After many years of stagnation, the complex project at the golden land area of Ben Thanh Quadrangle was restarted with a super-luxury real estate complex called One Central Saigon. The predecessor was the The Spirit of Saigon project implemented by Bitexco Group from 2013 with an investment capital of about 500 million USD, but construction had to be stopped after the tunnel was completed.
In 2018, the project was transferred to Saigon Glory for development under the new name The One HCMC.Four years later, the project changed ownership and name many times and was associated with a number of legal entities related to the Van Thinh Phat and Viva Land ecosystems, before continuing to fall into a state of stagnation.At the end of 2024, Bitexco group completed the transfer of capital at the investor's enterprise to Phuong Dong Hanoi Co., Ltd.belonging to the Masterise ecosystem.
After many changes of ownership, the project is now once again in the hands of Masterise and is restarted.In this "rebirth", the investor said the project is named One Central Saigon.Currently, the project investor has not announced the selling price, but information from brokerage units indicates that the reference selling price of the project will be extremely expensive, ranging from about 700 million VND/m2.
Also recently, after more than three years of legal removal, accelerating construction and restructuring, Novaland has brought The Grand Manhattan project back to the market. According to the investor, The Grand Manhattan is entering the final construction phase. Novaland Group and Ricons General Contractor are mobilizing all forces to simultaneously deploy at all three towers A1, A2, A3, expected to be handed over to customers from the third quarter of 2026. The expected selling price in the current period is also from 350 million VND/m2 (excluding VAT and apartment maintenance fees 2%), a significant increase compared to the initial selling price when this project was launched at about 120-220 million VND/m2.
Similarly, the case of Legacy 66 project on Tan Thanh street, Cho Lon ward (formerly District 5) of Tan Thanh Trading Investment Co., Ltd. has also just been legally resolved to continue implementation after many years of stagnation.
The project started in 2017 on a land area of nearly 4,000 m2. However, by 2021, construction had to be temporarily suspended when the rough construction was almost completed due to legal procedures. The project is expected to reopen for sale in the second quarter of 2026 with the current announced price from 119 million VND/m2, double compared to the level of about 50 million VND/m2 in the 2019-2021 period.
Another project, Lancaster Lincoln, has also just been started after six years of suspension.The price announced by the investor, Trung Thuy Group, is about 300 million VND/m2.It is known that the above project started construction in 2017.However, by 2020, when the project had completed the basement, it had to be temporarily suspended due to problems related to the 542 m2 internal road arising from planning adjustments.
The reason why the above projects adjusted selling prices quite shockingly according to investors is that these projects have been legally entangled for too long, businesses have to bear additional loan interest costs, capital costs, and arising land financial obligations, forcing them to adjust prices if they do not want to lose money.
In addition, the price level of apartment projects in the central area of Ho Chi Minh City is increasing by an average of 10-30% per year, so when project investors return to the market, they can hardly maintain it compared to the previous period.
Meanwhile, the supply of affordable housing in Ho Chi Minh City is increasingly scarce even though the actual housing demand is still large.The city almost no longer has apartments under 35 million VND/m2, while mid-range apartments with an area of 70 m2 are currently common at 5-7 billion VND.
With the average price level anchored high at around 100 million VND/m2, it is the main reason why market liquidity also tends to stagnate. Market research units believe that house prices are increasing too high in the context of tight credit control, making it increasingly difficult for homebuyers to access housing.
A report from Knight Frank Vietnam shows that the expanded Ho Chi Minh City apartment market recorded more than 7,150 new units for sale in Q2/2026. However, liquidity in Q2/2026 slowed down mainly due to new supply still concentrated in the high-end and luxury segments, while the mid-range and affordable segments continued to be scarce.
