The project is located opposite Ben Thanh market, possessing four expensive facades on Pham Ngu Lao, Calmette, Le Thi Hong Gam and Pho Duc Chinh streets. Initially, the project was invested by Saigon Glory Company Limited (100% of which is under Bitexco Group), with a total investment capital of up to 500 million USD.
According to the plan, the project is an 8,600 m2 complex, including two 46- and 55-storey towers, with 214 apartments and about 250 6-star hotel rooms. After completing the tunnel, the project stopped construction in 2012-2013, then resumed in mid-2020 but continued to fall into a state of "inactive labor".
In 2018, Ms. Truong My Lan - Chairwoman of the Board of Directors of Van Thinh Phat Group - reached an agreement to transfer the project from Bitexco for about VND 22,000 billion. Although the project is still legally owned by Saigon Glory, Ms. Lan put someone in charge and had planned to open an apartment for sale at a price of up to nearly 1 billion VND/m2.
In 2020, Saigon Glory raised capital by issuing bonds and mortgaging project assets to the bank. However, the implementation process continued to face difficulties, and the project was still "overwhelmed" for many years.
In 2022, the project was transferred to Viva Land Company and renamed Pearl. After Van Thinh Phat's legal scandal, the project returned to the name The Spirit of Saigon and returned to ownership of Bitexco.
In 2024, Bitexco continues to transfer all 100% of Saigon Glory's capital contributions to Phuong Dong Hanoi Real Estate Company Limited, marking a new legal turning point. Most recently, Masterise Homes confirmed to become a developer unit, replacing a new signboard at the construction site, opening up the possibility that the project will be restarted after many years of stagnation.
At the 1st Ben Thanh Ward Party Congress, term 2025-2030, Deputy Secretary of the Ho Chi Minh City Party Committee Dang Minh Thong emphasized the need to completely handle unfinished works, especially in the Ben Thanh Quadrangle, to soon put them into operation and develop trade - services, avoiding wasting resources right in the city center.
