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The business sector has been quick to take advantage of the demand for real estate by foreigners who are moving to Panama. Projects to accommodate the influx are mushrooming in the form of high-rise condominiums in the city, spreading along the Pacific coast and appearing on islands, in rural settings and in the mountains.
In Boquete alone, it is reported that 26 residential projects are in progress.
The trend began in Bocas del Toro several years ago. Boquete then soared into the limelight with endorsements from U.S. retirement publications and the construction of the Valle Escondido complex.
Now the demand is spreading, not just to other areas of the Chiriqui highlands such as Volcan and Cerro Punta, but to Panama City and the mountains and beaches to the west of the city from Chorrera to San Carlos.
Beautiful restored apartments in the Old Quarter of Panama
City.
Photo: Jorge Quinzada Loo.
In the following paragraphs, we offer a resumé of some of the projects under way.
 Pacific Village. |
Pacific Village and Pacific
Point
If there is one location in Panama City which
deserves to be called “ideal”, it is Punta Pacifica,
a promontory of land jutting into the bay and made available recently
with the development of lands of the old Paitilla Airport.
Two condominiums, Pacific Village and Marina and Pacific Point are being built on the seaward side of Punta Pacifica. No other buildings can ever block their superb view of the Pacific Ocean, the bay round to the Old Quarter, the anchorage for big ships waiting to transit the Canal, the island of Taboga and on a clear day the Perlas Islands and the coast of Darien.
The two high-rise developments will form a residential complex with pools, gardens, play areas for children, gyms and spas and shops. This is only one part of the story, because Pacific Village and Pacific Point share the promontory with a major supermarket, the Multiplaza Mall, the city’s newest, and a hospital.
Although this is the new section of Panama City, it is contiguous with the city’s banking, shopping, business and restaurant districts and only a few hundred yards from an entrance to the South Corridor which gives 15 minutes access to Tocumen International Airport and many other areas of the city.
Pacific Point.
Costa Pacífica
Also under construction on Punta Pacifica are
two impressive high-rise apartment complexes, Costa Pacifica and
Aqualina.
Their superb position on Punta Pacifica, jutting into the ocean, offers panoramic vistas of the entire city and bay, from the canal, the port of Balboa and the Bridge of the Americas to Tocumen Airport and the forested mountains of Cerro Azul.
Costa Pacífica.
Costa Pacifica offers apartments of 182, 198 and 256 square meters It is a complex of four towers, the first of which is finished and sold out. The towers are set in a gated, garden setting with basketball and tennis courts, play areas, jogging track, gazebos and pools. Each tower has its own gym, jacuzzis and meeting and party areas.
Aqualina, in an neighboring location, has all the attributes of Costa Pacifica but offers bigger penthouses on two levels from 500 to 707 square meters with amenities such as home theatre and private lobby and also bigger apartments from 293 to 405 square meters.
Valle Escondido
Valle Escondido translates as Hidden Valley,
and its name is appropriate, since the magnificent valley of about
150 acres, although only a ten minute walk from the town center
of Boquete, is totally hidden and isolated.
A U.S. citizen, Mr. Sam Taliaferro, discovered the valley while out riding horseback. Although not a developer (his career up to the revelation of Valle Escondido had been in computer equipment) he envisioned a community in this idyllic place, and set out to buy the valley and build.
Far from spoiling the wild beauty of the place, the gated community of duplexes, six-plexes, cabins and mansions, built on the floor and lower slopes, seems to belong there, protected by towering, verdant cliffs and groves of coffee.
 The retirement commnunity of Valle Escondido graces a valley of surpassing beauty close to the town of Boquete. |
Built in Spanish colonial style, the complex is self sufficient. It incorporates its own “town center” with shops, an amphitheatre for music and cultural events, alternative health center and even a school. A very special feature is a multi denominational chapel with a magnificent ceiling and murals of allegorical paintings by Roger Valdez depicting the initial ferocity of the Baru Volcano and the fertility which followed its eruption.
Valle Escondido has its own water supply from a pure spring which gushes from the mountainside. A river runs right through the property, creating scenic hazards on the 9 hole golf course. Coffee, the original resource of the valley has been left largely intact and the working plantation’s profits are shared among home-owners.
Before starting construction at Valle Escondido, Mr. Taliaferro sponsored enterprises such as the Hotel Establos and several restaurants in the town of Boquete as a policy to broaden the infrastructure for the new immigrants.
Cielo Paraíso
The attraction of the Boquete area will be greatly
enhanced by another major project now under way. It is called
Cielo Paraiso (Paradise in the Sky). Homes are offered on spacious
lots round an 18-hole golf course, with spectacular views of the
mountains and even the Pacific below.
A view from Cielo Paraíso.
