If you've recently driven along District 1's Ton Duc Thang recently, chances are you've seen the large, glass-front building going up on the corner of Nguyen Huu Canh Street.

This is the beginning of Vinhomes Golden River, the real estate giant's newest and most high-profile development to date. Set to take over the city's historic Ba Son Shipyard, the 25.3-hectare complex will include over 60 three- and four-story villas as well as several skyscrapers and one of the metro stations along the city's Ben Thanh–Suoi Tien Line.

Beyond housing, Vinhomes plans to build a “city within a city” for its luxury housing development, including educational and healthcare facilities as well as space for sports, entertainment and shopping. The company has also enlisted the expertise of internationally renowned American landscape architects EDSA to design public squares, parks and a riverside jogging track as well as natural elements like waterfalls, fountains and gardens.

For its part, Vinhomes is currently hyping the luxury aspect of its Golden River project, emphasizing its prime location and panoramic city and riverfront views. Though official property prices have not yet been announced, the company's launch event for the project drew 5,000 people.

Ba Son, long recognized as a national historic monument, found itself on thin ice last year after a South Korean company put forth a US$5 billion bid to redevelop the waterfront. Though experts urged the preservation of the historic site and city officials considered saving at least part of the shipyard, Vinhomes was awarded the property last month, signaling the official demise of the storied shipyard.