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SUMARIO // SUMMARY
15 Editorial: El Hub de las Amricas sigue creciendo / The Hub of the American continent continues to grow
LATINOAMERICA
16 Panorama macroeconmico de Amrica Latina / Latin America Macro Economic Review En franca recuperacin / A clear recovery Panorama de Infraestructura en LATAM. El rol de las PPPs / LATAM Infrastructure outlook 2012 and the role of PPPs 20 22
Diseo y diagramacin Imagen Zero - Estudio de Diseo Telfono (+ 5411) 4788.1587 Agradecimientos y colaboraciones
Wilson Ruiz Osvaldo Marchena Osvaldo Lau Aleyda Bonilla Jaime Figueroa Navarro
PANAMA
28 30 ACOBIR. Asi fue la Expo Inmobiliaria 2012 / ACOBIR. Thus was the Realtor Expo 2012 Residencial: Una plaza atractiva para compradores nacionales y globales / Residential: an attractive market for national and global buyers Corporativo: Ms metros, ms altura, ms zonas / Corporate: More meters, more height, more zones Hotelera: Inversiones en un destino top (I) / Hospitality: Investments in a top destination (I) Hotelera: Inversiones en un destino top (II) / Hospitality: Investments in a top destination (II) Retail: Exponencial crecimiento de malls / Retail: Exponential growth for malls Mucho ms que la ampliacin del Canal / Much more than the expansion of the Canal Ms infraestructura, ms crecimiento / More infrastructures, more growth Panam: epicentro de grandes acontecimientos en el corazn de las Amricas / Panam: epicenter of great events in the heart of Americas Un entorno amigable para la inversin / An investment friendly environment Incentivos fiscales para promotores inmobiliarios / Tax incentives for real estate developers Sustentabilidad: Una tendencia en franco crecimiento / Sustainability: A steadily growing trend 62 64 66 67 El paraso de los baby-boomers / Babyboomersparadise Mercado Costarricence / Costa Rica market Panatrpolis: de la visin a la accin / Panatropolis: from vision to action Colliers: Ms infraestructura para un mercado conectado / Colliers: More infrastructures for a connected market Shahani: Una empresa familiar en crecimiento / Shahani: a growing family business Empresas Bern: residencias y turismo / Empresas Bern: residential and tourism Evoluciona Panam como Eje Mundial de Turismo y Negocios / Panama evolves as a world axis for businesses and tourism Giuliani: Mobiliario Corporativo a la medida del cliente / Giuliani: Corporate furniture that fits to the client AJ Dayan: 40 aos al servicio del cliente / AJ Dayan: 40 years serving customers Decameron se expande / Decameron expands MIPIM Asia: con ojos asiticos / MIPIM Asia: an Asian look
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La Editorial no se responsabiliza del contenido de los avisos publicitarios ni de las opiniones de los colaboradores que escriben en la revista. Todos los derechos reservados. Se prohbe la reproduccin total o parcial de cualquiera de los artculos de la revista.
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56 ISSN 1851-5010 59 60
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editorial
Dear reader, Today we are introducing to you this new editorial content of qualified information developed along with ACOBIR the Panamanian real estate markets most representative association. It is with great pleasure, a double pleasure in fact, that Im presenting this Panamanian Real Estate Yearbook. On one hand, it pleases me that while producing this magazine I had the extraordinary opportunity to know the Panamanian real estate market in depth. I made my first contact with this market three years ago, thanks to ACOBIR. It was a time of great expansion of the real estate market. But what really got my attention then and is still a reason why I admire Panama, was the intelligent way in which Governments and businessmen had been constantly taking advantage of the countrys privileged geographical location. This feature, location, that Panama did not choose but was given when the earth was divinely assorted, has been well taken care of during the XXth century. I mean the Canal, but also the real estate market in all its different segments, which developed in order to satisfy a growing and exacting domestic and foreign demand. The idea of Trade Center in the Center of the Americas or Hub of the Americas keeps on
growing and becomes stronger with time. On the other hand, as a real estate marketing company, we are pleased to widen our editorial content with another Latin-American market. This new edition allows us to complement our Southern Cone Yearbook, thus providing our international readers more qualified information on how to do real estate businesses in Latin-America. The pages of this Yearbook will provide you a thorough economic and real estate outlook, including the residential, corporate, retail, hospitality, infrastructure and logistics sectors. Additionally, some articles will allow you as an investor to get an insight on the countrys advantages and investment rules. We are also including exclusive interviews with the markets main players. I would like to thank all those people who contributed to creation of this magazine, especially those who shared their views and editorials to enrich the Yearbooks content. Also, my recognition to the advertisers who believed in us and joined us in this first edition. I hope you enjoy reading the magazine and, once again, I invite you to share our digital interactive version (available at www.anuarioinmobiliario.com) with your friends and colleagues.
