The 'Diamond' Projects Abandoned for Twenty Years in Ho Chi Minh City: Wasting 'Golden Land' Resources

Ho Chi Minh City (HCMC), as a crucial economic center of Vietnam, has long been known for its skyscrapers, comprehensive commercial areas, and grand infrastructure. However, not all planned projects become a reality. Two of these projects, SJC Tower and Satra Tax Plaza, have now been abandoned for twenty years in District 1's "golden land," leading to a significant waste of urban development resources and opportunities. These areas not only possess high economic value but also hold special significance for the city's architectural landscape. Therefore, their current abandoned state has become an issue that demands close attention and resolution.

SJC Tower: An Unrealized Urban Dream

The SJC Tower project is located in a region of HCMC considered "golden land," with four street-facing corners connected to strategic roads: Le Loi Street, Nam Ky Khoi Nghia Street, Le Thanh Ton Street, and Nguyen Trung Truc Street. The project is invested by Saigon Diamond Corporation, with a major shareholder being the Van Thinh Phat Group. The advantageous geographical position is considered a significant potential area for commercial, service, and cultural development, thanks to its proximity to renowned landmarks such as Ben Thanh Market and Nguyen Hue Walking Street.

Since 2004, the project has been approved but remains an empty lot, overgrown with weeds, with no substantial construction progress. SJC Tower was once expected to be the third tallest tower in HCMC, with a plan that included six basement levels, 54 floors, and a total investment of over 1,500 billion VND. If completed successfully, this building would have become a new symbol of the city, combining shopping centers, offices, high-end apartments, and a major jewelry trading hub.

However, instead of becoming a symbol of modern urban development, the land remains abandoned, often fenced with sheet metal, creating an unsightly view in the city's center. The sight of an empty lot with rampant weeds clearly illustrates the waste of resources. Surrounding streets are temporarily used for parking or setting up tents for small trade activities. This situation not only deteriorates the urban landscape but also reduces the economic development potential of this prime land.

Satra Tax Plaza: A Forgotten 130-Year-Old Symbol

Not far from SJC Tower lies Thương Xá Tax (Tax Trade Center), a building and cultural symbol of HCMC with over 130 years of history, which also faces a similar fate. The Tax Trade Center was once a symbol of prosperity in HCMC and a familiar shopping destination for many generations of the city's residents. In 2016, the building was demolished to make way for the construction of a 40-floor mixed-use commercial and office tower named Satra Tax Plaza, managed by Saigon Trading Group (Satra). According to the plan, the new project will incorporate modern designs and multiple amenities while preserving the historical features of the old Tax Trade Center, attracting both local residents and tourists.

According to the original plan, Satra Tax Plaza was supposed to commence construction in the first quarter of 2017 and be completed in 2020. However, to this day, the project still only exists "on paper," with no substantive progress made. At certain times, the land has been proposed as a parking lot to reduce parking pressure for visitors to Nguyen Hue Walking Street and Bach Dang Park, highlighting that the land represents not only a waste of land resources but also a significant loss in commercial and service development potential.

Ambitious plans, such as building underground connections to the Ben Thanh - Suoi Tien metro line to improve accessibility and attract foreign investment, have not materialized. Meanwhile, as surrounding areas flourish, the plot for Satra Tax Plaza remains an empty space enclosed by sheet metal. On weekends, it is occasionally used for small-scale events, but the lack of long-term and clearly defined project planning has led to considerable disappointment for both the city's residents and its administration.

Wasted Resources and Lost Opportunities for Urban Development

Long-term abandonment of "golden land" areas like SJC Tower and Satra Tax Plaza has generated significant public discontent. This is not merely an issue of land resource waste but also a severe loss of urban development opportunities. These centrally located plots, with immense economic potential, are left unused instead of being effectively employed for public purposes such as parking lots, parks, or recreational areas for residents.

Urban planning and management in HCMC need to be reconsidered to ensure effectiveness and sustainability. Allowing large-scale projects like SJC Tower and Satra Tax Plaza to stagnate not only diminishes the city's attractiveness to both domestic and foreign investors but also creates an imbalance in urban infrastructure development. Moreover, this situation negatively affects the urban landscape, with abandoned lands lowering the overall value of the urban space.

To address this situation, strong and coordinated measures must be implemented to attract investment, fully utilize these valuable land resources, and thereby enhance HCMC's urban appearance while reducing the waste of land resources. A reasonable development strategy could include offering investment incentives, simplifying administrative procedures, and introducing policies that encourage the participation of both domestic and international investors. Additionally, the government needs to strengthen oversight and adjust planning to ensure projects are implemented according to schedule and bring the highest economic and social benefits to the community.

Reviving these stalled projects will not only bring economic benefits but also hold significant cultural and social value for HCMC's residents. If developed appropriately, these areas can become modern centers of commerce, culture, and entertainment, helping to improve residents' quality of life, attract tourists, and shape an urban landscape that matches the status of Vietnam's leading economic center.