and Colon Port Terminal S.A. (”CPT”). These companies will be renamed Oiltanking Colon S.A. and will be managed and operated by Oiltanking. Oiltanking Colon S.A. is located at the Atlantic entrance of the Panama Canal, within the breakwater, at the Cocosolo Bay. The aim of the terminal is to accommodate the increasing demand for marine fuels by vessels transiting the Panama Canal and calling the ports in the area. The first phase of the terminal is currently under construction and will be commissioned in the third quarter of 2011. It consists of 300,000 barrels of tank capacity for the storage and handling of marine fuels along with an exclusive 260 meter jetty with a draft of 12.5 meter and ability to receive PANAMAX vessels. The jetty has also two barge positions. Additionally, Oiltanking is already working on the first expansion of 450,000 barrels and truck loading facilities which is expected to be operational in 2012. The terminal still has land available for further construction. (Tankterminals.com)
Tags: ability, aim, ANA, area, Auto, barge, breakwater, can, canal, capacity, city, COASSA, colon, com, commission, construction, CPT, demand, Draft, entrance, expansion, for, Group, handling, jetty, land, loading, loading facilities, marine fuels, meter, News and Information, Oil, operation, Pan, panama, panama canal, PANAMAX, port, port terminal, ports, rate, Service, storage, tank, tank capacity, Tankterminals, Term, terminal, truck, truck loading, vice, work- Archives
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September10th
Thus far this year through August 2010, the Panamanian government has approved a total of 6,478 work permits for foreigners, representing an increase of 1,074 compared to the same period of time in 2009, according to the Ministry of Labor and Workforce Development (MITRADEL). Meanwhile, a total of 8,020 applications were process, up from 6,157 reported last year. Of these, most of the applications come from Colombian, Chinese, and Venezuelan citizens. “This is a direct reflection of the foreign investment that is taking place in Panama,” said Adolfo Linares, the former president of the Chamber of Commerce, Industry and Agriculture of Panama (CCIAP). He added the phenomenon may be due to many factors, including the project to expand the Panama Canal, and many multinational companies are establishing new offices in Panama, in addition to the normal activities and banks, among others.
Although the report from the Department of Statistics of the MITRADEL does not reflect the amount of their wages, Linares said it can be medium to high, as companies usually tend to bring their high ranking executives. Of the permits approved by the MITRADEL, 1,655 correspond to the 10% category. That is to say, foreign companies operating in Panama are only allowed to hire a maximum of 10% of foreign labor.Meanwhile, the highest number of approvals relate to foreign nationals who are married to a Panamanian citizen (2,244), followed by indefinite permissions (1,262), and 519 under the Marackesh agreement, among others.
For his part, Juan Cabareda, a Venezuelan, said the main advantage of working in Panama is the economic stability, due to the currency, as well as the low inflation in the country, which means he can buy more with the money earned. “In Venezuela, the minimum wage is not enough for anything, instead here the money goes farther for things such as food and housing, the cars are cheaper, and the only thing that is more expensive is gasoline,” he said.
The Center for Economic Studies of the CCIAP explained that some companies hire foreign workers with the intention of bringing knowledge to meet needs for specific skills, highlighting some sectors such as trade, services, high technology and others. (Panama America)
Tags: ability, amount, Auto, bank, can, category, CCIAP, Center, com, Commerce, country, Development, Draft, Eco, Economic, for, form, gasoline, government, housing, industry, investment, Las, maximum, May, Ministry, money, National, News and Information, number, Pan, panama canal, period, permit, phenomenon, place, port, president, Project, report, sector, Service, Side, technology, This, time, total, trade, vice, work, Workforce, year
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August26th
The National Institute of Statistics and Census (INEC) recently published an economic growth in Panama of 4.9% in the first quarter of 2010.
The INEC attributes this strong growth to activities related to the domestic economy such as mining and quarrying, construction, thermal power generation, transmission and distribution of electricity, trade, hotels and restaurants, telecommunications, port operations, air transport, insurance and financial auxiliaries, homeownership, private education and other community activities, social and personal services such as radio, television and other entertainment, as well as also a lesser extent growth in manufacturing, financial intermediation and the general government.