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ENGLISH TRANSLATION
informe latinoamrica
respectivos Bancos Centrales. Las expectativas del mercado se mantienen ancladas, lo que permite a las autoridades tener un mayor margen de accin para enfrentar los riesgos del corto y mediano plazo, en un contexto internacional dominado por la incertidumbre.
by the real increase in inter-annual IPC figures), those countries that set inflation targets have managed to remain within the limits defined by their Central Banks. Market expectations are more or less fixed, therefore authorities have wider action range to face short and medium term risks in a very uncertain international context.
of the UE to immunize Italy, Portugal, Ireland and Spain (and why not Germany and France as well) from the worsening of Greek situation. Fear is grounded on the doubts about the European authorities capacity to effectively contain the situation and guarantee the baking systems sustainability and the survival of larger economies. Doubts are related with perceptions of lack of action and insufficient response by European authorities facing the economic and financial crisis. This situation only dampens the future for the US economy. Its growth barely remained positive
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Irlanda y Espaa (y por qu no a Alemania y Francia) del agravamiento de la situacin en Grecia se multiplican. Los temores parecen estar concentrados en la incapacidad de las autoridades europeas para construir un muro de contencin efectivo que garantice la sostenibilidad del sistema bancario del viejo continente y de las mayores economas de la zona. Dudas justificadas por la falta de accin y respuesta de las autoridades europeas ante los problemas que aquejan a esta regin. Este marco no hace ms que empeorar las perspectivas de la economa norteamericana, cuyo crecimiento se mantiene en terreno positivo a duras penas, siendo insuficiente para hacer frente a los problemas de empleo generalizados. Las dudas sobre el desempeo de EE.UU. para el 2012 son cada vez mayores y la visin es cada vez ms pesimista, en un marco en el que no se cuenta con instrumentos suficientes para torcer el rumbo. En el caso de la poltica monetaria, hay consenso acerca de que el poder de fuego de la Reserva Federal es mucho ms bajo, mientras que por el lado fiscal las disputas polticas hacen difcil pensar en un plan de estmulo similar al de 2008-09.
manejables a pesar de ser montos sorprendentes los que estn en juego. As, salvo el caso de un escenario improbable, donde la situacin global se salga definitivamente de control, el mundo se encaminara a un ciclo de crecimiento lento, que podra durar varios aos. Un contexto global donde los pases desarrollados podran repetir la experiencia japonesa de las ltimas dos dcadas, con una expansin muy dbil por un tiempo prolongado (aunque sin dudas mucho ms corto que en Japn). Slo las economas emergentes mantendran el crecimiento global en terreno positivo, pero incluso no podran esperarse tasas elevadas en el mediano plazo porque luce prcticamente imposible un escenario en que stas no se vean afectadas por el estancamiento en los pases centrales. Este contexto sera muy diferente a aquel vigente hacia fines de 2008 y principios de 2009, perodo en el que se registr segn voces calificadas la mayor crisis mundial desde la Gran Depresin de principios del siglo XX. El menor crecimiento actual y esperado de las economas desarrolladas, junto con una mayor incertidumbre global, representan un cctel que difcilmente deje de afectar a la regin. Las consecuencias de un escenario mundial en crisis se vern seguramente reflejadas tanto por el lado real como financiero, con cada en los precios de los productos que Latinoamrica le vende al resto del mundo (algo de esto ya se vio en el caso de los commodities), menores cantidades demandadas, una mayor dificultad para acceder a los mercados internacionales de crdito a tasas de inters bajas y menores remesas recibidas del exterior. Los efectos negativos de este escenario global sern ms o menos importantes en funcin de la exposicin y dependencia de cada economa al contexto internacional, y de los grados de libertad de la poltica econmica de cada pas. Algunos pases se encuentran mejor posicionados que otros, influenciando seguramente en el desempeo del ao prximo (y quizs en los que siguen).
and it was still insufficient to face grave unemployment issues. Doubts on US performance for 2012 are increasing and the general opinion is turning more and more pessimistic, under the belief that authorities do not have enough resources to change course. In terms of monetary policy, the Fed seems to be less powerful to face the challenge and on the fiscal side political quarrels make it difficult to arrive to a consensus around a stimulus plan, like the one launched in 2008-2009.
tional scenario, the world will not go back to the situation faced in 2008-2009, which some experts named the worse financial crisis since the Big Depression. At that time, the leverage of the global financial system (and especially of the US) was such that it jeopardized the entire systemic solvency. The efforts to solve this crisis were extremely difficult. The global financial system was shaken, and it affected the real economy by destroying wealth, liquidity and contracting credit. Contrary to the above described situation, nowadays the problem is circumscribed to sovereign
debts of European periphery countries and Italy (although doubts have been casted on central countries, like France, for some time). So, although debts are massive, authorities have more instruments to face this challenge, which also seems more manageable. There is a very unlikely scenario where the global situation ends up out of control. Leaving that aside, the world seems to be facing a slow growth path that could last for several years. The behavior of developed countries will be very similar to that of Japan over the last decades: very
dim expansion for a long period (though shorter than the one experienced by Japan). Emergent economies will fuel global growth, but in the mid term they will also be affected by the relative stagnation of the developed world. Latin America will be conditioned by the slow growth of developed economies along with remaining global uncertainty. The effects will be felt both on the real and the financial economy: export prices will fall (commodities are already experiencing this contraction), demand will shrink, access to international credit mar-
2012 Forecast
In spite of a deteriorated interna-
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Sin embargo, la situacin actual podra ser alterada por un empeoramiento de la crisis en la zona euro o por la desaceleracin en la recuperacin de EE.UU. Ambas posibilidades podran introducir cierto grado de incertidumbre.
www.deloitte.com/ar
kets at low interest rates will be less probable, and remittances from abroad will also fall. Negative impacts on each particular country will depend on factors such as: exposure and dependency on the international context, and degree of freedom of political economy. Some countries are better equipped than others to cope with this context, and this will reflect on next years results (and the ones to follow as well).
na, Brazil, Chile, Colombia, Peru and Uruguay) have positive expectations. Local investors control the lions share of the real estate market, and since they are on a liquid position, they can seize opportunities both regionally and globally. Since property is somewhat concentrated, Latin America is expected to have a shorter recession and not such a sharp fall in prices, as the rest of the world. In the near future, an upward trend is to be expected. The office market will move along with the general current. According to Jones Lang Lasalle measure the Office Property Clock
Latin America as a whole is located in the growth quadrant, still away from the peak. According to this graphic indicator, a six o clock position stands for a market that has reached its minimum and as an enormous growth potential. Nevertheless, current situation might change if the Eurozone or the US economic conditions worsen. Both events could increase uncertainty.
