Investor of ‘super project’ in Ben Thanh quadrangle profits trillions of billions

The financial health of Saigon Glory Co., Ltd. changed positively after changing owners and increasing charter capital.

In a notice sent to the Hanoi Stock Exchange, the business said last year’s profit was 1,510 billion VND, going upstream compared to the loss of 15,930 billion VND in 2024. This result helped them reduce the undistributed after-tax loss from nearly 19,500 billion VND to about 17,900 billion VND.

Last year, Saigon Glory increased its charter capital from VND 7,000 billion to VND 23,000 billion. Thanks to that, the business escaped the negative equity situation.

Debt pressure also shows signs of cooling down, decreasing from about 25,300 billion VND to 17,000 billion VND. The debt-to-total asset ratio (an index measuring the level of financing for business activities with debt) decreased from about 2 times to 0.77 times.

Saigon Glory was established in June 2018, fully owned by Bitexco Group. In October 2024, Bitexco transferred 100% of its capital contribution here to Phuong Dong Hanoi Real Estate Company Limited.

Saigon Glory is the investor of One Central HCM project (formerly named The Spirit of Saigon). The project is 8,600 m2 wide, opposite Ben Thanh market. The project is located in one of the most prime locations in Ho Chi Minh City with 4 frontages on Pham Ngu Lao – Calmette – Le Thi Hong Gam – Pho Duc Chinh streets.

The initial announced investment capital was about 500 million USD and was expected to be completed in 2017. However, after building the tunnel in the period 2012-2013, the project stopped construction.

By mid-2020, the project was restarted and floating floors were built. This was also the time when Saigon Glory continuously mobilized capital through the bond channel.

Last year, Ho Chi Minh City People’s Committee approved the transfer and adjustment of the project, extended the project schedule for another 48 months and assigned the Department of Construction to guide the investor in completing procedures for the project to resume implementation.

In March, Newtecons, in the role of general contractor, together with units in the ecosystem, restarted construction of the 47-56-storey twin tower complex on this land. According to the plan, the project is expected to be completed after about 30 months of construction.