INEC’s report also notes that the activities directed to the outside world, showed a decrease, the cultivation of various fruits, fishing, wholesale trade in the Free Zone of Colon and Panama Canal operations.
Tags: air transport, auxiliaries, canal operations, community, construction, cultivation, distribution, distribution of electricity, domestic economy, economic growth, Economy, education, electricity, extent, financial intermediation, Free, free zone, general government, generation, government, growth, homeownership, inec, insurance, intermediation, manufacturing, mining, National, News and Information, Pan, panama canal, personal services, port, port operations, power, private education, report, Service, Ship, show, television, thermal power generation, trade, transmission, transport, vice, wholesale trade, Zone
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August26th
Moody’s Investors Service recently upgraded Panama’s sovereign ratings to investment grade of Baa3 from Ba1 on a significant improvement in the country’s fiscal and debt positions. “The anticipated positive impact of fiscal policy initiatives on government accounts and prospects for sustained economic growth are at the core of the upgrade,” said Alessandra Alecci, Moody’s vice president and senior analyst. “The Panama Canal expansion and an ambitious infrastructure investment program are likely to support strong economic growth in the next few years, boding well for debt dynamics,” added Alecci. The outlook is stable.
Tags: analyst, core, country, debt, economic growth, expansion, fiscal, government, grade, growth, impact, improvement, infrastructure, investment, Investors, Moody, News and Information, outlook, Pan, panama canal, policy, port, president, program, Service, upgrade, vice, year
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August25th
Information
Posted in:
LAS BRISAS DE AMADOR PANAMA CITY PANAMA CENTRAL AMERICAProject overview
Location
The development is situated in the extreme South West of the Bay of Panama on the Amador Causeway. It is 10 minutes from the banking centre, the business heart of Panama City and 15 minutes from the John Hopkins hospital. The causeway offers 5 kilometers of road joining 3 Islands, Naos, Perico and Flamenco. The projects is situated on the Perico Island. Las Brisas offers uninterrupted views of Panama skyline and the South entrance to the Panama Canal.
PROJECT DESCRIPTION AND MASTERPLAN
Las Brisas de Amador offers 6 fundamental components; the first 3 have already been completed.
- Commercial Boulevard ( bar , restaurant and shops)
- Boutique hotel , The Amador Ocean view
- Managed Condo Residences 3 buildings completed
- Marina ( planning stages)
- Port Cruise terminal ( planning stages)
- Hotel and Casino ( planning stages)
CAUSEWAY TOWERS
Managed Residences
Managed suites overlooking marina with uninterrupted views of Panama City Skyline and Canal
10 towers with 5 to 7 floors
200 units in total, Tower 300 is under construction and tower 400 is completed. Tower 300 comprises 5 floors of studios
From 60 m2
Studios , completely furnished
All with balconies and Ocean Views
One parking space by unit
Construction update
Tower 100 finished and operational
Tower 400 also finished and operational
AMENITIES
- Pool
- Jacuzzi
- Gym
- Spa
- Sun Deck
- Restaurants
- Room service
- Hotel services
- Daily cleaning available
- 24 hour security
- Storage rooms
- Free parking
- Fully managed and administered by Wyndham
- First option to membership to Las Brisas Marina
MANAGEMENT
The Wyndham Group will manage the suites under their Hawthorn flag.
TARGETED MARKET
The main market is the executives working for the consortium involved in the Panama Canal expansion.
Also:
- Medical tourism
- Executive moving to Panama and renting short and long term before they commit to buying
- Cruise passengers on cruise/stay program
- Yacht owners
ESTIMATED RETURNS
Process
- Please sign and return contract after 15 days
- Please wire 10% DEPOSIT with signed contracts
- 10% 30 DAYS LATER
- 10% 60 DAYS LATER
- A signed and executed copy of contract will be returned to you 15 days after the 30% deposits have been received and cleared by bank. This signed contract will also act as receipt for all deposits.
