The Future of Saigon One Tower
Finally after 7 years of inactivity it looks like work is about to restart on the biggest blot on Ho Chi Minh City’s skyline, Saigon One. Sources say that Alpha King Real Estate Development JSC finalised the purchase of the Saigon One Tower, which stands in one of the most prestigious locations in the city, at the end of the Thu Thiem tunnel at the intersection of Ton Duc Thang and Ham Nghi.
Purchased by Alpha King for VND3.7 Trillion, work will commence by July 2018. The 42 storey tower was 80% finished by 2011 when the project was hit by financial problems. Saigon One has remained a “ghost tower” ever since. When completed in 2019 Saigon One will be home to Vietnam’s largest rooftop bar, retail and office space and luxury apartments.
The Central Business District is Thriving
This is all part of the commitment to drive the business sector in District 1. With more and more jobs becoming available in the city it is important that the Central Business District of Ho Chi Minh City continues to encourage the recruitment and drive of business here. RGF, the large recruitment company are reporting that figures for 2018 and beyond are looking very good indeed. You can read more about this here.
One Tower Less than Originally Planned
The original plans were for this to be a twin tower construction. However by the time building work began in 2007, one of the towers had been phased out. Work progressed smoothly until 2011 and the building was all but completed. Only the glass facade and the interior was left to be done. It has remained as a unfortunate remainder of the financial crash 7 years ago.
A report in the Dan Viet newspaper back in 2012 stated that the original investors had taken loans from three different creditors: an unnamed Vietnamese bank ($67.5 million); Minh Quan Construction & Trade Consultancy Joint Stock Company ($37.5 million); and Lien Phat Investment Company ($30 million). In addition to this $135 million, a further $31.5 million was added on in the form of interest and other costs. Apparently the investors were losing $73,800 per day in interest payments.
With the completion of Saigon One, finally, this part of the city’s landscape will be finished, there is at last some light at the end of the (Thu Thiem) tunnel.