The 135 Nguyen Hue and 39 Le Loi plot (Sai Gon Ward, Ho Chi Minh City), spanning over 9,000 m², was once envisioned as a 40-story commercial, service, and hotel hub. Slated to begin in 2017 and complete by 2020, the project remains stalled since the Tax Trade Center’s demolition in 2016, leaving this prime dual-frontage land vacant for nearly a decade.
In 2021, Saigon Trading Corporation (Satra) proposed leasing the land without auction, but ministries deemed it inappropriate as the land is public property and falls outside Satra’s core business. HCMC authorities then instructed the Department of Finance to guide the company in land arrangement and legal clarification per Decree 167.
Observations by VTC News reveal the former Tax Trade Center site, a 130-year-old Saigon commercial icon, remains vacant. Only temporary event preparations by a few workers break the silence.
In May 2025, Satra petitioned HCMC authorities to propose a non-auction lease under the 2024 Land Law for continued investment.
Satra has invested over VND 487 billion in project preparation, including VND 300 billion for compensation and resettlement. Since 2016, they’ve paid VND 640 billion in land rent.
Satra warns that halting the project would hinder cost recovery, including VND 199 billion in resident compensation and VND 100 billion in additional 40% land value support per city policy.
In September 2025, HCMC’s Chairman issued Directive 2353, tasking Satra and relevant departments to review legal files and clarify conditions for using the 135 Nguyen Hue – 39 Le Loi plot.
If ineligible, Satra must return the land to the state per regulations. Sai Gon Ward will then inspect, measure, and transfer the plot to HCMC’s Land Fund Development Center.
The Department of Agriculture and Environment notes the land, previously recovered from Noga Saigon Joint Venture, is public property. Satra’s voluntary return if ineligible is the most feasible solution.
Tran Trong Nghia, Head of Sai Gon Ward’s Economic, Infrastructure, and Urban Division, confirms ongoing comprehensive reviews by departments and Satra. “The Tax Trade Center’s prime location demands strict, regulation-compliant handling to ensure efficient land use and prevent prolonged vacancy or misuse,” he stated.
Built in 1880, the Tax Trade Center was Saigon’s premier shopping hub at the junction of Nguyen Hue, Le Loi, and Pasteur. Demolished for a Metro Line 1-connected mall, the site remains undeveloped.
HCMC’s directive for Satra to confirm capabilities or return the land aims to end nearly a decade of waste, ensuring this prime plot is developed befitting its central location.
The Comprehensive Overview of the Proposed Location for Ho Chi Minh City’s Sea-Crossing Highway
The Ho Chi Minh City People’s Committee has directed relevant departments to urgently review Vingroup’s proposal for a groundbreaking sea-crossing road connecting Can Gio and Vung Tau, with all advisory work to be finalized by October 2025.
Expert: Speculation Not the Primary Cause of Rising Real Estate Prices
Dr. Lê Xuân Nghĩa asserts that speculative demand does exist, but it is not the primary driver of rising real estate prices. The core reason behind the surge in property values lies in the fundamental imbalance between supply and demand.
Prime Saigon Land Reaches Nearly $1 Billion per Square Meter; Coastal Mega-Projects in High Demand
With limited new supply and land prices in Ho Chi-Minh City remaining at a premium, luxury villas priced at nearly $1 billion VND per square meter are driving investors to seek opportunities in mega-scale land reclamation projects.
Ultimate Deadline Set by Ho Chi Minh City for the Prime ‘Golden Land’ of Thuong Xa Tax
On the afternoon of October 16th, during a press conference addressing Ho Chi Minh City’s socio-economic situation, Mr. Tran Trong Nghia, Head of the Department of Economics, Infrastructure, and Urban Development for Saigon Ward, announced that the HCMC People’s Committee has issued specific directives regarding the handling of the land plots at 135 Nguyen Hue and 39 Le Loi (the former Thuong Xa Tax site).
Luxury Villas in Thu Thiem Set New Benchmark, Selling Price Reaches Nearly 1 Billion VND per Square Meter
According to Avison Young, the Thu Thiem area—where some ultra-luxury villas have recorded asking prices nearing $37,700 per square meter (equivalent to 993 million VND/m²)—has set a new benchmark for the high-end segment.
