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Bitexco subsidiary reports $6M loss for 2022

Property developer Saigon Glory, a subsidiary of Bitexco Group, reported a loss of VND152 billion (US$6.47 million) for last year.
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Property developer Saigon Glory, a subsidiary of Bitexco Group, reported a loss of VND152 billion (US$6.47 million) for last year.

Bitexco subsidiary reports $6M loss for 2022

The company, which is building the 8,600-square-meter One Central HCM twin towers in Ho Chi Minh City’s District 1, has a debt obligation of over VND27.3 trillion, 36% of them being bonds.

Around VND5 trillion worth of bonds fall due in June and July this year.

Saigon Glory is wholly owned by Bitexco Group, the operator of the Bitexco building in downtown HCMC.

One Central will have 55 floors in the west tower and 48 in the east tower.

It will have apartments, offices and hospitality services, and cost $500 million, making it one of the largest property projects in Vietnam.

Construction began in 2012, but has stalled and resumed several times.