City resumes property project at prime site

HCMC’s authorities have asked the relevant agencies to resume a realty project to build a complex comprising offices, trade and service facilities, condos and a 6-star hotel, to be conveniently located in the heart of District 1.

According to the municipal office, the city government has required the administering agencies to guide the investor on completing applications for project approval, land use rights, officetel function adjustments and other procedures.

According to Nguoi Lao Dong Online newspaper, the project is located on the Ben Thanh Quadrangle, an 8,600-square-meter area bordered by the streets of Le Thi Hong Gam, Calmette, Pham Ngu Lao and Pho Duc Chinh in District 1's Nguyen Thai Binh Ward. It is surrounded by many iconic landmarks of the city such as Ben Thanh Market, the Fine Arts Museum and September 23 Park.

In 2013, Bitexco Group won approval from the local government to develop the project, with one building designed to have 46-55 stories (including six underground floors) with a maximum of 420 apartments. Construction was expected to run from 2012 to 2017, but only the basement has been completed so far.

In May 2016, the city approved the land price for the project at over VND1.4 trillion. The compensation for the land in the quadrangle was more than VND1.2 trillion, using funds from Bitexco.

In July 2018, Bitexco signed a fund contribution deal with Saigon Glory Co., Ltd, for capital of VND7 trillion, comprising land use rights value of VND4.2 trillion and assets worth VND2.8 trillion. Under the contract, Saigon Glory has become the owner of the Ben Thanh Quadrangle.

At the end of 2018, the HCMC Department of Construction suggested the city government recognize Saigon Glory as the investor for the project. Construction is slated for completion in 2021, instead of 2017.


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