Home Real Estate Tips Real Estate Projects & Development Howard Air Force Real Estate Development
Howard Air Force Real Estate Development

Panama Pacifico – The Singapore of the Americas

But it was only in the November 13, 2008; the official launch of the Project Panama Pacifico was made to public. The vision from the government to build such an area was to create a centralized hub where the domestic investors and from throughout the world would put their hands together. The project will encompass all the possible trading activities. The infrastructure and facilities of Project Pacifico will be of highest standard in terms of international level. To make this happen, government of Panama has joined hands with the UK based developer London & Regional to form AAEEPP (Panamá-Pacífico Special Economic Area Agency) – a public-private partnership organization. All the development procedures will be taken care of within a period of 40 years. London & Regional had made a deal of US$ 750 million with the government of Panama in 2007 for this project.
Project Pacifico will be a balanced mixture of residential and business facilities. The ecological and environmental aspects will be taken care of. Approximately 3000 acres of evacuated area of Howard air base are earmarked for this project, of which 50% will be clean from any profitable construction. AAEEPP will build parks, gardens and green belts.
The land was kept inoperative by the US army for almost eight years. As they handed over the land to government of Panama, it acquired the infrastructure already developed by the army. At the time of operation, Howard air base was facilitating all the requirements of 20,000 odd US troops. A well built aerodrome, Movie Theater, parks, golf courses were already there. Roads, buildings can be used by the AAEEPP after minor restoration work. Previously Howard base contained a call center operated by Dell computers, one of the largest call centers in the world. It can be made functional again.
As government of Panama is planning the Project Pacifico as a special economic zone, extensive tax benefits and other incentives are expected.
The first phase of the project will be fully operational by mid 2009. It is an International Business Park with all the modern equipments spread over 58 acres. It will proffer commercial and industrial office space for the domestic as well as multinational companies.
On completion of the Project Pacifico, it will create a job opportunity for 40,000 odd people. There will be 20,000 apartments and homes, hotels, restaurants, schools, modern medical facilities, clinics, logistic and recreational parks and an international airport.
Project Pacifico is creating storm among the real estate and other investors around the world. As the project will become fully functional, it will surely become the Singapore of the Americas