Sai Gon Me Linh Tower

2-4-6 Hai Ba Trung Street (Ben Nghe Ward, District 1) is better known as the long delayed Sabeco site. The land is about 6,000 sqm, with four streets fronts, Cong Truong Me Linh, Hai Ba Trung, Dong Du and Thi Sach. In 2008, the HCM City People's Committee decided to transfer rights to the Saigon Beverage Corporation or Sabeco without holding land bidding.

In January 2016, Sabeco Pearl Investments JSC released details of its proposed project on this site to include a six-star hotel, conference centre and office buildings (for rent) and to be named Sabeco Tower. Total floor area was reported to be about 90,000 sqm.

But recently, Sabeco disclosed its plan to withdraw from this project and the land was transferred to a large real estate corporation in Saigon, whose name has not been disclosed. Investigations of the transfer we are advised as at Q4 2018 are ongoing. See the site plan bellow:

Media report issued Q4 2018 indicates that the land has been transferred and investigations are underway as to its validity. The land was also transferred to Sabeco without land price bidding and this is also reported to be under investigation. The land is said to have been transferred to a large local real estate corporation, but we are not able to confirm names at this time.

In 2008 this land was approved by HCM City People committee's for Sabeco without auction.

In February 2015, Main developer project Sabeco Pearl JSC (renamed Quang Truong Me Linh Investment JSC) was set up by 4 companies: Sabeco (26% of stakes), Attland JSC(23% of stakes), Ha An JCS(25.5% of stakes) and Me Linh Investment JSC(25.5% of stakes). 

In June 2016 Sabeco finished divestments all 26% of stakes for Attland JSC. Estimated total transaction value was about VND195 billions(VND13,247 per stake). Estimated value of this land that time by Cushman&Wakefield was about US$54 millions.

In the beginning March 2017 3 other companies finished divestments all of them. Detail info unknown. 

In Q4 2019 Owner of this land was reported Alpha King Investment Ltd which company has close relation with Van Thinh Phat Corporation.

This land located 2-4-6 Hai Ba Trung street was approved by HCM City People committee's in 2008 for Sabeco without auction.

The seller and buyer are reported to be Novaland Group and Alpha King respectively. The transaction was reported to occur in Q3 2015. In the middle 2018 Alpha King finished to buy all total project from Novaland Group. Some informations reported Alpha King has close relation with Van Thinh Phat Corporation. Refer to our subscription data offer for more detail.

Q4 2019: A Vacant land. The project delayed 11 years from the times construction was started in 2008.