Originally the 6,000 square meter site near the Thu Ngu flagpole on Ton Duc Thang Street belonged to Cot Co Thu Ngu Co, a US$25 million 75:25 joint venture between France's Feal International and Saigontourist. In 1997, just after the hotel's foundations were laid, the Asian financial crisis broke out and put what was hoped to be a temporary hold on the project. A lack of capital has left the site dormant ever since. The new owners estimate the cost of the mall and 40 story tower at USD$60 million. The apartments will all have three bedrooms and range in size from 150 to 200 square meters.