Santa Maria mega project still a go

When I first heard that the Santa Maria project was to be built between Costa del Este and the Tocumen airport I was skeptical. Panama was in the height of the building boom and as my readers know I was predicting a bust since early 2007 which came in late 2008. This was/is a very ambitious project of million dollar  homes, golf courses shopping centers and more and what made it seem possible at the time were the players involved. The biggest names in Panama were involved who have both the reputation and resources to make it happen. But as it looked into my crystal ball it just seemed to me their timing was wrong. I had not heard much about the project of late, but in this weeks La Prensa they report it may soon begin to take shape. I certainly wish them a lot of good fortune in this endeavor.

Excerpts: 30 years ago few would have imagined that in the land where the landfill of the city and in the mangrove area of Juan Diaz build homes which would be reflected more than a million dollars and apparently many are willing to buy to be near the city.

Eduardo Ameglio, current president of the National Council of Real Housing and one of the first to purchase a property in Costa del Este, recalls that 12 years ago square meter of land ranged between $ 90 and $ 130, a high cost for the time, but laughable when compared with current prices over $ 2000 and $ 3000 per square meter.

The construction of the two corridors, plus the South that the North, said Ameglio, was pivotal to the construction of high value projects.

Martin Sosa, director of the project, said the complex will be developed on 285 hectares and currently work in the first phase of the residential area comprising 115 hectares.

Sosa explained that last year there was a perception that the project had succumbed to the international financial crisis, because there was no movement of machinery, but explained that it was all part of filling jobs that were made in this area for its proximity to mangroves.

The first phase of the project which includes housing whose base price starts at $ 500 000 and the first nine holes of golf designed by Nicklaus Design, is scheduled to be delivered in November 2011.

Although not specify the total amount of investment, Sosa acknowledged that more than $ 100 million, funds provided in part by investors and by means of a loan involving five banks, led by Banco General.

But this is not the only project that is running this group of entrepreneurs across the South Corridor, on the road to Llano Bonito, stands the Santa Maria Business Center, where 85 lots will be paved in 33 hectares for buyers to build their facilities.