Vnexpress: Saigon One Tower in HCMC's prime business corner has had a new appearance, though construction that was stalled since the 2011 housing crisis has not resumed.
Saigon One Tower (formerly Saigon M&C Tower) is a project with a prime location in Ho Chi Minh City. It is located on a plot of land exceeding 6,600-square-meters at the corner of Ham Nghi - Ton Duc Thang - Vo Van Kiet streets in District 1.
Construction of the building started in 2007 and was scheduled for completion in 2009 with an investment of VND5 trillion (over $213 million). The 42-story tower with five basement floors, was to be the city's third tallest skyscraper, standing more than 185 meters tall. It was supposed to include residential apartments, a shopping area and office space.
Its bare frame was left untouched since the housing crisis in 2011 when its investors fell into debt.
Last month, the investor made some adjustments to its exterior and installed glass panels.
The unfinished project is seen from the intersection between Ton Duc Thang and Ham Nghi streets in 2017.
According to the Ho Chi Minh City Department of Construction, the building has been left idlefor more than 11 years, raising safety concerns about bearing glass frames. As a result, the city allowed the new investor Viva Land to install new glass panels to improve the aesthetic of the city and ensure publicsafety. Other touch-ups cannot be completed at the moment because the investor is currently awaiting further approval from state authorities.
In 2015, the building's roof was still covered with dust, some safety nets had been blown off, and the interior was just bare concrete floors and columns.
In 2015, many items inside became disheveled and covered in dust after nearly four years of construction halt. Outside, the glass panels on the lower floors had also grown old and dusty.
Saigon One Tower (R) and Bitexco Financial Tower, Vietnam's fourth tallest building.
On the morning of Aug. 30, many workers came to clean the exterior glass panels.
The building (L) can be seen from across the Saigon River at night.
Saigon M&C Real Estate Joint Stock Company, later known as Saigon One Tower Joint Stock Company, was the first investor in Saigon One Tower.
The Vietnam Asset Management Company (VAMC) announced in 2018 that the building would be auctioned off to handle bad debts totaling more than VND7 trillion.
An overview of the skyscraper after the glass installation.
Viva Land was founded in May 2019, with a charter capital of VND2 trillion with its primary business focusing on real estate.
The building has been renamed IFC One Saigon.
