26/10/2026
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Anyone passing by Ben Thanh Market over the past decade likely remembers the hoarded land plot opposite the South Gate. The foundation was excavated, the site bustled with activity, and then it fell silent. The project's name has changed several times, as have its developers.
In May 2026, the site will officially launch as One Central Saigon (commercial name: Masterise Towers Saigon), developed by Masterise Homes and managed by The Ritz-Carlton.
This article recounts the entire journey, complete with clear timelines and verified sources. The goal is neither to embellish the project nor to cause alarm. The history of this land plot is crucial information that smart buyers need to know, and public facts should be addressed directly.
Achieve Realty VN has been tracking this project since its inception
and can provide direct access to available inventory and pricing.
One Central Saigon was originally named The Spirit of Saigon when Bitexco commenced construction in 2012. Subsequently, it was known as Pearl and One Central HCM. In 2026, Masterise Homes launched the project as One Central Saigon, with the commercial name Masterise Towers Saigon. The 8,537m² land plot is located at 1 Pham Ngu Lao Street, directly opposite Ben Thanh Market.
The reason for multiple names is quite simple: each time the project changed hands or was restarted, its brand identity was updated. According to the Journal of Economics and Finance, the project has gone through names like The Spirit of Saigon, Pearl, and One Central HCM.
When researching this project online, we advise you to search using its former names as well. Many older articles, images, and specifications remain online under these names, most of which no longer reflect the current design and planning.
Construction started under Bitexco in 2012. The substructure (basement) was built between 2012–2013 before stalling. It was then transferred to Saigon Glory, previously associated with Van Thinh Phat Group. Currently, Masterise Homes has taken over, with construction resuming in March 2026 and an official launch on May 13, 2026.
A lesser-known fact: the basement phase was already completed between 2012–2013. When Masterise took over, the project did not start from scratch. This is an advantage (as deep basements adjacent to the Metro station already have a solid foundation), but it also raises an important point of inquiry: how has a structural foundation built over a decade ago been inspected and reinforced? This question should be directed to the developer, and the answer should be documented in writing.
The press has not provided a single, officially confirmed reason. What can be verified are the official decisions regarding project transfers and timeline extensions issued by the HCMC People's Committee. Achieve Realty VN chooses not to reiterate undocumented speculation.
To be frank: there is a lot of online commentary regarding the reasons for the project being "frozen," ranging from financial difficulties to legal hurdles of previous owners. Most of this is pure speculation. We choose to omit unverified claims in an article designed to help clients make sound financial decisions.
For a deeper understanding of property ownership laws, you can refer to our article "What is Freehold Ownership?" in this series.
Three critical factors are aligning simultaneously: the current developer has a proven track record of delivering branded residences (Grand Marina Saigon), the operating partner The Ritz-Carlton has signed a public agreement, and construction is actively underway. However, the developer has not yet announced an official handover date.
Each phase of the project had a completely different design blueprint. The latest updated figures that Achieve Realty VN utilizes confirm 391 residential units and approximately 250 hotel rooms.
This inconsistency is a direct consequence of the project's history of changing ownership:
Practical Advice: Whenever someone quotes figures to you, always ask, "From which document and what date is this number sourced?" A professional and serious broker will be able to answer this question.
A lengthy history doesn't automatically imply a bad project, but it does mean buyers must conduct more rigorous due diligence than usual. Below is a 4-Point Checklist we typically provide clients before they make a booking:
As distributors of this project, claiming "absolute objectivity" would be disingenuous. What we can do is transparently present both its outstanding attributes and its historical challenges, empowering you to make an informed decision.
From our perspective, a 4-frontage land plot directly facing Ben Thanh Market with underground connections to the Metro Station is a caliber of location that practically no longer exists in downtown Ho Chi Minh City. Sitting idle for a dozen years does not diminish the intrinsic value of that real estate.
The critical question that needs answering now is the execution capability of the current developer. This is something you should verify firsthand—through official documentation, an on-site visit to Grand Marina Saigon, and a physical trip to the construction site.
We have been tracking this project since its launch
and can provide direct access to inventory and legal documentation.
🏢 Office: 10th Floor, 21 Nguyen Trung Ngan Street, Ben Nghe Ward, District 1, HCMC