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panorama econmico
En franca recuperacin
Amrica Central y el Caribe presentan un panorama auspicioso de acuerdo con las perspectivas del Scotiabank Group y el Citi Banamex.
A CLEAR RECOvERY
Central America and the Caribbean present an auspicious economic outlook, according to analysis from Scotiabank Group and Citi Banamex. The economic and financial recovery is reaching Central America and the Caribbean, regions strongly affected by the contraction in tourism, finances and international trade during the previous two years. Nevertheless it is still early to make long term projections. The region under analysis maintains strong historical, commercial and financial bonds with the United States; thus any recovery in the American economy has a direct effect there. During 2012 it is expected that the American economy will have a growth rate of around 2.7% to 3%. Central American and Caribbean countries are expected to grow likewise. External vulnerability is a trait shared by all countries in the region. Nevertheless, Panam
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shows better indicators in terms of diversification and capital market development. Besides, Panam is not the focus of hurricanes or other natural disasters, affecting risk analysis as performed by investors. During the first 3 quarters of 2011, Panams banking system evidenced improvements compared to the previous year, in assets (14.2%), credit portfolio (19.4%) and total deposits (11.3%). Nevertheless, the banking liquidity indicator dropped a 10.8% mainly pushed by the decrease in liquidity from official entities. While not asking for multilateral financing or ex-
ternal help like other countries in the region, Panam maintains a debt level of 43% and a deficit under 2%. Tourism is one of the main industries in Central America and the Caribbean. Its the industry which most jobs creates, particularly due to providing foreign exchange to travelers recipient countries. The World Tourism Organizations outlooks are favorable. The entity is expecting a recovery process and continuous growth starting in 2009, and is considering that during the next 10 years, tourism industry will be contributing
La recuperacin econmica y financiera est llegando a Amrica Central y el Caribe, regiones fuertemente golpeadas por la contraccin en el turismo, las finanzas y el comercio internacional durante los aos anteriores. Sin embargo an es pronto para hacer proyecciones a largo plazo. La zona bajo anlisis mantiene fuertes lazos histricos, comerciales y financieros con los Estados Unidos; de all que cualquier mejora en la economa americana repercuta directamente en sus socios menores. Dado que para 2012 se espera que la economa americana tenga un crecimiento del orden del 2.7% a 3%, se calcula que los pases de Centroamrica y Caribe tendrn tasas de crecimiento similares. Si bien la vulnerabilidad externa es un rasgo compartido por todos los pases de la regin, Panam muestra mejores indicadores en trminos de diversificacin y desarrollo del mercado de capitales. Adems, Panam no es foco de huracanes ni otros desastres naturales que afectan el anlisis de riesgo que realizan los inversores. En los primeros 3 trimestres de 2011, el sistema bancario panameo evidenci mejoras con respecto al ao anterior en los activos (14.2%), la cartera crediticia (19.4%) y los depsitos totales (11.3%); sin embargo, el indicador de liquidez bancaria baj en 10.8% principalmente empujado por la disminucin de liquidez de las entidades oficiales, que no alcanz a ser compensada por el incremento de las privadas. Si bien no ha solicitado financiamiento multilateral ni ayuda externa como varios pases del Caribe, Panam mantiene un endeudamiento del orden del 43% y un dficit pblico inferior al 2%. El turismo se trata de una de las primeras industrias de Centroamrica y el Caribe, la que ms trabajadores emplea, y de particular importancia por las divisas que aporta a los pases receptores de viajeros. Las perspectivas de la Organizacin Mundial del Turismo son un dato favorable. La entidad viene registrando en el pas un proceso de recuperacin y crecimiento continuo desde 2009 en adelante y estima que, en los prximos 10 aos, la industria turstica podr contribuir con un 4% promedio al crecimiento del
producto regional. La situacin intrarregional es diversa, ya que en pases como Aruba el turismo representa el 53% del PBI; en otros como Bahamas y Barbados llega a un tercio; y en Puerto Rico, con una economa mucho ms diversificada y orientada a la produccin, el turismo representa apenas el 6% del producto nacional. Panam se ubica en un punto intermedio, con el sector turstico aportando alrededor del 9.5% del PBI, creciendo inclusive durante la crisis y consolidndose como el principal producto de exportacin del pas con un ingreso de 3.379 millones de balboas en 2010 (por encima de los peajes cobrados en el Canal y las exportaciones realizadas desde la Zona Libre de Coln). Otro elemento de la recuperacin est dado por los flujos de inversin local y extranjera. En el Caribe, el panorama an es de cautela y fuerte aversin al riesgo. Las entidades financieras con base en los Estados Unidos continan limitando la disponibilidad de fondos y poniendo en stand-by los proyectos de desarrollo turstico y de segunda vivienda en las islas exceptuando las Bahamas-. A diferencia de este panorama, en Panam la inversin extranjera directa represent un 8% del producto en 2011 y la inversin en general se ubic en el orden del 30%. Para el perodo de enero a octubre de 2011, el ndice Mensual de Actividad Econmica de Panam registr un crecimiento del 9.27% comparado con igual perodo del ao anterior. Los sectores con mayor dinamismo fueron la construccin; el transporte, almacenamiento y comunicaciones; el comercio, hoteles y restaurantes, entre otros. La construccin y el sector inmobiliario se vieron favorecidos, principalmente, por la ejecucin de inversiones pblicas, como grandes obras de ingeniera civil y tambin por el aporte de la construccin privada.