I would like Bridgemon to contact me about this project:
Tags: Business, Causeway, centre, construction, contract, Cruise, Daily, Deck, DESCRIPTION, expansion, Free, Group, Gym, heart, information, Jacuzzi, LATER, marina, Naos, option, Pan, panama canal, parking, Pool, port, program, Project, Residences, Restaurants, Room, Service, Ship, skyline, stay, Studios, terminal, Tourism, UPDATE, vice, work, Wyndham
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August25th
Information
Posted in:
The property is finished and fully operational. It is a brand new Condo/Hotel nestled in a prime location. This is the second Best Western franchise hotel in Panama following the opening of Best Western David in the province of Chiriqui. This also happens to be the third completed condo hotel in the whole of Panama. Brisas de Amador (phases one and two) was the first successfully delivered investment property in Panama. The Best Western Hotel is located in the area of Espinar Colon, 500 meter from the 5-star Hotel Resort, Melia Panama Canal. It is just 10 minutes from Zona Libre Colon, the 2nd largest Free Zone Area in the world after Hong Kong. The Free Zone area has estimated sales of 11 billion dollars a year bringing along with it, 275,000 visitor/buyers per year. It is undergoing massive expansion to meet with the demand and will have doubled in size when finished. There is a lack of hotel and short rental accommodations throughout this area and prices are rising fast. There is a great demand for comfortable, fairly priced hotels with good amenities.
The hotel offers the following:
- Outside pool , bar and full barbecue area
- Sports bar with first level outside terrace and stunning indoor lounge. Snooker , darts and babyfoot table area.
- Itanello’s signature restaurant offering freshly cooked Italian and local specialities.
- Gym
- Business Centre equipped with 4 computers and printers
- The whole hotel is wireless and the service is complimentary.
- Plasma TV in every room
- Memory foam mattress and pillows
The Best Western Hotel is just 7 km from the Gatún Locks on Panama Atlantic Side and 10 minutes drive from the spot where extensive expansion is underway….
Why invest in Best Western Gatun?
- As mentioned earlier the expansion of the Freezone area.
- In the last Cruise season, the Port of Cristobal and the Port of Colon 2000 received more than 340,000 tourists. Royal Caribbean, as of December 2008, started to depart from Colon for weekly cruises to South America and Aruba. This year 2010, they are expanding their operations and adding a 7 days Caribbean cruise. Colon is now Royal Caribbean hub for the whole of Central and South America. The Best Western Hotel is located 10 minutes from the cruise terminal. An ideal position to accommodate the travelers before and after the cruise as well as the ones taking part in the cruise and stay program.
- Eco tourism and fishing. The hotel is located 1/2 mile from the Gatún Lake ( up to recently the largest man made lake in the world) with abundant Bass fishing. There is a rain forest at the back of the hotel with nature trails and guaranteed encounters with playful monkeys, beautiful butterflies and birds.
Other Tourist Attractions are plentiful and these are a few examples..…
- Fuerte San Lorenzo
- Fuerte Portobello
- Panama Canal Gatún Locks
- Isla Grande (a surfer’s paradise) and many Caribbean white sandy beaches.
The project is located in the bird watching path for migratory birds and great Eco tourism. However the hotel is situated 10 minutes drive from the spot where the Panama Canal expansion consortium is building a set of new locks. The hotel management has been approached by the consortium and a rate has been approved to book the hotel for a minimum of 4 years. Teams of Belgium engineers responsible for the dredging of the canal have already moved in, this is the first phase of an enormous task and the locals cannot see this project being finished under seven years.
Unit Pricing Fully Furnished
- Junior suites 24m2 $66,900 2 left
- Master suites 29m2 $75,900 1 left
- Master kitchenette 29m2 $86,900 1 left
- One bedroom apartment 46m2 $101,200 sold out
- Master lofts 46m2 5th floor $112,200 sold out
Your contract will show your purchase in the form of shares. The shares will be delivered in the form of a unit number.
This process guarantees:
- Total adherence to Touristic Law 8 –Rules and regulations
- Guaranteed Tax free income
- When reselling your unit you will be exempt from the 2% transfer tax.
- No closing costs will be involved
Methods of Payment Cash only at this late stage. 100% due at contract signature If you wish to proceed with purchase, please request our customer reservation form. It is important to fill in the form completely, please email or fax back to our offices. The contract will be sent from Panama by courier .You will have 15 days to review the contract . We are available to answer any queries you might have on this development or Panama itself.
