Since colonial times, the city has been a magnet for foreign investment and business. Today is experiencing a boom in construction and expands outlying areas and returned areas
The facade of Columbus is changing. Investing billions develop at any machine, despite unemployment and the social problems that exist in some areas.
Modern shopping malls, hotels, apartment buildings and single-family housing, targeted primarily to a market of middle and upper class, as well as new wineries in the Free Zone are just some of the works being carried out.
The growth of the city was limited for years by the older Canal Zone. The real estate sector was asleep. But in the 90's started to attract investors for the construction of dwellings in the suburbs and in areas which previously had been under American jurisdiction. With the sale of properties of the former ARI and the law of incentives for the construction, real estate Colon awakened.
URBANIZATION. The residential Alhambra, located near the Arab Union Club of Columbus, has 36 houses with prices exceeding 400 thousand dollars. This is one of the seven projects being developed by the group Waked, who also built new galleys in the Free Zone and houses in Playa La Angosta.
Currently, a large supply of housing is attempting to meet the demand for housing, in addition to existing facilities funding, which has contributed to the growth of the sector.
By tradition, colonense was used to develop their lives in the 16 streets of the city, but this trend has changed.
"People begin to leave the city and go to the returned areas, where they are seeking status and live surrounded by nature, in quiet environments and insurance," said Engracia Archibold, general manager of V & V Group, promoters of various projects.
AVANCES. Actualmente se construye en terrenos de la Zona Libre el proyecto Millennium Plaza, que consta de locales comerciales y el hotel cinco estrellas Four Points Sheraton.
The new developments promise to quality of life for people who work in Columbus, living in Columbus.
The real estate boom that is seeing is due to tourists, expansion of the Free Zone and entrepreneurs who are mounting new operations there, and who have chosen to live in Columbus, says businessman Nidal Waked, from group A. Waked and Sons.
At reside there, we avoid the headache that represents travel the road Panama-Colon, which is maintained in a deplorable state.
ESPINAR. In the area there are several townships reversed and soon develop a new water park.
If there are good options to reside in Columbus, entrepreneurs will take advantage to avoid the wear of travel every day, believes Waked. "The productive hours are shortened and the quality of life diminishes when travelling daily basis."
The theme of the road worries many. Mark Lim, president of the Panamanian Association of Business Executives (Apede) of Columbus, said it was "traumatic" travel this road and that the state is that "it is outrageous and unacceptable," considering that Columbus generates nearly 7% country's gross domestic product.
Currently, there are stretches of this road repair, resulting in increased congestion. Despite the inconvenience, a caravan of investors and entrepreneurs optimistic continues to gamble on the future of Columbus, as it has the potential to become a great city and a preferred tourist destination.
We also expect them to complete the planned megaprojects such as the expansion of ports and multimodal center, which includes the construction of an international airport and a downtown gathering for air cargo.
MILLIONS INVESTING
In the Transístmica Way near the Four Altos, the project is being built Silver City, a residential complex of 22 commercial 500 thousand square meters, which intends to invest $ 12 million and should be completed in 2008.
The first phase includes the construction of buildings Guadeloupe (which is now lifted), Trinidad and Barbados, three 12-story towers of apartments, as well as 33 commercial premises with an area of up to 100 square meters.
The prices of two-bedroom apartments of those towers ranging from 59 thousand dollars and three bedrooms from 68 thousand dollars. Almost all premises are sold or leased, says Marian Detresno, administrative manager of Real Estate Pedros. "Between April and May must be filled".
Restaurants, furniture shops, beauty salon, a pharmacy and a bank, are among the businesses that are being installed. "The idea is to give every possible facility to those who live here," says Detresno.
In Silver City will also be a commercial building and the final phase includes Cristobal Tower, 15 floors, with 80 apartments bigger.
The project, according to architect Maria Espinosa is aimed at workers in the Free Zone and ports mainly, it has a total of 244 apartments, social area, elevators, parking lots and bus stop.
Some foreigners have shown interest in being neighbours of this complex, which already has its first tower built and from which can be seen in front, the land where it will be built downtown multimodal.
For all BUDGETS
The group V & V, for its part, is running nine housing projects in parallel.
"We have a range of projects ranging from homes of social interest of 16 thousand or 17 thousand dollars in Las Perlas Pilon (from Rio Alejandro), up 185 thousand dollars houses," says the general manager, Engracia Archibold.
