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Why Is Trump Betting On Panama?
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Donald Trump is preparing to develop
a 62 story hotel and apartment tower in the Punta Pacifica
district of Panama City, Panama. Trump Ocean Club International
will offer 300 hotel rooms, 500 luxury apartments, a casino, a
full service spa, a yacht club, and a private beach on Isla
Contadora.
The project is expected to cost around $200 million and with
construction slated for the end of the year should be completed
by 2009. Units are going for $250,000 to $450,000 for one to
three bedroom condominium units and furnished hotel condominium
properties will cost around $250,000. This is the first time
that the Trump Organization has invested in Central America.
But why is Trump Investing in Panama? Trump said his interest in
Panama began 3 years ago when he was in Panama City for the Miss
Universe Pageant. It’s no surprise anymore that Americans are
flocking to Panama. Low interest rates, political stability, a
low cost of living, and the country’s location beyond typical
hurricane paths all make Panama a great place to live. Baby
boomers in particular are finding Panama an attractive
destination.
Panama offers a good combination of air service from major
cities, proximity to key source markets and coastal sites. These
things should pique any developer’s interest. But there are four
things Trump specifically looks for when he puts up a building.
They are great views, prestige, convenience, and growth
potential.
First, Punta Pacifica juts out into the ocean and therefore has
some of the best views in Panama City and second, because of
this it has a lot prestige. Third, its closeness to high-end
malls, banks, and grocery stores make Punta Pacifica very
convenient. And last, any real estate acquisition by Trump must
have growth potential or else he won’t be interested.
The important questions to be answered are: Will this investment
keep up with the changing times? Will rents keep up with
inflation? And is this area stable, getting better or
deteriorating? Apparently Panama has answered all of these
questions satisfactorily. Because of this, Trump believes in
Panama’s growth. This should only further encourage potential
investors to take a closer look at Panama.
# # #
Articles reprinted with permission
from
www.ThePanamaReport.com
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