Trump Tower is almost ready!
By Juan Carlos Martinez
Good news for buyers: between January and February of next year the first units of the sumptuous Trump Tower will be delivered. The project, Trump Ocean Club is the first project led by his daughter Ivanka Trump. In Panama the prime investor is Roger Khafif of K-Group.
The project was initially estimated to cost $250 million but upon completion it may actually reach $400 million. The building has 70 floors and is shaped like a sail. It is qualified as a mega-structure with 369 apartments, more than 600 condos, retail spaces, restaurants and an office tower. The exterior structure was finished last May and the interior is currently being worked on. Originally they planned to target the market in Miami however the buyer pool turned out to be very heterogenous with buyers from many US cities, Venezuela, Canada and Europe. Part of this is due to Panama's benevolent migration policies which make it easy to enter and leave the country, especially for investors.
Other reasons for choosing which made Mr. Trump choose Panama to back a multi-million dollar project with his name are its juridical security, economic stability, the small distance between the oceans, the use of the US dollar as currency, its solid banking center, among others.
The project is 88% sold according to its developers. It is financed by a $220 million bond issue. The developer also indicates that the average sale price for a two bedroom apartment is $683,000 or $4,452 per square meter. Panama's skyline is changing!
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