Biggest Master-planned, Multi-use Development Community In Latin America…The New Panama City
“Our crews are working seven days a week, around the clock,” explained our host for the visit, the developer’s representative on-site.
“We’re under strict government deadlines for each phase of development. We won the bid, but if we don’t meet the government-imposed schedule, we risk losing the tax breaks and other investor incentives that we’ve been granted a concession for.
“That’s one reason we’re in such a hurry. The other is that we’re selling out. We’re moving dirt as fast as we can, to try to keep up with the demand.”
“Who’s the buyer?” I asked.
“Big multinational companies are renting the office space we’re building…and they’re buying the residential housing pre-construction for their executives and other staff.
“International companies…and Venezuelan companies. We’re selling maybe 30% to Venezuelans. I’m meeting with representatives from maybe one or two Venezuelan groups each week. For obvious reasons, investors are pulling out of that country…and moving into this one.”
We were standing on a hill looking out over the 1,400 acres that are to be developed into the New Panama City. Work began six months ago, and the progress has been quick. This will be the first master-planned mixed-use community of its kind in Latin America. It’s the second-biggest development project in Panama right now, after the Canal Expansion project.