HCMC ghost tower repossessed

A notorious uncompleted tower project in Ho Chi Minh City, Vietnam has been repossessed by creditors amid claims that over USD300 million in debt has been accrued by investors.

The Saigon One Tower in the city’s District One area has stood empty since 2011 following a local property market crash. Construction on the “Ghost Tower” as it has become known began in 2007 and work on the 195m, 41-story tower was due to be completed in 2012.

After a five-and-a-half-year delay, local firm Alpha King Real Estate Development took over development in April 2017.

However, private equity firm, the Vietnam Asset Management Company seized the property in September due to payment defaults and a lack of clear plans to complete the project.



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