In a ceremony involving the President Ricardo Martinelli, the government delivered the keys to the first 240 apartments of the first 15 apartment towers built as part of the project to rebuild Curundú. The event was attended by the Minister of Housing and Land Management José Domingo Arias, the Minister of Social Development Guillermo Ferrufino, the Minister of Commerce and Industry Ricardo Quijano, and the Director of the Authority for Small and Medium Enterprises Giselle Burillo. Martinelli didn't make any statements to the press upon his arrival to attend the ceremony. The Curundú project includes the construction of 1,000 apartments in four story buildings. Each apartment has a cost of $50,000 dollars, and of that total $35,000 will be subsidized by the government. The project includes the canalization of the Curundú river to mitigate floods, improvement of basic water services, and the construction of 6 synthetic soccer fields, 6 tennis courts, and 6 multi-use playgrounds. (TVN)

Editor's Comment: You can't deny it - the administration of Ricardo Martinelli has gotten more done in the first two and a half years than all other presidents have done in their entire five year terms. This is one more example. When fully delivered he will have completely changed the face of Curundu forever. More than 1,000 families with affordable housing solutions ($15,000 cost to the family) located right in the middle of the city. Who do you think those guys are going to vote for? Balbina didn't do squat for them while she was the Housing Minister, for example, except tour the smoking remains of the burned out wooden shacks when they caught fire...

Over the last six weeks, owners of Trump Ocean Club residential and condo hotel units have been relatively in the dark as to periodic updates and status reports. After a recent visit to the promoter’s office within the project, Panama Equity can share the following exclusive information:

-Fees have been reduced across the board and we expect further reductions on the hotel management charges. Common area maintenance (CAM) charges in the residential units have been reduced from $4.05 per meter to $2.84. This means that owners of a typical two bedroom measuring went from $620.00/month to $434/month. CAM charges in the Trump Ocean Club project include cable, internet, and phone service.

-Condo Hotel fees and the overall economics of the owner’s investment are still an issue of contention. Two weeks ago, Hotel management (Trump Hotel Collection) enacted an across-the-board reduction of hotel fees, including a 17% reduction in the CAM charges and 40% per-use fee reduction. We are expecting condo hotel demand to pick up again as investors return due to the fee reduction and increased returns.

-Closings have started again and are up to the 53rd floor, with the Developer’s commitment to close out remaining sales by the end of the second quarter.

-Rumors about Trump International pulling out of the project appear to be unfounded, as Eric Trump in a December interview in Capital Finaciero remarked “we as the hotel administrators are incredibly happy about the last six months. Our occupancy and success rate was 160% higher than what we had projected and (Trump) is without a doubt the most luxurious hotel in Panama and Central America.

-Although Newland Development missed a November bond payment, the bondholders are still willing to work with Newland on a successful completion of the project. In short, things are looking better than an ever for the Trump project in Panama.

-Sales in the project in the fourth quarter of 2011 topped over 10 million dollars. The majority of these sales were resales and default reassignment, meaning new inventory absorption has been stagnant in the project. The majority of resales in the residential side were coming in on average of $3,000 per square meter.

Panama Equity: Panama Equity has been working with past investors and inside sources at Trump to connect buyers for the last four years in the Trump Ocean Club. We are expecting to see strong sales in Trump over the next four months, which is Panama's high season for tourism. The best deals rarely get published, and because of our relationship with investors and contacts within the Trump organization, we are the go-to source for defaults and contract reassignments in the Trump Ocean Club.

Panama Casa, founded nine years ago, has grown over the years and is now recognized as one of Panama’s leading real estate enterprise. The company has an extensive listing of properties available for rental both long-term and short-term; it also provides a wide range of related services, including property sales, commercial real estate management, asset management, airport pickup, tours and more. With 20 years of experience in the real estate industry in the US, Jeff Duda founded Panama Casa Services, which has become the premier property management company in Panama and is now expanding internationally. Under the name Janelbi based on the same principles of providing consistent top quality service in the corporate housing and vacation rental industries. (more)

Global Finance & Investments, S.A. is the first to announce available, ready to occupy office space for rent in the brand new and luxurious Trump Ocean Club International Hotel & Tower in Panama City. Located in the Punta Pacifica district on the ocean front, Trump Ocean Club boasts some of the most desirable attractions for any size company seeking office space in a high end and multi function building. Aside from the standard-setting name of Trump itself, the Tower offers a five star hotel, several delicious and well staffed restaurants, a 24 hour gym, infinity pools overlooking the ocean, office space, and soon to be casino as well as a spa. Whether you are a one to three person operation that can take advantage of our business center floors, an international business with a large employee base that requires a large and private space, or simply seeking a virtual office from outside of Panama, we have a very diverse and ample inventory with unmatched flexibility ready to meet your needs.

GFISA has many flexible options that you are able to consider when looking for office space at Trump Ocean Club. We offer spaces ranging from 100mt2 to 700mt2 (size of a complete floor) that can be built to your specific needs and wants; we can assist in this process as we have nearly a decade in construction experience in Panama alone. We also offer fully furnished office space in our all-inclusive Business Center configuration which is always the most popular. Another service we offer is the “Virtual Office”, ideal for a company that requires the services of a business center, but simply does not require a physical office every day of the month.



