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. Panama property investment is getting pretty wild.
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 property investment 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 property investment.
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