Two Stalled Super Projects in the Heart of Ho Chi Minh City-The One HCMC and Saigon One Tower

In the bustling heart of District 1, Ho Chi Minh City, two highly anticipated projects, The One HCMC and Saigon One Tower, have remained incomplete for over a decade. Both buildings, located on prime land, were once expected to bring a fresh look to the city, yet they have become towering concrete structures left unfinished, awaiting a new fate.

The One HCMC: High Expectations, Incomplete Reality

The One HCMC, introduced with the ambition of becoming a new architectural icon for Ho Chi Minh City, began construction in 2008 at one of District 1’s prime locations, directly opposite the Ben Thanh Market. This high-end mixed-use project was set to include a six-star hotel, a shopping mall, and Grade-A offices, promising to bring a modern, luxurious space to the city center.

However, more than a decade later, The One HCMC remains an exposed concrete skeleton with little to no progress. The project has gone through several changes in ownership and name but has yet to be completed. The failure to continue its development has sparked public curiosity about its future, marking it as one of the city’s most prominent indefinitely stalled projects.

Saigon One Tower: A Seized Property to Settle Debt

Equally notable is Saigon One Tower, formerly known as Saigon M&C Tower. Launched in 2007 with a total investment of over USD 256 million, it was planned as one of the tallest buildings in Ho Chi Minh City, standing at 42 stories high, comprising offices, luxury apartments, and retail spaces.

Like The One HCMC, Saigon One Tower has never been finished. The project was abandoned mid-construction, and in 2018, the tower was seized to settle its massive debt as it failed to repay substantial loans from banks. Saigon One Tower has since become a symbol of failed real estate project management in Ho Chi Minh City.

Viva Land’s Unsuccessful Involvement

In recent years, Viva Land attempted to take over and restart both of these incomplete projects, hoping to bring them back to life. However, despite initial optimism, Viva Land was unable to bring either of the towers to completion. Both projects remain stagnant, symbolizing the prolonged delay at the heart of the city.

Challenges and Unanswered Questions

The stagnation of these two super projects raises many questions about legal procedures, the financial capabilities of the developers, and the role of local authorities in pushing forward such large-scale developments. Particularly in the context of an increasingly scarce land supply in central Ho Chi Minh City, these massive, unfinished concrete structures not only represent a waste of resources but also negatively impact the city’s developmental image.

Some experts believe that restarting these projects would require stronger government intervention, as well as collaboration with investors who have solid financial backing. However, given the current economic situation and the real estate market, restarting these two projects remains a daunting challenge.

What Lies Ahead for The One HCMC and Saigon One Tower?

The future of The One HCMC and Saigon One Tower remains uncertain. Despite their prime locations and immense scale, both projects still hold development potential if backed by experienced investors with substantial financial resources. However, the question remains as to when these buildings will be completed and contribute to the city’s growth, or if they will continue to stand unfinished for years to come.

Looking back at the construction and halt of The One HCMC and Saigon One Tower, it is clear that managing and executing large real estate projects requires cautious planning and execution—not just from the developers but also from the government and other stakeholders. These two super projects serve as significant lessons for Ho Chi Minh City’s real estate development and will undoubtedly be referenced in the years ahead.