La informacin contenida en esta nota surge de Caribbean Regional Economic Outlook de Scotiabank Group; Panam: Perspectivas Econmicas de Citi Banamex, Estudios Econmicos; el Instituto Nacional de Estadstica y Censo de la Contralora General de la Repblica de Panam; y la Autoridad de Turismo de Panam.
an average 4% to regional GDP growth. The intraregional situation is diverse. For countries like Aruba, tourism represents 53% of the GDP. In other cases, like Bahamas and Barbados, tourism accounts for a third of the countrys GDP. In contrast, Puerto Rico has a more diversified economy oriented towards production. Tourism in that country represents only a 6% of GDP. Panam is in the middle, with a tourism industry growing even during the crisis, consolidating as the countrys top export product and adding 3,379 million balboa in 2010 (over the fees collected from the Canal
and exports done through the Coln Free Zone). Another sign of the recovery is given by the flows of local and foreign investment. In the Caribbean, the outlook is still of caution and risk aversion. Financial entities based on the United States continue to limit the availability of funds and placing development projects on stand-by - except for Bahamas-. In contrast, in Panam direct foreign investment represented an 8% of GDP in 2011 and investment in general added a whopping 30%. For the period between January
and October 2011, the Panamanian Monthly Economic Activity Index recorded a growth of 9.27%. The more dynamic sectors were construction, transport, storage, communications, commerce, hotels and restaurants, among others. Construction and the real estate industry were favored mainly through the implementation of public investments, like huge infrastructure projects, and at some point also by private developments. Information contained in this article comes from the Caribbean Regional Economic Outlook from Scotiabank Group; Pan-
am: Economic Outlooks from Citi Banamex, Economic Studies; National Institute of Census and Statistics of the Republic of Panam; and the Tourism Authority of Panam.
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informe latinoamrica
believes that higher inflation in the near term is not a major concern for infrastructure projects in the region. In the last two decades, investment in infrastructure projects that rely on private-public partnerships (PPPs) has steadily increased in Latin America, and the region is expected to invest US$450 billion in infrastructure assets between 2012 and 2015, mostly in the surface transport and energy sectors. The rise in infrastructure PPPs (Public Private Partnerships) bodes well for the region. When you look at countries that have allowed a fair amount of private investment either in construction firms or concession operators in infrastructure, they have better infrastructure and higher GDP growth. Infrastructure is incredibly beneficial to a country and its
people. Getting it built is a good idea, and governments simply cant build all of it with the capital constraint they all have today. The backlog of infrastructure in the region necessitates government intervention through investments and public policies to reverse inefficiencies. One of the main challenges is to achieve greater coherence and coordination between relevant actors in the area of infrastructure. In particular, the need for such coordination between agencies of different institutions but similar levels of government, agencies from different levels of government, private and public actors. Greater efficiency in the public policy cycle infrastructure can achieve a higher level of development. To identify the bottlenecks that limit effectiveness of
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revertir las ineficiencias. Uno de los mayores desafos es alcanzar la mayor coherencia y coordinacin entre los actores relevantes del rea: agencias de diferentes ministerios en niveles similares del gobierno o en diferentes niveles (ejemplo: nacin provincias), actores pblicos y privados. Al incrementar la eficiencia en el ciclo de las polticas pblicas de infraestructura, se alcanza un mayor grado de desarrollo. Para identificar los cuellos de botella que limitan la efectividad de las polticas pblicas deberan evaluarse las diferentes fases del proceso: establecimiento de prioridades y planeamiento, implementacin, operacin y mantenimiento. Esto requiere la definicin de un programa de trabajo y de regulaciones que establezcan controles, mecanismos de accountability y de transparencia. Si bien el xito de los PPPs depende en gran medida de la capacidad y la accin del sector pblico, tambin hay que considerar cmo y porqu los socios privados pueden y deben invertir. Las respuestas varan segn el pas, y dependen mucho del clima de negocios y las condiciones financieras. Un reciente informe de EIU que califica estas condiciones en la regin, sugiere que Chile es el pas mejor posicionado, con 97.2, sobre una lista de 100 facilidades financieras para proyectos PPP, liderando la regin con un puntaje casi perfecto. Brasil, Mxico, Panam y Per tambin quedan bien posicionados. Sin embargo, el informe encuentra grandes oportunidades de mejora en casi todos los pases.
