Saigon One Tower

Saigon One Tower, is an unfinished high-rise building located at 34A Ton Duc Thang Street, Ho Chi Minh City, Vietnam. This tower was invested by Saigon M&C and Dong A bank, totals approximately $228 million USD. The building was designed to be a 41-storey tower with three functions.

Saigon One Tower
Location within Vietnam
General information
StatusOn hold
TypeShopping Mall & Office & Apartment
LocationHo Chi Minh City, Vietnam
Coordinates10.7717°N 106.7040°E / 10.7717; 106.7040
Construction started2007
Estimated completion2021+
Height
Top floor195.3 m (641 ft)
Technical details
Floor count41
References
[1]

The tower covers 6,800 square metres (1.7 acres; 0.68 ha) of land, right on the bank of Saigon River. The tower's construction started in 2007 and was expected to be completed in 2012. Saigon M&C would have become one of the highest priced real estate developments in Vietnam and was expected to be the second tallest building in Ho Chi Minh City after Bitexco Financial Tower. However, construction works has halted since 2011 with the building 80% complete. In 2017, outstanding debts of the developer totaling over VND 7,000 billion were sold to the Vietnam Asset Management Company for VND 680 billion (US$ 29 million). After defaulting on the debts, the building was seized by the Vietnam Asset Management Company and put up for auction.[2][3] The developers are on trial for falsifying documents which were used to secure the loans from Dong A Bank.[4]


Office and retail supermarket in Vietnam
Saigon M&C as of June 8, 2010

During 2000–2007, Vietnam achieved an economic growth of 8-8.5%, leading to the increasing demand of office and shopping spaces in big cities like Ho Chi Minh City, Hanoi, Danang, Haiphong. Land and housing prices in these cities are disproportionate to the GDP per capita in the country.

See more

References
  1. "Saigon One Tower". SkyscraperPage.
  2. https://tuoitrenews.vn/news/business/20200927/highprofile-real-estate-projects-on-sale-in-ho-chi-minh-city-amidst-covid19/56956.html
  3. https://tuoitrenews.vn/news/business/20180330/debt-firm-auctions-off-seized-highrise-in-saigon-to-clear-308mn-bad-loan/44860.html
  4. https://vnexpress.net/cao-oc-bo-hoang-lien-quan-dai-an-dab-nhu-the-nao-4122010.html
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