Fully titled master planned oceanfront resort and residential community on the Azuero Peninsula with all of the entitlements in place that envisions two phases, first to include a 26 key boutique hotel which is under construction, a surfer village, duplex villas, estate homes, spa and three restaurants and second as the market dictates, a 5 star resort hotel, golf course and additional estate homes. Located on the south-facing Pacific coastline of the Azuero peninsula next to the resort community of Azueros in the town of Pedasi, this area is being compared to the Tamarindo area of Costa Rica 15 years ago and has all the same attributes. Development sites selling for $4 per meter in Tamarindo went to $40 per meter over a short time. Lot prices in this area of Panama run $90 per m2 for ocean view and over $175 per m2 for oceanfront. The property is accessible via a paved highway. Electrical lines provide power to the property. Interior roads provide access to all the tracts and numerous water wells are in place.
The in-place development plan for this resort consists of a 740-acre site with over 2 kilometers (6,500 square feet) of ocean frontage. The initial development will be 26 resort hotel rooms, 30 surfer village hotel rooms, 44 duplex 2-3 bedroom villas each convertible to two rooms, and 74 five bedroom estate homes (the for sale units) that are all designed to revert to resort inventory when not owner occupied. Total Resort keys are 189 plus 7 estate homes. The Resort will include 3 restaurants, spa, equestrian center, fishing fleet, and surfing program. All units in the Resort are oceanfront. This initial resort development utilizes less than 25% of the total site.
The phase II Development Project Summary is presently projected with a low density of approximately 80 large ocean view lots located in the hills overlooking the resort development. There are large additional areas of direct ocean frontage, which will either become additional estate homes or an expanded resort depending on market demand. These development plans will leave up to 60% of the property completely untouched except for walking and equestrian trails. The property enjoys large areas of first growth forest with extensive wildlife including monkeys, iguanas, caiman, macaws, ocelots, etc.
The project construction was begun and consists of a new 7 KM road to the project to compliment access via the public coastal road that runs by the Azueros project. In addition, 13 beach villas are under various phases of completion along with the clubhouse and restaurant. These will provide 26 rooms for a preliminary boutique resort. In addition, there are internal roadways, an extensive nature trail system, drilled wells and electric at the perimeter of property. The 13 three-bedroom villas could be complete and ready for occupancy within 6 to 9 months. Two of the model villas and beach bar restaurant can be completed within 90 days. Numerous incentives are in place and Law in Panama relative to investing and operating a resort and the initial phase can be in operation before year-end 2009 with a modest investment.
The economic concept is to establish the potential cash flow from the villa units as a part of the resort inventory and derive a value from the capitalized cash flow.
This project will capitalize on the proven track record and success of the Villa Camilla Resort and Azueros project nearby. The oceanfront tracts and hillside ocean view tracts have characteristics similar to those found in Azueros except with much more extensive oceanfront and beach area.
The property is a short boat ride to Isla De Coiba, a UNESCO World Heritage site. Totaling 650,000 acres, Coiba is one of the most extensive marine parks in the world, and its nearby deep waters attract diving and sport fishing enthusiasts from around the world. The crystal clear waters offer divers one of the most spectacular underwater playgrounds in the world.
In summary, Panama is a phenomenally beautiful and diverse country with infrastructure that rivals many developed nations. Its unique beauty and potential have begun to attract international recognition, showing that Panama is in fact the next resort frontier of the Americas. This project is truly destined to become a world-class resort and residential development with amenities that would include hiking, horseback riding, biking, equestrian facilities and boating.
