After years of inactivity in the heart of Ho Chi Minh City, the One Central HCM complex project (formerly The Spirit of Saigon) has officially resumed construction.
Recent observations by VTC News reporters reveal that within the 8,600 m² “diamond” plot opposite Ben Thanh Market, multiple groups of workers have returned to the site. Safety nets have been installed on several floors, and a new construction information board has been erected.
One Central HCM is strategically located at the rare intersection of Pham Ngu Lao, Calmette, Le Thi Hong Gam, and Pho Duc Chinh streets, making it one of the most valuable plots in Ho Chi Minh City.
Despite its prime location, the project has been stalled for over 12 years, with multiple ownership changes and construction halts, leaving only a completed foundation and a few unfinished concrete floors.
Initiated by Bitexco Group in 2013 with a total investment of approximately $500 million, the project was expected to be completed by 2017. However, after finishing the basement, construction halted. In 2018, Bitexco transferred the investment rights to Saigon Glory Co., Ltd., and the project resumed in 2020, but only a few additional floors were constructed before another halt.
Between 2021 and 2022, the project was renamed One Central HCM and later transferred to Viva Land (part of the Van Thinh Phat ecosystem) under the new name “Pearl.” However, following the indictment of Van Thinh Phat in late 2022, the site was once again frozen, and all Viva Land branding was removed.
By the end of 2024, Bitexco transferred its entire stake in Saigon Glory to Phuong Dong Hanoi Real Estate Co., Ltd. A significant turning point occurred in May 2025 when Masterise Homes confirmed its role as the new developer of the project.
During the Ho Chi Minh City socio-economic press conference in late November 2025, Mr. Mai Thanh Tung, Deputy Head of the Infrastructure Planning Department at the Department of Construction, announced that the project had been granted permission to resume construction. Following the issuance of Construction Permit Appendix No. 14 on November 10, 2025, Saigon Glory Co., Ltd. notified the resumption of construction from November 11, and the site is now continuously active.
One Central HCM is planned to include two towers, 46 and 55 stories high, featuring luxury apartments, offices, a shopping center, and a 6-star hotel. With this scale, the project is expected to become a new landmark at the gateway to the Ben Thanh area, which is undergoing significant transformation with the Metro Line 1 and various urban renewal projects.
The resumption of this long-stalled project is seen as a positive sign for the revitalization of Ho Chi Minh City’s central area. The restart indicates that legal, investor, and financial hurdles have been resolved, raising hopes for the revival of one of the city’s most prolonged dormant mega-projects.
Currently, various components have resumed, including safety netting, signage installation, and workforce deployment. While specific timelines have not been announced, the project’s reawakening after years of dormancy is expected to significantly enhance the central area of Ho Chi Minh City in the near future.
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