Famous real estate developer, Donald J. Trump of the Trump Organization and Mr. Roger Khafif, President of the K Group (A Panama Resort Developer), unveiled a $220 million, mixed-use development to be named Trump Ocean, International Hotel and Tower in Panama City, Panama. The project has been expanded from 1.8-million-sq.-ft project to a 2.4-million-sq.-ft, 65 story waterfront condominium tower development that will include 300 hotel condominium units, 500 condominium units, 1500-1700 parking spaces, retail shops, an International Casino, a private beach club on Contadora Island, a 24-hour Yacht Club and Pier, world-class wellness spa, state-of-the-art gym, pool deck, full-service meeting and event spaces, and a business center. It is expected to be completed in 2009. This is the Trump Organization’s first real estate investment in Central America.
The Trump Ocean Club, Panama, is being built on a beachfront lot with views of the Pacific Ocean and the Panama Bay, in the district of Punta Pacifica. Punta Pacifica is a newly developing area on a peninsula that extends into the Pacific Ocean, bordering the financial center and the residential area of Punta Paitilla, on land that was reclaimed from the sea. It neighbors high-end malls, high-rent offices and other luxurious high-rise condominiums. It is linked directly to the rest of the city by the new highway called ‘Corredor Sur’ that guarantees accessibility to any area, including the airport, in less than 15 minutes.
The project is to be built on an artificial peninsula on the Panama Bay and will cover an area of 140,000 sq. ft. The property will be 855 ft. tall and the total construction area will be more than 2.4 million square feet. The $220-million development will offer many high-end amenities including a 45,000 square-foot casino, spa, pool deck, a private beach club on Contadora island in the bay, a 24-hour yacht club consisting of 500 one, two and three bedroom condominiums, as well as 300 hotel rooms, which will also be sold as furnished condominium properties. The construction on the ultra-luxury property should begin by the end of the year and the development is expected to be completed by 2009. And, as for the pricing, the one to three bedroom condominium units will be priced at $250,000 to $450,000 and the hotel condominium properties will be priced for around $250,000.