El beneficio en general de invertir en proyectos de infraestructura es que estos ofrecen retornos importantes. Las empresas que invierten y desarrollan este tipo de proyectos usualmente tienen fundamentos slidos, mantienen los derechos de la concesin o las licencias que restringen la competencia y los protegen contra la inflacin, y son relativamente inmunes a los ciclos econmicos. Sin embargo que hay costos altos de desarrollo, diseo y construccin, relativamente bajos costos marginales de produccin y poca o nula competencia una vez que el proyecto est en operacin. El riesgo de retorno vara segn el sub-sector, con mayor riesgo en aeropuertos, puertos y trenes de alta velocidad, por ejemplo, que en inversiones en distribucin de energa o telecomunicaciones. Hay otros factores que incrementan el riesgo, como factores polticos impredecibles; regulaciones excesivas o que afectan los precios; inclusive la nacionalizacin; y tambin los riesgos comunes de todo gran mercado. Pero, circunscribindonos a los fundamentos que determinan los riesgos a largo plazo, las empresas de infraestructura tienden a ser slidas. Deseamos remarcar la dependencia de las inversiones en infraestructura. Si los inversores desean exponerse a una economa como Brasil, es mejor invertir en infraestructura que en commo-
infrastructure policies should be evaluated and reinforce the process policy development in its different phases: prioritization and planning, implementation, operation and maintenance. This requires the definition of a framework and of regulations that establish checks and balances along with accountability mechanisms and transparency. Although the success of PPPs depends to a large extent on public sector readiness and execution, there remain the questions of how and why private sector parties can and should invest. The answers vary from country to country, and depend largely on investment climates and financing conditions. The recent EIU report rates such conditions across the region, finding that Chile scored best, with 97.2 out of 100 for the PPP financial
facilities category, leading the region with an almost perfect score. Brazil, Mexico, Panama and Peru also scored relatively well. The EIU states, however, that there is vast room for improvement almost everywhere. The general benefit of investing in infrastructure assets is that they tend to offer consistent returns. Infrastructure companies usually have solid fundamentals, hold concession rights or licenses that restrict competition and protect them against inflation, and are usually relatively immune to the economic cycle. Though there are high development costs, including design and construction, there are relatively low marginal costs for production, and little or no competition once in operation. Risk-return will vary according to sub-
sector, with greater risk-return for airport, seaport, and high-speed rail investments, for instance, than for investments in energy distribution or telecom. There are other factors that increase risk, as well, such as unpredictable political factors; the possibility of overzealous governmental regulation and price-capping, or even nationalization; and the risks inherent in large markets. But in terms of the fundamentals that determine long-term risks, infrastructure companies tend to be strong. We want to remark on the dependability of infrastructure investment. If investors want exposure to an economy like Brazils, it is better to be invested in infrastructure than, for instance, certain commodities, as the value of infrastructure is determined more di-
rectly by Brazils expanding economy. If you want exposure to some big sugar or soybean producer, then youre not making a bet on the Brazilian economy. Youre betting on commodity prices, which are very volatile. There are several sources through which the private sector can finance the development of infrastructure. We look at these sources, examining their unique roles. Infrastructure funds purchase shares in infrastructure project companies and work with strategic investors such as operators and construction companies to maximize revenue and increase equity value over time. The performance of such funds is tied to their ability to extract dividends from the operating asset or through refinancing.
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dities, porque el valor de la primera est ms determinado por el proceso de expansin de la economa brasilera. Por su parte, los commodities como la caa de azcar o la soja- no son una apuesta respaldada por la economa brasilera, sino por los mercados globales donde el precio de los commodities es muy voltil. Hay varias diversas fuentes de financiamiento a las que puede recurrir el sector privado. Evaluaremos estas fuentes examinando sus particularidades y roles propios. Fondos de infraestructura: compran porcentajes de compaas que desarrollan este tipo de proyectos y trabajan con inversores estratgicos como operadores y empresas constructoras para maximizar los retornos e incrementar el valor de los activos a travs del tiempo. La performance de tales fondos est atada a su capacidad de extraer dividendos de las operaciones o de obtener refinanciacin. La tendencia es luego vender sus porcentajes a otros miembros del consorcio del proyecto, a un tercero, o al pblico en general a travs de acciones. En los ltimos aos han aparecido varios fondos de infraestructura en Amrica latina. Algunos ejemplos son el fondo establecido por Ashmore Investment e Inverlink en Colombia, los fondos Brookfield Asset managements de Colombia y Per y Macquarie Group en Mxico. El banco de inversin brasilero BTG Pactual y el conglomerado local EBX han anunciado sus planes para crear fondos de infraestructuras. Y Celfin Capital, uno de los principales bancos de inversin chilenos, tiene un fondo de este tipo, Celfin Infraestructura. Varios pases de la regin permiten que los fondos de pensiones coloquen capital en fondos de infraestructura y mantengan activos a largo plazo. En un reciente informe, el Banco Bilbao Vizcaya Argentaria (BBVA) resume la relacin mutuamente beneficiosa entre fondos de pensin y PPPs en Amrica Latina. Para los fondos de pensiones, la naturaleza de largo plazo del ciclo de los activos de infraestructura les permite calzar la inversin con sus
propios vencimientos, optimizando el planeamiento. Al mismo tiempo, se espera que la participacin de fondos de pensin en inversin en infraestructura contribuya a reducir riesgos polticos y regulatorios, ya que el gobierno estar ms interesado en mantener las reglas y la disciplina si el bienestar de la poblacin local est en juego a travs de sus jubilaciones. Otro atractivo para los fondos de pensin es el relativamente buen ratio costo/beneficio de los proyectos de infraestructura. Finalmente, el informe seala que los fondos de pensin pueden incrementar la opinin favorable del pblico, si los ciudadanos ven que sus ahorros previsionales estn siendo invertidos en proyectos que mejoran su vida cotidiana y al mismo tiempo mejoran los retornos y el perfil de riesgo de sus fondos de pensin. Participaciones en los mercados de capitales son otra opcin atractiva, dadas las caractersticas del negocio (la infraestructura) y del vehculo de inversin. Son una forma confiable de diversificar el riesgo de la cartera. Adems, la naturaleza local del negocio de infraestructura y la relativa inmunidad de los proyectos frente a los ciclos econmicos, les otorga una baja correlacin con tendencias ms amplias de las acciones y otros activos. Encontramos 4 razones por las que invertir en acciones es particularmente atractivo: el mercado abierto genera una mayor eficiencia en los precios de los activos, hay ms claridad en el reparto de dividendos, se agrega liquidez, y se instalan estndares ms elevados de transparencia y reporte que los que habitualmente habra de otra forma. Este ltimo punto puede ser especialmente importante para negociar con un sector pblico escptico. Existe una correlacin entre la profundidad y el ancho de un mercado de capital y la habilidad de dicho pas de expandir su economa. Por ejemplo, Brasil se ha beneficiado de la existencia de un centro financiero de nivel global en San Pablo, uno de los pocos que existe en el hemisferio sur.
