The project is funded by Saigon M&C and Dong A Bank, with a budget of approximately $228 million USD.

The tower covers 6,800 square metres (1.7 acres; 0.68 ha) of land on the bank of the Saigon River.

Saigon M&C would have become one of the highest-priced real estate developments in Vietnam and was expected to be the second tallest building in Ho Chi Minh City, after Bitexco Financial Tower.

After defaulting on the debts, the building was seized by Vietnam Asset Management and put up for auction.

[5] In 2021, the tower was acquired by Viva Land and renamed IFC One Saigon and is currently under construction as a mixed-used development.