An under-construction high-rise building looming over the Ho Chi Minh City skyline has been abandoned for six years since its developer went trillions of dong into debt (VND1 trillion = US$44 million).
The Saigon One Tower, located at 34 Ton Duc Trang Street in District 1 has been dubbed the 'enemy of local photographers' for its hulking presence over the breathtaking skyline it blocks.
Designed as an office and apartment building, the tower’s construction began in 2007 on an area of 6,672 square meters with total investment capital estimated at $238 million.
The building site is just south of the 68-story Bitexco Financial Tower, the city’s highest and most iconic building.
In 2011, the Saigon One Tower project was put on hold after 41 floors had been constructed, accounting for 80 percent of the plan.
It is currently the city’s third tallest building, following the Bitexco Financial Tower and the Vietcombank Tower.
The original developers of the project included M&C JSC, which was the main shareholder with 49 percent of capital investment, Saigontourist Holding Company with 30 percent, Dong A Bank with six percent, Dong A Securities Company with 10 percent, and Phu Nhuan Jewelry JSC with five percent.
After the shareholders later withdrew their investment, M&C became heavily indebted, with bad debt totaling VND7 trillion ($308.2 million).
Following several failed attempts to save the building, the Vietnam Asset Management Company (VAMC) on Monday carried out a foreclosure on the Saigon One Tower in accordance with Resolution No.42 of the National Assembly regarding debt settlement.
|The Saigon One Tower is located near the Bitexco Financial Tower, the city’s highest building and iconic architecture.|
|Forty-one floors have been constructed, accounting for 80 percent of the project.|
|Dust covers the glass windows of the high-rise building.|
|The construction site has been locked for years.|
|The view inside the construction site of the building|
|The sidewalk outside of the building is often in disorder.|
|Construction elevators have rusted over the years.|
|The tower overlooks the Ben Nghe Canal in Ho chi Minh City.|
|It is currently the city’s third tallest building.|