Tuesday, December 18, 2012

Cursed project in Saigon


Saigon One Tower

See: http://www.bloomberg.com/news/2012-11-25/vietnam-empty-office-towers-show-dreams-turned-to-rubble.html

The Saigon One [aka Saigon M&C] project was originally conceived in the 1990's.  "In 1997, just after the hotel's foundations were laid, the Asian financial crisis broke out and put what was hoped to be a temporary hold on the project. A lack of capital has left the site dormant ever since [as of 2005]. The new owners estimate the cost of the mall and 40 story tower at USD$60 million."

Construction began again in 2008, and it was supposed to be completed in 2010, with a construction budget of $228 million.  But as of January 2010, only a few floors had been built. Finally in late 2010 and early 2011, construction picked up speed.  By mid-2011, it topped out at 42 floors, but construction halted.  Now it may never be completed.

"On the bank of Ho Chi Minh City’s Saigon River, the construction site for the 40-story Saigon M&C Tower is deserted except for two security guards. Today, ropes dangle from the first six floors, originally designed to incorporate a 23,000-square-meter commercial space, while glass paneling is incomplete on the remaining floors." --Bloomberg



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