www.ioseurope.eu
They may ultimately sell their shares to other owning members of the projects consortium, a third party, or the public through an IPO. In recent years, several major infrastructure funds have emerged in Latin America. Examples include a fund established by Ashmore Investment and Inverlink in Colombia, Brookfield Asset Managements Colombian and Peruvian funds and a Macquarie Group fund in Mexico. The Brazilian investment bank BTG Pactual and the domestic conglomerate EBX have each announced plans to set up major infrastructure funds. And Celfin Capital, one of Chiles largest investment banks, has an infrastructure fund, Celfin Infraestructura, as well. Many countries in the region allow domestic pension funds to commit
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capital to infrastructure funds and hold long-term debt issues. In a recent report, the Banco Bilbao y Vizcaya Argentaria (BBVA) sums up the mutually beneficial relationship between pension funds and infrastructure PPPs in the Latin American context. From the point of view of the funds, for one, they are often interested in infrastructure funds because the long-term life cycle of infrastructure assets tends to match their long-term liabilities and permits optimal planning. At the same time, Its to be expected that the participation of pension funds in the infrastructure investment will reduce the political and regulatory risk, as one expects better discipline on the part of governments with respect to contracts and the rules of the game, if the wellbeing of local workers is at stake through private pensions, says
the report. Pension funds might also be attracted to the relatively good cost/ benefit ratio of infrastructure projects. Lastly, the report notes that private pension funds can garner public favor if the public sees that the funds are investing in projects that improve their daily lives as well as the returns and risk profile of their pension funds. Listed infrastructure shares in capital markets are seen by investors as an attractive option because of intrinsic characteristics of both the underlying business and the investment vehicle. They represent a dependable way to diversify portfolio risk. The highly local nature of infrastructure businesses and projects and their relative immunity from the economic cycle gives them a low correlation with broader stock trends.
We observe four reasons why investing in listed shares is particularly attractive: the efficiency an open market gives to asset prices; greater clarity of dividend yields; added liquidity; and higher standards of transparency and reporting than one finds with private equity deals. The last point can be especially important for a skeptical public sector. There is a correlation between the depth and breadth of countrys capital markets, on the one hand, and that countrys ability to expand economically. Brazil has benefited from So Paulos dominance as a truly world-class financial center, one of the few in the southern hemisphere. Its clearly has been a huge benefit to the recent growth of their economy to have a domestic financial center with a great deal of scale and scope and international presence.
PANAMA
INFORME
eventos
La cuarta edicin de Expo Inmobiliaria, promovida por ACOBIR en Panam, fue todo un xito. Ya comienzan los preparativos para la quinta edicin del ao prximo.
La Asociacin Panamea de Corredores y Promotores de Bienes Races (ACOBIR) realiz su actividad cumbre del ao, la EXPO Inmobiliaria 2012. El evento tuvo lugar entre el 1 y el 5 de febrero y, en esta cuarta edicin, los ms de 7,000 m2 del Centro de Convenciones ATAPLA se convirtieron nuevamente en la ms importante vitrina del sector inmobiliario de Panam. Con el slogan Todo bajo un mismo Techo, la Expo Inmobiliaria ACOBIR 2012 ofreci una plataforma comercial nica para que los 143 expositores -que incluyeron promotores, empresas de bienes races, banca y servicios relacionados- tuvieran la opor-
tunidad de exponer a ms de 22000 visitantes, la mayor variedad de opciones inmobiliarias existentes. La muestra incluy una gama muy amplia de propiedades: comerciales, residenciales y de esparcimiento, reventas y nuevos proyectos, locaciones para desarrollos, como apartamentos, bienes amoblados, casas de todo tipo, propiedades re-posedas, lotes para casas de playa o montaa en Panam y mucho ms. El acto inaugural cont con la participacin de Su Excelencia, Roxana Mndez, Alcaldesa Capitalina, Su Excelencia Omar Castillo, Ministro Encargado de Comercio e Industria, Su Excelencia Jaime Ford, Viceministro de Vivienda, Sra. Anita Ming, Jefa de Gabinete del Ministerio de Comercio e Industria, Jeff Hornberger, Director de Global Alliances de la National Association of Realtors, Sr. lvaro Boyd Presidente de ACOBIR; Jose Boyd, Presidente de Comit Expo Inmobiliaria 2013 y Sr. Wilson Ruiz, Presidente de Comit de Expo Inmobiliaria ACOBIR 2012.
