Construction work on a 42-story building that has stood abandoned in downtown Ho Chi Minh City since 2011 is expected to resume soon so the building will be ready to open later this year, city authorities said.
Vo Van Hoan, the city's government spokesperson, said that the Saigon One Tower has found a new investor and construction will resume immediately.
Hoan said the building was 80 percent complete and would no longer be an “eyesore” when it opens at the end of the year.
He said construction was halted due to conflicts between investors.
The 195-meter (640 feet) tower stands along Ton Duc Thang, a major boulevard in the city, and was designed to be the third tallest building in the city.
Construction started in 2007 and was scheduled for completion in 2009. But the bare frame of over 6,700 square meters has been left untouched since 2011, the year of the city's housing crisis.
The VND5 trillion ($220 million) project is just one of many delayed buildings in HCMC, city chairman Nguyen Thanh Phong said at a meeting with infrastructure businesses late last month.
Another $100 million investment for a 54-story jewelry center in the heart of the city has not moved since it was approved in 2004, while the 5,000 square meters allocated for a five-star hotel and apartment complex along Le Duan Street in District 1 has been used as a parking lot for years.