In its beginnings in 1997, this group bought 20 buildings in Espinar, which were formerly American barracks, with the aim of converting them into apartments for the middle class professional and upper-class Columbus.
Of those 20 buildings, nine have already developed housing, five were demolished, three are in development and the other three are trying to sell them to universities.
But the latter has been difficult, admits Archibold. "Private universities do not want to come to Columbus. The impetus for opening of private universities, we do not have depth. "
Since 2000, the company began to develop projects on the outskirts of the city, including Prairie Punta Azul, Quintas de Altos and Los Portales Pilon of St. Jude, which altogether more than 800 homes. They also have the Villas of Espinar, Quintas de Espinar and Forests of Espinar. In the same area, a Mexican company will develop a water park.
Less rents, more sales
Customers market colonense were not accustomed to own a home of their own, drew Archibold. However, the latest market survey made in January this year reflects that tradition changed.
Now the trend is increasingly directed towards the purchase of new homes through mortgage loans has dropped and the number of housing units leased.
V & V has built more than 500 thousand homes, apartments and houses between, and are planning to make more than 5 thousand additional housing over the next 10 years, 400 hectares of land.
However, there are prejudices. "It is thought that living in Columbus is uncertain, but it is not," says Archibold. "Columbus has the same uncertainty as the rest of the country, there are areas more vulnerable than others."
PROJECTS OF FAMILY
The family group A. Waked and Sons has seven projects in Columbus foot simultaneously. One of them is Millennium Plaza, a shopping mall located in an area of 400 hectares, parallel to the path Boyd Roosevelt and diagonally to the future transport terminal.
The project is less than one kilometer of Four Altos and will have access from the free zone and from the path leading to the city.
Currently, there is built the five-star hotel Four Points Sheraton, which will have 243 rooms, which will host many of the over six thousand tourists, visitors and businessmen coming to the Free Zone each month.
It also comes a casino of more than 2 square metres and for which permits were being processed.
There will be a food court area for the more than 27 thousand employees of the free zone, in addition to local shops, restaurants, banks, government institutions and offices, said Nidal Waked, vice president of the company.
This book represents an investment of $ 42 million. "It is the highest investment on the Atlantic coast, after the Canal and ports," he said.
Five projects of the group are residential. Albader, located way Davis, consists of 200 houses of 160 thousand dollars, which have already been built and sold more than 100.
Alborada, located near San Martin, consists of 390 houses will be sold from 50 thousand dollars in the future. "Already more than 200 surrendered," Waked.
Alhambra is perhaps the most expensive residential project of this group are 450 houses thousand dollars or more. Located near the Arab Union Club of Columbus and there are already more than 36 homes standing.
Other projects are in their homes in Playa La Angosta, land of a thousand 200 meters, and the Costa Marina apartment towers.
The Waked also are building new galleys in the Free Zone. Its market is varied: some foreigners, new users of the free zone, but most, according Nidal Waked, are professionals, lawyers, engineers, people from middle and upper class who are leaving the city, or businessmen and investors who have decided stay to live in Columbus.
Panama is fashionable because it is Columbus playing its part, says Waked. "Many people are seeing stability in the country, currency, banking center, a good place to educate their children and to do business."
In addition, retirees are looking for foreigners in Panama his second home. For now, baby boomers have not reached their projects, but expected to start to do so when they begin to sell the properties of beach.
A promising future
Both colonense as investors have understood the importance of not having a free trade zone within an island, but integrated, said Marian Detresno, Pedros Real Estate. "Columbus is a city well-delineated and has everything to be successful. To the extent that people change their attitude and feel it is safe to live here, a boom will be good investments for the benefit of all. Colon could be as Boquete. The benefits will also depend on the investments of the state, says Mark Lim, president of the Apede Columbus. Last year, this association has put forward some proposals that were taken by the government, including the need for a change of image, promotion of Columbus as a tourist destination and protection of nature.
Lim stressed the importance of the implementation of the expansion of ports, which should bring some five thousand jobs and multimodal project, which could generate up to 40 thousand jobs and whose works exceed 80 million. If it is performed, is expected to provide a strong impetus in the economy and an increase in tourism, the demand for housing, transport and services, and most importantly, decrease unemployment.