BEST WESTERN HOTEL MANAGEMENT
The Hotel Management will charge a 30% fee for managing your property. You will retain 70% of the income generated Maintenance Fee is $2 per m2 per month including furniture, fixtures and equipment replacement. The fee will also take care of cleaning Electricity is the only other cost and should be around $45 per month The units are delivered fully furnished to the highest standard
MONTHLY RATES (Canal Personnel)
Unit 24 m2 $1,250.00 per month
Unit 29m2 $1,500.00 per month
Unit 29m2 (Kitchenette) $ 1,600.00 per month
Unit 46m2 (Kitchenette & Jacuzzi) $1,800.00/month
Unit 46 m2 $1,850.00/month (Living, Dining and Kitchenette)
Unit 54m2 $1,900.00/month (Living, Dining and Kitchenette)
ESTIMATED SALES PROJECTION EXAMPLE
Suite (29m2) with Kitchenette $1,600/month
100% occupancy this means $19,200.00 yearly income
70/30 cut gives owner $1,120.00 monthly
Owner XXX $ 1,120.00
Maintenance less 58.00
Electricity 45.00 (Estimated)
TOTAL $1,017 per MonthHotel Operator duties for his 30% cut
Reservation, Check-in, Check-out, Telephone Service, Internet, Cable TV, Cleaning Services, Cleaning Supplies, Restaurant and Bar Services, Coin Laundry Rooms, Convenience Store, Towels and lining replacement, Accounting, Marketing and Sales, Administration. Yearly income of $12,204.00 will represent on a $69,000.00 suite a 17.69% return on Investment with a Real estate property that will appreciate in value every year.
No Property tax for twenty years!
No Tax on the revenue generated by the rental
*estimated not guaranteed
Plans, materials and specifications are subject to architectural and other revisions at the sole discretion of the developer, builder and architect. All dimensions are approximate and all floor plans and development plans are subject to change. Oral representations cannot be relied upon as correctly stating the representation of the developer. For correct representation make reference to documents required by article 20 of the Law # 5038 of 21 November, 1958, the Prospectus of Condominium, to be furnished by a developer to a buyer or lessee. This is not an offer to sell or solicitation of offers to buy the condominium units in States/Countries where such offers of solicitation cannot be made. Equal Housing Opportunity.
LOOK OUT FOR AMAZING NEW DEVELOPMENT FROM THE SAME EXCELLENT TEAM !!
WE ARE EXPECTING EARLY RELEASE BEFORE THE END OF 2010
I would like Bridgemon to contact me about this project:
Tags: Business, centre, contract, Cruise, demand, Eco, electricity, expansion, form, Free, free zone, Gym, income, information, investment, law, level, Libre, location, Master, Memory, meter, move, number, Pan, panama canal, phone, Plasma, port, program, province, Resort, Royal, Service, show, Side, signature, spot, stay, Tourism, tourist, travel, vice, year, Zona, Zone
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July1st
Newsletter June/ July 2010
Posted in: Brisas Updates
PANAMA LATEST NEWS
Tags: American, border, Brisas Updates, Business, Chronicle, climate, competitiveness, construction, core, country, Daily, distinction, economic growth, expansion, experience, Free, free zone, freedom, GDP, growth, improvement, interest, International, Investors, LATEST, LBC, measure, move, National, NEWS, NGOs, number, Pan, panama canal, permit, port, power, region, report, score, sector, Ship, shipping, spot, survey, technology, Tourism, Trading, UPDATE, worldwide, year, ZonePanama: The Best Place to Do Business in Latin America According to the Latin Business Chronicle’s annual Latin Business Index (released this week), Panama is the number one country in the region for doing business. Last year, Panama just barely missed nabbing the number one spot on the index—it went to Chile, which swapped places with Panama to rank second this year.With Panama and Chile attaining scores of 17.63 and 17.61, respectively, Uruguay rounded out the top three this year with a score of 16.3. Venezuela retained the dubious distinction of worst business climate in Latin America with a score of 1.4 (second-worst country, Haiti, has a much higher score of 7.8). Panama gained the top spot thanks to improvements in a variety of categories, including: doing business, economic freedom, competitiveness and technology. The improvements helped offset Panama’s lower GDP score compared to last year.
