Saigon One Tower

IFC One Saigon, formerly Saigon M&C Tower and Saigon One Tower, is a 41-storey high-rise building currently under construction at 34A Tôn Đức Thắng Boulevard, Ho Chi Minh City, Vietnam. The project is funded by Saigon M&C and Dong A Bank, with a budget of approximately $228 million USD.

The tower covers 6,800 square metres (1.7 acres; 0.68 ha) of land on the bank of the Saigon River. The tower's construction started in 2007 and was expected to be completed in 2012. Saigon M&C would have become one of the highest-priced real estate developments in Vietnam and was expected to be the second tallest building in Ho Chi Minh City, after Bitexco Financial Tower. However, construction work was halted in 2011, with the building being 80% complete. In 2017, outstanding debts of the developer totaling over VND 7,000 billion were sold to the Vietnam Asset Management for VND 680 billion (US$29 million). After defaulting on the debts, the building was seized by Vietnam Asset Management and put up for auction. The developers are on trial for falsifying documents that were used to secure the loans from Dong A Bank.

According to the city's construction department, Saigon One Tower and other stalled or delayed projects in the city are a result of the 2008 financial crash.

In 2021, the tower was acquired by Viva Land and renamed IFC One Saigon and is currently under construction as a mixed-used development. The building will contain offices, residential apartments, and retail outlets.

Text imported from Wikipedia article "IFC One Saigon" and modified on March 11, 2024 according to the CC-BY-SA 4.0 International license.