Since its groundbreaking in 2006, locals and Panama enthusiasts have been following the progress of what may be Latin America’s newest landmark property – Trump Ocean Club International Hotel & Tower Panama.
The 72-storey building with the sail silhouette overlooks the Panama Bay. It gives the city already known as “little Dubai” an even more “Dubai-esque” feel, inevitably calling to mind the world-famous Burj Al Arab.
“The striking architecture alone is something that has never been seen before in Latin America,” says Roger Khafif, who proposed the project to Trump. Khafif’s company, Grupo K, is billed as the project’s developer while Trump Hotel Collection is hotel operator.
The hotel will open its doors this month. It’s the Trump Collection’s first venture outside the U.S.
Trump these numbers:
- With 2.7 million square feet of total gross area, this is the largest property in Latin America
- At 290 meters high, the Trump Ocean Club is also one of the tallest buildings in Latin America
- It boasts 18,500 tons of steel reinforcement and 123,000 cubic meters of total concrete…enough to build five 50-floor buildings. The project also used 5,000,000 feet of cable…enough to line the roads from New York City to St. Louis, Missouri.
- It will have taken an estimated 10,000,000 man-hours and 2,500 laborers to build by the time it is completed.
Featuring some 1,000 units between residences, bay lofts and hotel guestrooms, the hotel boasts an array of amenities, including two floors of boutiques and shops, multiple restaurants, a pool deck and spa, 16,000 square feet of meeting space and a private beach club on nearby Viveros Island.
Condos in the project are in the $400,000 and up range, though you might find resales available for far less (advertised locally). For example, one local listing offers a studio-size unit, about 530 square feet, for $210,000. Units for sale at such low prices were probably bought by speculators hoping to flip the properties soon. As the project completion has been delayed—the development broke ground in 2006—some buyers are now desperate to sell.
Editor’s note: Jessica recently sat down to talk with Donald Trump Jr. Along with brother Eric Trump, he was in Panama City to promote the Trump Ocean Club. Eric dished on doing business in Panama and the increasing number of expats retiring there. Check out the video here.
By the way…if you’re after bargain property in Panama, don’t worry. Properties like the Trump Ocean Club make up part of Panama’s luxury real estate market. The bargain property market is still going strong, with attractive apartments in convenient locations in Panama City still available aplenty in the under-$150,000 range. Read more here.