New
plans for Howard
Panama
has awarded a $750 million (380 million pounds) property development
deal to UK-based London & Regional Properties to convert a former
U.S. Military base into a business park, according to the Panamanian
government.
The
project, described by London & Regional as "one of the
world's largest development deals," aims to transform the 4,950-acre
(2,000-hectare) former Howard Air Forece Base, as Panama bids to
transform itself into the "Singapore of the Americas."
"We
are looking at $405 million in investment during the first phase,
followed by three more phases taking the total to $750 million over
eight years," said a government official who declined to be
named.
Disagreements
in Panama about how the bases should best be used have meant that
many of the red-tiled, concrete buildings have stood empty for over
seven years.
Panama
took control of dozens of U.S. Military installations in 2000 after
the United States, which built the Panama Canal, pulled out of the
country under a 1977 agreement.