The Spirit of Saigon, a massive mixed-use development spanning 8,600 square meters, is the brainchild of the Bitexco Group, executed through its subsidiary, Saigon Glory.
Located in the heart of Ho Chi Minh City, this project boasts an impressive address with four street frontages: Phạm Ngũ Lão, Calmette, Lê Thị Hồng Gấm, and Phó Đức Chính.
Additionally, the development is conveniently situated across from Bến Thành Market (in District 1) and is less than 300 meters away from the Bến Thành Metro Station.
In 2018, Ms. Trương Mỹ Lan and the chairman of Bitexco verbally agreed to transfer the project to the Vạn Thịnh Phát Group for VND 22,000 billion. To date, Ms. Lan has transferred VND 15,712 billion to Bitexco. The two parties have yet to complete the handover process.
According to Ms. Lan, the value of The Spirit of Saigon project has now soared to over VND 100,000 billion. The design encompasses two towers of 46 and 55 stories, interconnected by a podium. Additionally, there are 214 residential units that have been approved for sale and 250 six-star hotel rooms.
In reality, the Ho Chi Minh City government approved this project for the Bitexco Group back in 2013. However, it wasn’t until 2018 that the project completed its foundation and six underground levels before construction came to a halt.
According to Bitexco, this is the first project in Vietnam to feature six underground levels, and such a design is also rare worldwide. As a result, The Spirit of Saigon project encountered prolonged and unavoidable complexities, stemming from both objective and subjective factors, in completing the six underground levels.
In mid-2020, The Spirit of Saigon resumed construction, focusing on the tower levels. However, despite multiple changes in ownership, the project remains unfinished after more than a decade.
Currently, the structure remains incomplete, with no workers on-site. Numerous concrete sections have been left unfinished, and construction materials are scattered throughout the project site.
Although Ms. Lan has transferred over 70% of the initially agreed-upon sale price to Bitexco, if another investor purchases the project, she only requests VND 7,000 billion and 30% of the value of the VND 7,000 billion to address the consequences of the case.
Bitexco, the original developer, had anticipated completing the project by 2017. However, more than a decade has passed since its commencement, and the project remains stalled, awaiting resumption of construction. Recently, Bitexco announced its intention to transfer Saigon Glory to the Phương Đông Hà Nội Company.
