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Friday, March 22 2019 @ 12:40 AM UTC

Lands Of The Colon Free Trade Zone - Cheaper?

Real EstateThe manager of the Colon Free Zone (CFZ), Leopoldo Benedetti, said yesterday that the sale price of land in the free zone to businessmen would be $350 per square meter in the old town, $125 a square meter in France Field, and $100 per square meter in Coco Solo and Coco Solito. These figures are substantially lower than those that resulted in an appraisal commissioned by the Ministry of Economy and submitted to the businessmen of the Colon Free Trade Zone at midyear. According to that document, the prices would range from $400 to $1,925 per square meter.

At that time, the businessmen expressed their opposition to the sale of land, but opposition has faded with the project being discussed today. The National Assembly Deputy from the opposition Democratic Revolutionary Party (PRD) Crispiano Adames called for an investigation to determine the source of the differences in price for the land. Yesterday the consultation period for the Bill began, a day after it was introduced in the Assembly. (Prensa)

Editor's Comment: The government wants to charge more money for the land, so their appraisals reflect those intentions. The businessmen want to pay less for the land, so their evaluations of its value are lower. Martinelli is slick. Right now the lands of the Colon Free Trade Zone bring in about $27 million dollars per year in rent to the central Panamanian government. If Martinelli can sell those lands for the $400 million he expects to be able to get, then his government will be able to spent an amount equivalent to almost 15 years of rent income - right now. Martinelli knows the chances of his Cambio Democratico party winning the 2014 elections hinge on how much money he can spend on projects to help the Panamanian people. (Sure, ignore for a minute that they will skip a percentage of that money via corruption. I know...) Martinelli also doesn't like the businessmen of the Colon Free Trade Zone, so if he can stick it to them now while he's in office, then all the better. Then once they suck all the money they can out of the guys in Colon, they will create a new Free Zone on the Pacific side. Yup, slick...

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