The Spirit of Saigon project initially had a total investment of around $500 million. In 2024, Bitexco transferred its entire stake in Saigon Glory to Phuong Dong Hanoi Real Estate Co., Ltd.

Saigon Glory Co., Ltd. has announced the results of its early bond buybacks. On August 26, 2026, the company repurchased nearly VND1.246 trillion worth of five bond tickers: SGL-2020.06, SGL-2020.07, SGL-2020.08, SGL-2020.09 and SGL-2020.10.

Prior to that, from May 26 to 28, 2026, Saigon Glory also repurchased nearly VND1 trillion worth of these five bond tickers. Following the latest buyback, the total outstanding value of the five bond lots has fallen to just nearly VND1.263 trillion.

Notably, the bond restructuring has taken place alongside major changes at Saigon Glory. On August 13, 2026, the company announced that Le Nguyen Ngoc Tran, born in 1993, had become its chairwoman, replacing Ho Thanh Bao. Tran also became the authorized representative for a VND23 trillion capital contribution in Saigon Glory.

Saigon Glory is the developer of the project formerly known as The Spirit of Saigon, located in the “Ben Thanh Quadrilateral” opposite Ben Thanh Market and occupying four prime frontages along Pham Ngu Lao, Calmette, Le Thi Hong Gam and Pho Duc Chinh streets. The project covers nearly 8,600 sqm and comprises two towers of 48 and 55 floors.

The project has an unusually long history. After its basement was completed in 2012-2013, construction was halted several times. 

In 2018, Bitexco transferred investment rights in the project to Saigon Glory. By mid-2020, the project had resumed and Saigon Glory issued 10 bond lots with a total face value of VND10 trillion at an annual interest rate of 11 percent. The project also received funding for a period from a legal entity within the business ecosystem of Van Thinh Phat, headed by Truong My Lan.

In early 2021, Masterise Homes took over development of the project under the name One Central Saigon. By August 2022, Viva Land had replaced Masterise Homes and renamed the project “Pearl”. The upheaval surrounding Van Thinh Phat once again brought construction to a standstill.

In 2024, Bitexco transferred its entire stake in Saigon Glory to Phuong Dong Hanoi Real Estate Co., Ltd. This marked an important turning point in the project's change of ownership.

Masterise Homes later returned. In May 2026, the company officially announced the project's new commercial name, One Central Saigon, replacing Pearl and The Spirit of Saigon, while positioning it as an integrated complex carrying an international five-star brand. The project is expected to include a 231-room The Ritz-Carlton hotel and around 214 The Ritz-Carlton Residences units.

Changes in Saigon Glory's ownership

Phuong Dong Hanoi was established in mid-2019 and is headquartered at Pacific Place, 83B Ly Thuong Kiet Street, Hanoi. Its legal representative is Tran Thi Minh Hieu. According to information cited by VARS, the company is the owner of Masteri West Heights in Vinhomes Smart City, while Masterise Homes is the project's developer.

Masterise and Techcombank maintain senior executive connections. Ho Anh Ngoc, younger brother of Techcombank Chairman Ho Hung Anh, is currently chairman of Masterise Group's board and also vice chairman of Techcombank's board. Ngoc joined Techcombank's board in April 2021. 

Techcombank also previously got involved in the financial structure related to Saigon Glory. Bitexco once pledged its entire capital contribution in Saigon Glory to the bank, along with Tower A, as collateral for the 10 bond lots with a total value of VND10 trillion.

After the transfer, Phuong Dong Hanoi continued to pledge its capital contribution in Saigon Glory to Techcombank to secure obligations related to the bond lots.

What stands out is Saigon Glory's financial shift following the ownership change. At the end of 2024, the enterprise recorded negative owner's equity exceeding VND12,445 billion. By late 2025, equity turned positive to over VND5,065 billion, while liabilities fell by more than VND8,350 billion to nearly VND16,995 billion.

Meanwhile, owner's invested capital increased from VND7,000 billion to VND23,000 billion, an addition of VND16,000 billion. In 2025, Saigon Glory reported an after-tax profit exceeding VND1,510 billion, a sharp turnaround from a loss of over VND15,930 billion in 2024. However, the enterprise still retained an accumulated loss of nearly VND17,935 billion by year-end.

Heading into the first half of 2026, financial conditions continued to improve. Outstanding bond debt dropped sharply from VND5,363 billion to VND2,515 billion, while bank loan debt increased from VND3,892 billion to VND5,675 billion. Saigon Glory also reported a profit exceeding VND270 billion over the 6-month period, reversing a loss of nearly VND208 billion from the same period last year.

Manh Ha