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Welcome to Bern Beach Projects: Since 1978, Empresas Bern has been on the cutting edge of real estate in Panama. From residential and commercial projects to hotels and resorts, proud to be a leader in the industry. The exciting condominium and hotel beach projects on the Pacific Coast in and around Coronado are now available.

Coronado Bay: The brand new beachfront Coronado Bay Project located in the heart of Coronado is quickly becoming an icon of this beachfront community. It is the new desirable place to experience resort living at its best. Residents and their guests have access on-site to private restaurant, bar, monthly soirees in the beach club, onsite personal trainers in state of the art gymnasium, yoga classes and an array of other services and activities.

Coronado Golf: The Coronado Golf Community has to be one of the best locations in Panama to build lasting connections with family and friends alike. A stunning project set in the heart of the prestigious Coronado Golf Club with facilities such as bars, restaurants, fitness centre, beach club, equestrian club, tennis courts and health and beauty parlor. It is a superior lifestyle with something for every one of your moods.

Solarium Hotel: The Solarium Hotel offers luxurious rooms with incredible ocean views. A spectacular destination, surrounded by a blend of white and volcanic sands, with a majestic view of the Pacific Ocean,located on one of Panama´s most exclusive beaches. We offer a choice of three room types as well as fully appointed condominiums.



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By DON WINNER for Panama-Guide.com - Received today via email: "Hi Don, I read the article on your site about the Malibu development. I know you consulted for Marco Shrem on the original development so I was wondering how much you know about this newly resurrected Malibu project? Is Marco Shrem still involved? Are the buyers of the initial project included, or excluded, in the new project? I have two family members who bought into the original project and they are curious to know what is happening now. Thanks for any light you can shed on this. Ray."

Thanks For Asking: For the record I'm still working for Marco Shrem as a consultant and to help him promote the resurrection of the Malibu project. If you will remember, Marco Shrem was basically the victim of a fraud committed against him and his company by another Panamanian real estate development company called Econoplade. In the original deal for the first Malibu project, Marco Shrem was to put up the land for the development and the Econoplade company was supposed to do everything else. Meaning, they were responsible for promotion, advertising, signing the contracts, handling the money and deposits, building the infrastructure and houses, and delivering those to the customers, etc. The land underneath the project (owned by Marco) would not be legally turned over to the buyer until the new owner actually took paid for and took receipt of the newly constructed house in the Malibu project. However in fact Econoplade received a total of about $8 million dollars in deposits from about 400 sales contracts. They spent about $4 million on the project (roads, underground "invisible" infrastructure such as electrical and plumbing), and the other $4 million dollars they basically "misappropriated" - meaning, they stole the money. The whole Econoplade company melted down and the local Panamanian lawyers descended on the carcass. When all was said and done, Marco Shrem was left holding the bag for the disaster left behind by the collapse of Econoplade - and in short he had been ripped off - the victim of a $4 million dollar scam perpetuated by Econoplade. And, there was nothing left of Econoplade of any real value worth going after legally.

Building A Way Out: Marco Shrem was going though a really rough patch when he first contacted me back in October 2009. There were more than 400 contract holders - both Panamanian and foreigners - who were beating down his door, all of them looking to exact a pound of flesh for the debacle. I helped Marco develop a strategy that would allow him to return to the playing field with honor. He carved out a piece of the land in Gorgona and established a specific trust fund for those who had laid down a deposit in the original Malibu development. The parcel of land would be sold, and those deposits would be refunded from the money (first and foremost.) It takes a very long time to legally establish and register this kind of a complicated Trust thing, and now all of that has been done. About ten months ago or so all of the original Malibu owners were contacted and given the opportunity to join this Trust. Their deposits were well documented by the lawyers, and once the land is sold (it is now on the market) then they will receive their refunds.

Marco Shrem Did Not Steal The Money: Most importantly - and this is critically important for everyone to know and understand - Marco Shrem did not steal the money. He did not receive those deposits taken in by Econoplade on the original 400 contracts they signed for the Malibu project. In fact, Marco Shrem did not have any legal responsibility to repay those deposits, either. In short, Marco is going to sell a parcel of land and return those deposits even though he is not legally obligated in any way to do so. One person tried to sue him in a Panamanian court and the case was summarily thrown out. Marco Shrem is doing this because it's simply the right thing to do - and he's getting almost no credit for it, beside what I talk about in these articles.

About The New Project: Anyone who paid a deposit on the original project can have that deposit recognized in the new project. The paperwork will be done, a new contract signed, the old contract goes away, and off you go. The biggest hurdle for Marco Shrem was the legacy represented by those 400 original contacts in the first project. Marco was caught in a sort of catch-22 situation. Even though neither he nor his company was legally responsible for those 400 contracts, his land was under them. Marco basically inherited the Malibu project from the ruins of what Econoplade left behind, but no bank in Panama was willing to take a risk or loan him any funds to build the project with the legacy of those 400 contracts hanging over the land (legal obligation, or no). Now, almost all of those original contracts have been accounted for, one way or the other. Some people were just given refunds or they negotiated some sort of a settlement to just go away. Most were either put into the Trust, or have since been converted to new contracts in the new project. By now everyone who was an original buyer should have cemented their status one way or the other. And now, with that taken care of, the banks can grant loans without having to fear legal action from the original contract owners. The parcel of land designated for the trust can be sold and he deposits repaid. And, the project can now be developed as a new entity - this time properly controlled, audited, and managed.

