Tuesday, October 4, 2011
Millions are invested into the western suburbs of Panama City
According to the main Panamanian newspaper, LA PRENSA, investors found fertile land to put their money west of Panama City. Arraijan -specifically, in the past was known as a dormant town - they have now developed commercial and hotel projects whose main attraction is its proximity to the capital city, but without the typical traffic chaos and bustle of the City of Panama.
Between 2009 and July 2011 the value of construction in Arraijan added $200 million, of which $97 million was invested in nonresidential projects. Regis Gaston, President of the Panamanian Chamber of Construction (CAPAC), estimated that commercial property investments will continue to increase towards the west.
He noted that there is already a captive population in Arraijan and La Chorrera, and so now employers are focusing on commercial projects. But beyond the dollar investments, the President of Capac argues that it is urgent to expand the road infrastructure to expedite travel between the capital and the area west and vice versa.
The Panama Canal Authority (ACP) included $ 20 million in its budget for 2012 for the design of a fourth bridge over the waterway. The bridge, according to information from the ACP, will be designed to withstand the weight of a light rail. On the grounds of the former Howard Military Base, the firm London Regional is planning to invest $705 million over a period of 40 years. Of this total, the company has already invested 15%, and by 2015 the figure expected to reach $405 million.
At least 70 companies, mostly multinationals, already operating in Howard and by the end of the year the company expects to deliver the first residential units with sales recorded over 50%. This project pushes the development of surrounding areas, as is the case of Farfan, where Empresas Bern is building a hotel of 621 rooms and a residential complex. The combined investment is exceeding $120 million and is scheduled for October 2011 opening of the hotel, which will be managed by the Westin chain.