Cielo Paraiso is the project of a Canadian couple, Colleen and Raideep Lal who decided to move to Panama. They bought an extensive cattle ranch, which they are transforming into a leisure and tourism haven. They are building a 74 room hotel with full facilities, designed by Warner Group Architects Inc. of Santa Barbara, California.
They also have started an ambitious re-forestation project with mature trees, and have their own electricity sub-station for the project.
The new Hotel in Cielo Paraíso.
Hacienda
Los Molinos
Boquete is also the site of another residential
development, Hacienda Los Molinos, offering the most exquisite
scenery to be found on the mountain slopes. Lots are scattered
around a 360-foot-deep canyon - a beautiful gorge with the Río
Cochea running through it. A system of lakes also beautifies the
area.
The project, designed by the Dutch architect and landscape specialist, Angrid Titanos, also offers views of the peak of Baru and the Pacific Ocean. Residents have access to trails through natural forests and past rivers and waterfalls.
The developers of Los Molinos also plan a clubhouse, restaurant, piano bar, library, pool, tennis courts and other facilities.
  Two views of Altos del María, a mountain development within easy reach of Panama city. Seclusion with excellent amenities is offered. Photo: Jorge Quinzada Loo. |
Altos del María
One of the most successful and attractive real
estate projects in Panama is Altos del María. Located in
the highlands of Sorá, 96 km (60 miles) west of Panama
City, Altos del María is a country-style residential project
offering parcels with an altitude range between 550mts (1,800
feet) and 1,100mts (3,600 feet) above sea level. As a result of
the altitude, the area enjoys year-round spring-like weather,
with temperatures ranging between 20 and 16 degrees Celsius (61-68
F).
Well endowed with manicured forests, waterfalls, picnic areas and parks, Altos del Maria is ideal for retirees or families choosing seclusion but with easy access to the conveniences of modern life. The city of La Chorrera, the fastest growing settlement of the region, is only 45 minutes away, offering modern supermarkets, restaurants, cinemas and shopping centers.
Altos del Maria is also not far from the most popular stretch of Pacific-coast beaches in Panama – an area featuring numerous recreational and sports facilities. Among them is Coronado Hotel & Resort, which boasts one of the best golf courses in Latin America, and the Royal Decameron Costa Blanca Hotel, the country’s most successful beach development. Altos del María is connected to the capital by means of a modern, four-lane highway.
The Bridge
Rank carries its privileges. That is why the
top brass of the U.S. Military chose to locate their houses on
top of Amador Hill, the highest point in the area which catches
the breezes and affords a splendid view of the Canal, the ocean,
the city and the Bridge of the Americas.
The generals and the admirals are gone now and their houses knocked down. Soon, in their place will rise an apartment complex aptly called The Bridge. Amador hill is at the beginning of the Amador Causeway which is fast becoming the premier recreational area of Panama City.
A view of the bridge from The Bridge.
The Bridge, which is being developed by Global Alliances Group, offers 28 apartments in three concrete steel and glass towers. There will be two apartments per floor. High ceilings will enhance the already large dwellings, each of which will include three terraces. Accommodation ranges from studios (198 square meters) to duplexes and penthouses (over 543 square meters). The project also includes a gym, sauna, jacuzzi, a children’s area, an elegant lobby and ample parking space.
San Marino Ocean Front
Although most of Panama’s waterfront development
is taking place on the Pacific coast, some people prefer the Caribbean
for its clear water and minimal tides. And in Panama, of course,
the choice is yours with a mere 50 miles coast to coast.
So for many people, it will be worth checking out San Marino Ocean Front, a development near Colon, 65 miles from Panama City. They are offering ocean front lots in a wide range of locations at prices from $55,000 to $200,000. And the developers offer a number of house designs that cost between $54,000 and $235,000 to build.
San Marino Ocean Front.
For boating enthusiasts San Marino is a dream since it incorporates a marina, boat ramp and breakwater. Diving and fishing can be enjoyed on the property. Other amenities include a clubhouse with pool and recreation area and 24 hour security.
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Brisas de Los Lagos
Twenty five years ago, Ricardo Velasquez, a
respected eye surgeon in Panama City, bought a cattle farm near
Chorrera, between Panama City and the Pacific beaches. He named
it Brisas de los Lagos (Breezy Lakes) and began to plant trees—teak,
mahogany and pine. He set out to create, not only a re-forestation
project but an ecological park.
Now, 57 well-chosen lots among the lakes and streams have been segregated from the wooded acres and are being offered for sale to form an exclusive residential enclave, in the country but within 40 minutes’ drive from Panama City.
Dr. Velasquez has his own week-end home at Brisas de los Lagos. “You can be sure the property will be maintained at the highest level”, he says.
View of Brisas de los Lagos.
