Creditors have seized a "Ghost Tower" in Ho Chi Minh City, Vietnam, as investors amassed $308m in debt on the project.
The Saigon One Tower, located in Ho Chi Minh’s District One, has stood 80% complete since 2011, when the local property market crashed, according to local news reports.
Construction started on the project in 2007 with news in April this year that local firm Alpha King Real Estate Development had taken over development, with Singapore’s RSP Architects Group working on completing the design.
Since then private equity firm, the Vietnam Asset Management Company, have had the tower repossessed as investors defaulted on payments and did not have any plans for completing development.
Work on the 195m, 41-storey tower was due to be completed in 2012.
It is unknown if the project will ever be finished.
Image: The Saigon One Tower (Wikimedia Commons/Ngô Trung)
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This is not new.There are Ghost cities everywhere.China has 60 million unoccupied flats.These are living monuments of construction adultery as no Risk analysis were done at any stage.In addition to mega loss these are social nuisance as there are possibilities for anti social activities since ghosts do not pay taxes.