During this period, Viva Land (part of the Van Thinh Phat ecosystem) took over and renamed the project Pearl, but later, the Viva Land logo was removed from the construction site fence. In late 2023, Bitexco’s stake in Saigon Glory Company was transferred to Dong Phuong Hanoi Real Estate Company, and recently, Masterise Homes emerged as the new developer, with its signage appearing on the site.
VTC News reports that a group of workers has been observed conducting minor construction activities within the One Central HCM project area.
These recent developments in Ho Chi Minh City offer hope for the revival of two projects once considered iconic architectural symbols of the city center, which have been abandoned for over a decade.
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