ects, development locations such as apartments, furnished properties, homes of all types, repossessed properties, lots for beach and mountain homes in Panam and much more. The inaugural act counted with the participation of the citys mayor Roxana Mndez; the minister of Commerce and Industry, Omar Castillo; Deputy minister of housing, Jaime Ford; Chief of Staff of the Ministry of Commerce and Industry, Anita Ming; Chairman of the Global Alliances of the National Association of Realtors; Chairman of ACOBIR, Alvaro Boyde; Chairman of the
Expo Inmobiliaria 2013 Committee, Jos Boyd; Chairman of the Expo Inmobiliaria ACOBIR 2012 Committee, Wilson Ruiz. It featured the participation of banks such as HSBC (Prime Sponsor); CAJA DE AHORROS, MULTIBANK, BANCO GENERAL, BANCO NACIONAL, BAC CREDOMATIC, BANESCO, SCOTIABANK, CAPITAL BANK, UNIBANK, LA HIPOTECARIA and CREDICORP BANK, who offered the visitors the best rates in the market and immediate approvals. The novelty was the international the International Pavilion,
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Cabe destacar la participacin de bancos como HSBC (Gran Patrocinador); CAJA DE AHORROS, MULTIBANK, BANCO GENERAL, BANCO NACIONAL, BAC CREDOMATIC, BANESCO, SCOTIABANK, CAPITAL BANK, UNIBANK, LA HIPOTECARIA y CREDICORP BANK, quienes ofrecieron a los visitantes las mejores tasas del mercado y aprobaciones inmediatas. La novedad de 2012 fue el pabelln internacional, en el que estuvieron presentes mediante distintos tipo de desarrollos y promotores pases como Mxico, Colombia, Repblica Dominicana, El Salvador, Guatemala, Nicaragua, Honduras, Venezuela, Chile, Argentina, Brasil, Per, Espaa y Estados Unidos. Expo Inmobiliaria ya se ha constituido en una tradicin para los actores del real estate de Panam, Centro Amrica y el Caribe, quienes esperan con inters las novedades de este gran evento para el prximo ao.
www.expoinmobiliariapanama.org
ACERCA DE ACOBIR
ACOBIR es la Asociacin Panamea de Corredores y Promotores de Bienes Races, entidad fundada en 1973 por el empresario Jaime R. Correa con el propsito de promover los intereses de la industria del corretaje y promocin de bienes inmuebles. Inicialmente integrada por tan solo 18 miembros, ACOBIR ha crecido exponencialmente y nuclea hoy en da a ms de 200 organizaciones, incluyendo las empresas ms experimentadas y prestigiosas del mercado inmobiliario panameo, y 25 miembros corporativos cuyo negocio est directamente vinculado con los bienes races (bancos hipotecarios, empresas de corretaje de hipotecas, entre otros). A lo largo de estos aos, la Asociacin ha realizado valiosos aportes como la participacin en las propuestas legislativas para el establecimiento de incentivos, colaboracin en la promulgacin de leyes beneficiosas para el sector, la organizacin de eventos de negocios con participacin de socios internacionales para la promocin y comercializacin de bienes inmuebles y servicios, actividades de capacitacin, entre otros. Los miembros de ACOBIR apuestan a la participacin y al compromiso, partiendo de la base de que cuando todos los miembros de una industria trabajan juntos pueden obtener mayores logros y beneficios para el desarrollo del pas.
www.acobir.com
where the following countries where present: Mxico, Colombia, Repblica Dominicana, El Salvador, Guatemala, Nicaragua, Honduras, Venezuela, Chile, Argentina, Brazil, Peru, Spain and the United States. Expo Inmobiliaria has already become a tradition for the real state actors in Panam, Central America and the Caribbean. These regions await eagerly the novelties of this great event for the next year.
ABOUT ACOBIR
ACOBIR is the Panamanian Realtors Association. It was found-
such as banks and mortgage companies. Over the years, the association has achieved important goals: it took part of legislative debates related to incentives, colaborated with several bills that improved the sectors conditions, organized business events with international partners in order to advertise and sell properties and services, organized training seminars, among other activities. ACOBIRs members believe in participation and commitment, since when all members of an
industry work together they are able to achieve larger accomplishments and more benefits for the countrys development.
ed in 1973 by the businessman Jaime R. Correa, with the mission of fostering the real estate industrys interests. The Association started with only 18 members, and grew exponentially. Nowadays it has over 200 corporate members, including some of the most experienced and prestigious Panamanian real estate firms. ACOBIR also has 25 additional members, whose core business is closely related to real estate,
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mercado residencial
Focos de crecimiento
Ambos segmentos convergen en una creciente localizacin fuera de las grandes ciudades. Si bien en muchas zonas del pas, a pocos kilmetros de las ciudades, la infraestructura an es es-
category are retirees moving into Panam to spend their last years, and executives from companies established in the country. On the other hand, Panams banking system, supported by the stable and dollarized economy, can develop residential projects aimed at middle and lower middle class clients; sometimes financed through market initiatives or by government intervention establishing credit lines for the sector.
