IFC One Saigon

IFC One Saigon
IFC One Saigon, seen from Khánh Hội Bridge in 2023
IFC One Saigon is located in Vietnam
IFC One Saigon
Location within Vietnam
Former names
  • Saigon M&C
  • Saigon One
General information
StatusGlass installation complete. As of 2 September 2022, remaining construction is pending government inspection.
Type
  • Shopping mall
  • office
  • apartment
LocationFinancial District, Saigon, 34A Tôn Đức Thắng Boulevard – No. 1 Hàm Nghi Boulevard, Saigon, Ho Chi Minh City, Vietnam
Coordinates10°46′18″N 106°42′14″E / 10.7717°N 106.7040°E / 10.7717; 106.7040
Construction started
2007
Estimated completion
Unknown
OwnerViva Land
Height
Top floor195.3 m (641 ft)[citation needed]
Technical details
Floor count41
Design and construction
ArchitectsRSP Architects Planners and Engineers
DeveloperViva Land
Main contractorCoteccons
References

IFC One Saigon, formerly Saigon M&C Tower then 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.

As of 2026, IFC One Saigon is the fifth-tallest building in Ho Chi Minh City and the ninth-tallest in the country.

History

IFC One Saigon in 2011 (then known as Saigon One Tower), seen from Thủ Thiêm Peninsula

The tower covers 6,800 square metres (1.7 acres; 0.68 ha) of land on the bank of the Saigon River. Its construction started in 2007 and was expected to be completed in 2012. Then known as Saigon M&C, it 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.[citation needed] 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 due to the 2008 financial crisis.

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.

In 2022, many of the glass panels cladding the building's exterior were removed. Notably, the structure's facade featured large triangular panels with a color gradient shifting from red to green, creating an effect reminiscent of dragon scales. These panels combined to form an LED screen covering the entire front of the building (excluding the podium). The screen was used for commercial advertising, political messaging campaigns, and national holiday celebrations. No further construction work has taken place since the exterior cladding was replaced.

Notes

  1. ↑ IFC stands for International Financial Center or some alternate writing of it

References

  1. ↑ "IFC One Saigon". SkyscraperPage.
  2. ↑ "High-profile real estate projects on sale in Ho Chi Minh City amidst COVID-19". Tuoi Tre News. 27 September 2020. Retrieved 6 May 2021.
  3. ↑ "Debt firm auctions off seized high-rise in Saigon to clear $308mn bad loan". Tuoi Tre News. 30 March 2018. Retrieved 6 May 2021.
  4. ↑ "Cao ốc bỏ hoang liên quan 'đại án' DAB như thế nào" [How is the abandoned building connected to the DAB 'major case'?]. vnexpress.net (in Vietnamese). 28 June 2020. Retrieved 27 September 2026.
  5. ↑ "HCMC to remove city center administrative roadblocks". SGGP English Edition. 29 September 2020. Retrieved 6 May 2021.
  6. ↑ "Saigon's Infamous 'Ghost Tower' Has a New Developer | Saigoneer". saigoneer.com. Retrieved 31 August 2022.
  7. ↑ "Báo VietnamNet". VietNamNet News (in Vietnamese). Retrieved 31 August 2022.
  8. ↑ Vivaland. "IFC ONE, SAIGON". vivaland. Retrieved 31 August 2022.[dead link]
  9. ↑ "[Project Inside] Lần theo dấu vết những chiếc 'vảy rồng' của tòa nhà IFC One Saigon và những bí mật bên trong xưởng chế tác của BM WINDOWS" [[Project Inside] Tracing the 'dragon scales' of the IFC One Saigon building and the secrets inside BM WINDOWS' workshop.]. Cộng đồng Kinh doanh Việt Nam (in Vietnamese). 27 August 2022. Retrieved 27 September 2026.

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