Hacienda Las Nubes
One of the most intriguing projects is Hacienda
Las Nubes (Ranch in the Clouds) above Cerro Punta in the Chiriqui
highlands which will be the highest residential project in the
country and the closet to nature, situated in the cloud forest
on the borders of the Baru and Amistad National Parks.
It is the brainchild of author, photographer and film-maker Ricardo de la Espriella, son of a former president of Panama, who has made a name for himself as a champion of ecological conservation with popular TV programs, books and videos.
Hacienda Las Nubes has glorious views of Volcan baru.
Mr. de la Espriella has sub-divided a tract of his land on the slopes of the Talamanca mountain range, overlooking the town and fertile valley of Cerro Punta and with a magnificent and almost eye-level view of the peak of the extinct volcano Baru.
Lots of generous proportions (eg.half acre $50,000) are on special offer as the project gets under way. You may build your own house or Mr. de la Espriella can build it for you. A hotel with bars, restaurants and meeting rooms will add country club style to the project.
Camino de Cruces
For those who prefer a rural suburban setting,
Camino de Cruces, an exclusive residential park on Friendship
Road in a forested area but minutes away from Panama City’s
El Dorado shopping center, is well worth looking at.
Camino de Cruces is a green, tree-studded development surrounded by protected forest. Jessica Aranda, a company representative comments: “In most projects, builders topple down most of the vegetation and modify the topography. We have left things just as they were”.
Camino de Cruces.
There are 96 large and well-designed residences on parcels ranging between 800 and 1,500 square meters. Owners may choose between six different models. Prices start at US$290,000.00. The gated community, offering 24- hour security, includes a 1.5 hectare park with tennis and basket ball courts, a gazebo, picnic facilities, putting greens, play areas for children and a nature trail.
Named after the adjacent national park, Camino de Cruces is home to many of the bird species that inhabit the Panama Canal watershed. There are also monkeys, squirrels, coatimundis and colorful butterflies.
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El Alcázar de
Coronado
Coronado Resort, on the beach 80 km west of
Panama City, one of the best known, and longest-established developments
in Panama, has launched a new residential complex, “El Alcázar”,
designed for the growing community of foreign retirees and relocating
families in Panama. Its most striking feature is a 21-story condominium
overlooking Coronado’s superb golf course.
El Alcázar offers 64 four-bedroom residences with ample balconies offering vistas of the Pacific Ocean and the forest-clad hills of the Continental Divide. There will be 24-hour security, a heliport, a modern emergency alarm system, connections for internet and cable TV and two central air conditioning units.
Residents of El Alcázar will be entitled to free membership at Coronado’s golf, beach and equestrian clubs, in addition to the resort’s Full Wellness Spa (the therapists of which are trained in alternative medicine at the prestigious Uplledger Craneal Sacral Institute) and other facilities. Owners also will also have the right to rent their apartments to third parties.
Starting as a beach residential complex in the 1940’s, Coronado has become one of the most complete tourist communities in Panama.
Tucan Country Club
A haven for golf and nature afficionados, it
is possible that golfers and residents will see not only toucans,
but plenty of wildlife, at the Tucan Country Club since this magnificent
course and residential development is bounded by virgin rainforest
on one side and the Panama Canal on the other.
The Tucan Country Club and Resort is being developed on the old 180 acre Horoko Golf Club, used by the U.S. military during their occupation of the Canal area ( the name Horoko was an adaptation of the names of the forts of Howard, Rodman and Kobbe).
The old course, laid out in the 1940’s, has been redesigned as a superb par 72 championship course and will be the focus for a comprehensive development which will incorporate 500 homes, a hotel, clubhouse with indoor and outdoor dining facilities, meeting rooms, ballroom, men’s and women’s club bars and social areas for events.
Tucan Country Club -- between the forest and the Canal.
The complex will include a full-service gym, spa and tennis club and a shopping arcade with services like bank, laundry, pharmacy, beauty salons, auto rental and gourmet mini-super.
This will be a gated community for members only. In fact a pre-requisite for purchasers of the villas, townhouses and terrace condos at Tucan Resort will be membership. Prices including lifetime membership range from $198,000 to over $800,000. Non-residents will be able to buy a lifetime membership for $25,000.
Stupendous views of the canal, the canal basin and the city shimmering a mere 15 minutes away, can be enjoyed from the homes and from many points on the course.
The developers are Tucan Real Estate Holding , Inc, a company backed by an old Panamanian family of repute, headed by Mr. Sagar Vishindas.
Tucan Country Club and Resort will be the only golf and residential resort in the province of Panama. The development is nearing completion of the pre-sale period and it is reported that U.S. citizens, relocating, or buying a second home here, constitute the majority of the buyers so far.
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Article - Making the Move to Panama
