At a press conference on November 20, the Ho Chi Minh City Department of Construction confirmed that the mega-project The Spirit of Saigon received a construction commencement notice from the developer on November 11, 2025. The project’s timeline has been extended by 48 months, effective from October 16, 2025.
According to the Department of Construction, the project—a mixed-use development featuring office space, commercial services, residential apartments, a 6-star hotel, and hotel offices—is located on plots 53 and 75, map sheets 1 and 15, in the former Nguyen Thai Binh Ward, District 1 (now Ben Thanh Ward, Ho Chi Minh City). It is being developed by Saigon Glory Co., Ltd., which took over from Bitexco Group under Construction Permit No. 100/GPXD dated September 16, 2013, and its addendum No. 14132/SXD-CPXD dated November 1, 2019.
On December 10, 2019, the Ho Chi Minh City People’s Committee issued Decision 5210/QD-UBND, approving the transfer of the entire project from Bitexco Group to Saigon Glory Co., Ltd. On October 16, 2025, the Committee issued Document 2973/UBND-DA, adjusting the investment project and extending its timeline by 48 months.
The Department of Construction issued Addendum No. 14/PLGPXD on November 10, 2025, amending Construction Permit No. 100/GPXD and Document 14132/SXD-CPXD.
On November 11, 2025, Saigon Glory Co., Ltd. announced the project’s groundbreaking under Notice No. 19/2025/TB-SGL.
 In May 2025, Saigon Glory increased its capital to VND 23 trillion, with Masterise Homes appearing at the Ben Thanh superblock. Photo: Thuc Phan
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The Spirit of Saigon (also known as One Central HCM) and IFC One Saigon are major mixed-use skyscrapers located in prime “diamond” areas of Ho Chi Minh City. Both projects have faced repeated construction delays, impacting the city’s central district.
The Department of Construction also noted that IFC One Saigon, developed by Saigon M&C Real Estate JSC, has been suspended since 2012. In mid-October 2025, the People’s Committee issued Document 2998/PC-VP, forwarding a petition from Truong My Lan to the Department of Construction, Department of Finance, and Ben Thanh Ward authorities for review. The Department of Construction is currently collaborating with relevant agencies to compile and advise the People’s Committee on a resolution.
Saigon Glory Increases Capital to VND 23 Trillion, Masterise Homes Appears at Ben Thanh Superblock
– 10:11 AM, November 24, 2025
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