Bala Beach Resort
Bala Beach Resort Is located in maria Chiquita which is to the North of Panama in the district of Colon which is the Caribbean side of the Panama. This is the last location to be developed in Panama. The infrastructure is very basic and the roads to the area are poor. However the country has already started work on the new Panama - Colon Highway which will improve the drive time and the quality of the journey to Colon.
This YouTube video shows you in greater details what is being constructed. http://youtube.com/
Colon is probably better know for its Free Trade Zone, Colon Free Trade Zone ("CFZ") is the largest free zone in the Americas and the second largest in the world. Created in 1948, the free zone houses 1,751 merchants, receives yearly more than 250,000 visitors from all parts of the World, mainly from countries such as Haiti, Jamaica, Costa Rica, Venezuela, Colombia, United States, Ecuador, and others. The CFZ generates exportation and re-exportation goods valued at more than US$6.5 billion in 2005.
Maria Chiquita is located on the Colon - Portobelo road click on this link for a map http://www.afloridarealtor.com/
The Beach itself is everything that you would expect from a Caribbean Beach. This is another youtube video that I made of the Beach http://youtube.com/
The Beach hardly has a change of tide and is shallow water up to 50 - 60 yards out. making it ideal for Children. The feel of the Ocean Breeze cannot be shown by pictures but has to be experienced. The sand is going to be improved by bringing in Whiter sand from further round the bay.
Bala Beach will consists of 10 building there will be a condo Hotel and a Tower on the Beach. There will be a Spa, Gym, and entertainment area by the pool. being on the Caribbean water sports and fishing will play an import role for entertainment for the owners and there guests.
This is another youtube presentation which is a VT of the development http://youtube.com/
Building 1 & 2 has almost sold out with building 3 just released. The construction time for the first building will be around 18 months so delivery will be early 2010. All units will have Ocean Views, the heights to the rear of the development where the first building are located is much higher than shown on the VT. The first picture attached is taken from the location of Building 2.
One of the great thing about this property is the price point, for a Caribbean Beach Front property. If this was on the Pacific side of Panama the unit price would be based on nearly $3,500 per sq Meter. and the beach would be nothing like this. The prices here are based on $1,850 per sq Meter. prices in Panama are rising at 25% per year so our lowest priced unit at $83,250 will be worth $124,875 by the time it is delivered. This will still be an affordable price should anyone wish to resell there unit just prior to closing.
Available Apartments
The first phase will consist of two 11-story buildings with the following apartments to choose from:
- Studio (45 m²) (484.2 Sq Ft)
- 1 Bedroom (65 m²) (699.4 Sq Ft)
- 2 Bedroom (85 m²) (914.6 Sq Ft)
- 3 Bedroom (130 m²) (1398.8 Sq Ft)
- 1 Bedroom 2-Story Loft (180 m²) (1936.8 Sq Ft)
- 2 Bedroom 2-Story Loft (180 m²) (1936.8 Sq Ft)
The property will be run like a condo hotel. There will be an on site property management that will deal with bookings and the guests. Owners will be able to place there unit into the rental pool.
We are predicting a daily rate of just over $100 per night for a Studio 2 bed units could rent for well over $250 per night. Just this week Bloomberg reported on Hotel occupancy rates in the world and Panama was rated in the top 20 highest Hotel occupancy rates around the world.
There are a number of factors that are favorable to this property,
1 A Caribbean beach,
2 close to the Free Trade Zone,
3 hardly any competition in the area this is the first Resort being built in the area.
4 Close to the Cruise ports at Colon. Cruise ships are increasing ships to Panama and are relocating more ships down here to cater to the increased number of Latin American wishing to enjoy a Caribbean and pacific Cruise.
5 Close to the Gatun Lock, the Canal expansion is scheduled to last for 5 years.
6 Expansion of the Colon Airport
7 Low priced units
8 20 year Property Tax exemption
The units like all Properties in South America are not furnished nor do they come with appliances or AC. The developer is working on low cost packages for all these items.
Mortages are fairly easy to obtain in panama due to the deposits that a required in the Country. We work closely with HSBC, & Scotiabank, the 2 biggest suppliers of Foreign lending in Panama.
Deposits work like this
10% at contract
10% at Ground Breaking
10% 90 days after GB
10% 180 days after GB
Or they can put 40% straight in the builder bank and they will draw down from this account at these dates.
For more details plaease visit http://www.afloridarealtor.com/
Photo:
http://www.prlog.org/