Copyright 2011 by Don Winner for Panama-Guide.com. Go ahead and use whatever you like as long as you credit the source. Salud.

Malibu Ocean & Mountain Houses and Lots - The project is now under construction with a group of thirty eight homes in the first stage of the project. In Malibu Lakes twenty three of these are already under construction, with 4 models of houses to choose from and only six months development to final delivery. We invite you to visit our project in Gorgona yourself, so you can enjoy a pleasant moment and also the beautiful verdant landscape where you can also enjoy the beach and the sea. The project has been funded by the Banco Universal in Panama City, which provides stability and security for the progress of the work and the development of the project, and the start of the construction of the clubhouse. There are houses completed right now, available and ready for turn-key delivery.

#Panama - By DON WINNER for Panama-Guide.com - This morning a concerned reader wrote via email to let me know they had discovered beachfront land for sale being advertised on encuentra24.com located in the area of Juan Hombrón. Their question: "Are these lots part of the land object of the scandal? I checked out the lead and discovered in fact the same parcel of land is being advertised twice by two different real estate agents - one of them here for $100,000 dollars and the second one here, this time for $130,000 dollars. If you look closely at both adds you will see it's the same land, same photos, etc. I called Vivian Sánchez, the real estate agent representing the property in question in one of the ads. She told me this property doesn't have anything to do with the ongoing land scandal over land titles created in an irregular manner in the same area. She said this land was purchased and titled by a Korean gentleman a long time ago. She said the land is in fact titled and not Rights of Possession, and the land title was issued a long time ago. She said the land in question in the scandal is in another area, and again, this plot of land is not involved in any way in the scandal. So, if you want 800 meters of beachfront in Juan Hombrón you can probably get it for about $100K or less. Just make sure you do your proper due diligence to verify what Vivian Sánchez told me. Happy hunting, just remember to keep your tail down and your head up.

Copyright 2011 by Don Winner for Panama-Guide.com. Go ahead and use whatever you like as long as you credit the source. Salud.

Panama Equity Real Estate chose to represent the Costa Esmeralda Beach Villa as a new addition in our agency’s luxury property fleet because it delivers unmatched characteristics of ultra luxury, privacy, and a 20 year tax exoneration, all within close proximity to Panama City,” says Kent Davis, Sales Manager. “We are pleased to announce that we have improved our property portfolio with arguably the nicest Villa for sale on Panama’s Pacific coast. It is an absolute honor to represent Panama’s most spectacular properties.”

Panama Equity is the only boutique real estate agency in Panama with properties and agents in all the nation’s major hotspots. It represents hundreds of repeat buyers from across the globe and an ever-evolving database of Panama’s best-valued investments.

The Costa Esmeralda Beach Villa is as distinctive as it is vast. Located in the exclusive community of El Cortijo, less than 5 minutes from Coronado, its Balinese theme décor is the ultimate compliment to its infrastructure and views. Set on more than1/2 acre of land, each of the 5 bedrooms open out onto the villa’s 35-meter vanishing-edge pool offering unobstructed Pacific Ocean views. The villa boasts vaulted ceilings, imported furnishings, a helicopter pad, separate guesthouse, and a private beach.

“Selling the Costa Esmeralda Villa allows us to further our pursuit for Panama’s most elite and affordable properties,” says Carlos Ruiz, sales agent with Panama Equity Real Estate. “I have been selling real estate in Panama’s beach and mountain areas now for 8 years and I can’t say I’ve ever come across a property like this.”

The Costa Esmeralda Beach Villa is an especially unique property for sale because so few luxury properties are ever traded-hands in the Coronado region: Panama’s largest developed beach area complete with shopping malls, grocery stores, and medical facilities. This distinct property is set within a community of merely 13 homes and thanks to its 20-year tax exoneration, the Villa’s only upkeep is around $220/month in neighborhood fees.

How Can You See It? 
Panama Equity Real Estate is showing the Villa on a first-come first-serve basis. This Saturday, October 29 th, Panama Equity is also hosting an open house from 1pm – 5pm. To get an invitation and map, RSVP to Kent@Panamaequity.com or visit their Casco Viejo office location. For complete property information, http://www.panamaequity.com/listings/costa-esmeralda-dream-home/

#Panama - The president, Ricardo Martinelli, appointed Franklin Oduber B. on Tuesday as the new General Manager of the National Authority for Land Management (Anati), the controversial institution embroiled in the land titles scandals of Paitilla and Costa del Este. The new general manager of the ANATI will be in charge of the position recently vacated by Alejandro Castillero, the presidency said in a press release. On August 29, Eladio Ostia Pravia was appointed by President Martinelli as the Deputy Administrator of the Anati. (Estrella)