The index covers 19 countries and is the broadest measure of business climate in Latin America. The index considers data beyond GDP, taking into account considerations such as political freedom, ease of starting a business and corporate tax rates. In the globalization and competitiveness category, for example, Panama moved up from second place last year to knock Costa Rica out of the top spot.
A recent LBC article detailing the report says: “Panama is now the only country that is among the top five in all our five main categories.” In addition to this ranking, Panama continues to be the most globalized country in the region, as per the LBC’s Latin Globalization Index.
This year, Panama also moved up six spots on The World Bank’s Doing Business survey to 77th place worldwide. Panama ranked number one in the Latin America/Caribbean region in the survey’s Trading Across Borders category, and number three in the Getting Credit and Starting a Business categories. Per the World Bank, Panama made progr ess in property registration and construction permit transactions. “A smart move, since much of Panama’s recent growth and expected future growth will come from real estate and construction,” says the Latin Business Chronicle.
Factors contributing to economic growth in Panama include the $5.2 billion Panama Canal expansion mega-project and Panama’s fast-growing shipping sector. Panama Pacifico, one of the largest real estate projects in the world today, is luring multinationals like Dell and Caterpillar into setting up regional headquarters in Panama. The tiny Central American nation also boasts the City of Knowledge, where NGOs such as UNICEF have regional headquarters, as well as the world’s top shipping registry, the world’s second-largest free zone (after Hong Kong), and the region’s largest international banking district.
Some experts cited in the Latin Business Chronicle report say the differences between Chile and Panama are too small to weigh against the South American powerhouse.
According to an expert from the College of Business Administration at Florida International University, investors should consider all countries with a score of 14 or higher on the index.
CONSTRUCTION UPDATE
In the past few months 2 buildings were completed and a road was built to allow comfortable access, the buildings are now open for business and are attracting a steady flow of interest.
Immobiliare has hired a very experienced Hospitality Manager to overlook Brisas. He will be liaising with Wyndham on a daily basis and will be responsible for the smooth running of all the rental properties.
Alfredo is delighted to join a solid and established company and very excited to share with us is extensive and varied experience. We asked him for a short resume of his past activities:
“I have been involved in Hotels and Tourism for the last 25 years, starting with Hilton International and later gaining more client’s hands on experience through several tour operator companies in Israel, Africa and the Americas. I have lived in Panama for the last 4 years and directed the opening of Playa Blanca Hotel and Resort as well as opening and managing the early months of the Radisson Colon 2000 Hotel and Casino. In the last year, I was retained as a consultant by the Veneto Hotel and Casino (also under Wyndham flag) and was instrumental in the cosmetic and operational enhancement of this popular hotel in Panama City. I have seen a lot of hotel projects around the world and I must say that Brisas surpass them all by its unique position and breathtaking views. As each building is completed our inventory grows and delighted renters discover the beauty of Panama from this unique and luxurious vantage point.”
Thank you for your continued interest in Brisas, we will send you a new update in July/August and share with you any news regarding BRISAS and Panama.
Hasta Luego !
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June19th
Overview
Posted in:
Overview
Bridgemon International first came to Panama in July 2006. The Panama property boom was close and soon followed mostly triggered by the confirmation of the Panama Canal expansion and Donald Trump’s ambitious and now without any doubt successful Trump Ocean Club project. A lot of people became developers overnight. All it took was money to feed a bottomless marketing budget and empty promises…
Bridgemon spent months sifting through the good , the bad and the outright ugly.
Our web site could list a few hundred developments just for the sake of showing a lot of traffic but we have decided to stick with what and who we know .We have followed all developments since pre construction stage andthe developments we are listing are built or are showing at least two phases built. We have known all 3 developers for at least three years and we like and respect them.
Tags: construction, expansion, International, National, Pan, panama canal, show, Uncategorized, yearWe follow and assist our clients all the way to closing and never shy away from problems.
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