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Panama's $20 Billion Real Estate Projects
$20+ BILLION IN NEW PROJECTS
By: Steven Rich, Marketing Manager for Panama Offshore Legal Services Panama grows leaps and bounds with many new mind-blowing projects. More than $20 Billion investments in Panama over the next five years for refineries, canal expansion, and port projects mostly coming from foreign investors. Here are summaries of the major new projects: Canal Expansion: This $5.2 Billion colossal project adds a third set of locks to the Canal doubling its capacity allowing larger cruise liners, container ships and oil tankers currently too big for its 108-foot wide locks to pass through. 3 Energy Parks: Energy parks in Colon, Howard, and on Taboga Island for petroleum refineries, petrochemical plants, and hydrocarbon storage facilities will be built. These are valued at $1 Billion in just its first stage of execution including the oil pipeline. Oil Pipeline: A 56-mile oil pipeline called the “energy highway” to be built under the Panama Canal connecting the Atlantic and Pacific oceans. This 90-kilometer pipeline will connect all 3 energy parks. Balboa Ave. Extension: La Cinta Costera (Coastal Belt) highway project running alongside Balboa Avenue in Panama City is a $189 Million project requiring a 62-acre landfill. Half of this landfill includes environmental “green” areas including a 20-hectare park. $8 Billion Oil Refinery: Occidental Petroleum and Qatar Petroleum Companies signed an agreement with President Torrijos to build an oil refinery in Puerto Armuelles in Chiriqui dependant on a feasibility study. Qatar owns the largest natural gas deposits in the world. Completion in 2012 will produce 350,000 barrels of refined petroleum a day. The extra petroleum will help alleviate rapidly increasing energy demands caused by new projects on Panama’s infrastructure. Meeting Energy Demands: Panama’s government is already taking steps to meet rising energy demands by seeking public bids to supply 100 megawatts of additional energy starting in 2009. Carlos Slim: Investments in energy and mobile telephone programming by Mexican billionaire Carlos Slim who is one of the richest men in the world. Mr. Slim’s companies plan to invest around $7 Billion in Panama’s infrastructure, energy, and telecommunications projects. One of his subsidiaries, Cicsa Panama, won the right to build hydroelectric projects in the northern part of Chiriqui province. Another of his subsidiaries, Cilsa Panama-Minera Maria, won the bid to excavate the first phase of the Panama Canal extension. Slim is also interested in providing mobile phone services in Panama. Forbes magazine lists Mr. Slim as the 2nd richest man in the world. Howard Air Force Base: The giant UK development company London & Regional Properties will develop this former U.S. military base into a 1,410-hectare commercial urban city. Their initial investment of $405 Million develops the city in the first eight years with an additional $300 Million over the next 40 years. This project expects to create 25,000 jobs in the next 20 years. The abandoned 1.7 mile U.S. air force strip will be rebuilt as a massive trading hub known as the “multi-model port” as a cargo storage depot for goods passing through the Canal. Howard city also includes thousands of new homes, hotels, a golf course, and commercial centers with a science park.
400 Real Estate Projects: Yes, that is correct. There are currently 400 building projects in Panama City. 175 buildings are currently under construction in Panama City. Another 120 projects have construction permits approved but work has not begun yet. Another 80 building projects are applying for construction permits. So far this year, Panama City has issued building permits for $1.1 Billion in projects. More projects are on the drawing board. Boom! Yet, only three out of the 400 projects failed to be developed. Is this a real estate boom or what?
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Contributor's Note
Steven Rich is the Marketing Manager for Panama Offshore Legal Services whose website is:
www.panama-offshore-services.com
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