communities and touristic towns develop aimed at high income Panamanians and foreign investors. The biggest urban developments infrastructure (malls, renowned bilingual schools, an international airport) and closeness to historical landmarks (Ciudad del Saber, international organizations, the new American embassy). One of the main characteristics in Clayton is the criteria of environmental sustainability, caring and integrating. Clayton is one of the most expensive areas, among other high class planned communities with all kinds of services. Two of these communities were developed by Grupo Los Pueblos (Embassy Club
Growth focus
Both processes converge in a growing localization outside the cities. While many areas in the country have scarce infrastructure, in other regions residential suburbs, gated
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toda clase de servicios, como las desarrolladas por Grupo Los Pueblos (Embassy Club y Embassy Gardens). Los proyectos, que comenzaron entre 2006 y 2008, estn en distintos niveles de avance. En el caso de Embassy Club, se estima que se estar terminando de comercializar a mediados de 2012. Otros proyectos relevantes de la zona son las torres de departamentos de Clayton Park (desarrollado por Provivienda). Prximo a Clayton se encuentra la Ciudad Jardn de Albrook, tambin parte de las reas revertidas. All sola ubicarse la base area homnima y es ahora donde se encuentra un pequeo aeropuerto internacional y el Albrook Mall. Aqu tambin se desarrollaron varias comunidades y complejos como Embassy Village (terminada y en proceso de comercializacin), Albrook Park y
Albrook Heights. En general, las propiedades y el entorno son similares a los de Clayton; si bien ms pequeas, de menor valor y con mayor nivel de consolidacin urbana ya que inicialmente la zona contaba con 400 casas con jardn que habitaban los soldados norteamericanos y sus familias. Ms alejado de las anteriores y en una etapa preliminar, se encuentra el complejo de Panam Pacfico localizado en los terrenos de la ex base area de Howard (2500 hectreas). Panam Pacfico se proyect como una zona de usos mixtos que incluir un hub comercial y de negocios, una comunidad autosuficiente con viviendas disponibles para varios niveles de ingreso, espacio para servicios sociales (educacin, salud) y entretenimiento, espacios tursticos y campo de golf. El gobierno le otorg la ca-
and Embassy Garden). Starting between 2006 and 2008, the projects are in different levels of completion. The Embassy Club is estimated to be commercialized completely by mid 2012. Other relevant projects in the area are the Clayton Park department towers (developed by Provivienda). Next to Clayton is located Ciudad Jardn de Albrook, also a reverted area. It used to be a military base. Now a small international airport is located in the area next to Albrook Mall. Other developments like Embassy Village (completed and being sold), Albrook Park and Albrook Heights are also in the area. Generally, properties and environments
are similar to those at Clayton; although smaller and more consolidated. That part used to house American soldiers and their families. A little further and still at preliminary stages is located Panam Pacfico, in the grounds of the former Howard air force base (2,500 hectares). Panam Pacfico was projected as a multi-use zone containing: a business and commercial hub, a self sustaining community with housing for all incomes, space for social uses (education, health) and entertainment, tourist spaces and golf course. The government gave it the category of special economic zone which implies several incen-
tives for companies and investors who settle there and in 2007 it was contracted to the developer London & Regional Panam. It is estimated that the project would inject 4 billion dollars into the Panamanian economy. The development would add more than 20,000 homes and apartments to the market, as with malls, luxury hotels, commercial and corporate real estate, among others.
interest credits over the whole value of the property. These credit lines remained only slightly changed. Also many government programs offer subsidies to lower income segments to access financing. During January 2012, the subsidys top limit was raised up until $120,000 dollar.The abundance of credit relies on macroeconomic factors and a judicial framework guaranteeing property rights (discounts are performed for mortgages and on default, executions are expedient in Latin American terms). One of the advantages offered by Panam to foreigners is its deep integration with the United States. Beyond the complex history weav-
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tegora de zona econmica especial lo cual implica una serie de ventajas para las empresas e inversiones que se radiquen all- y en 2007 fue concesionada por el desarrollador London & Regional Panam. Se estima que, al finalizar el proyecto, su impacto ser de $4 mil millones inyectados en la economa
panamea, 20.000 casas y apartamentos incorporados al mercado, junto con malls, hoteles de lujo, inmuebles comerciales y corporativos, entre otros.
En el corazn de la Baha de Panam, en la zona de Punta Pacfica se destaca uno de los proyectos residenciales ms ambiciosos e innovadores: Ocean Reef Islands. Las primeras islas residenciales construidas por el hombre en Latinoamrica. Este desarrollo que consiste en dos islas, con una exclusiva comunidad de nicamente 138 lotes residenciales divididos en terrenos residenciales de 800 y 1,500 m2; con las siguientes caractersticas: Lotes de baja densidad frente al mar; Elaboradas Guas de diseo que regirn en todas las propiedades de las Islas que garantizarn el lenguaje y la eminencia de las residencias; jardines, parques y reas recreativas (canchas de tenis). Una lujosa Marina privada residencial con su club de yates, helipuertos y acceso restringido - 24 horas, supervisado por un equipo de seguridad que garantizar la seguridad y la privacidad. El proyecto es desarrollado por Grupo Los Pueblos y se entregarn los primeros lotes desde Octubre 2012.
ing both countries together, this relationship has determined certain attributes making the isthmus attractive: multinational companies presence, fluent use of English, existence of bilingual health and educational facilities, etc. Ever since 2009, impacts have been felt in the luxury condo oriented for foreign investors sector. Many projects were reformulated or suspended. The government urged developers to allow a bigger investment flow towards segments more accessible to the local consumer. The government also promised the introduction of more transparency in the construction and sale process (through ACODECO
Autoridad para la Proteccin al Consumidor y Defensa de la Competencia). The agency is defined to provide security to foreign investors denouncing defaults by developers. Beyond these problems, both sectors are active and thriving. Most of the big scale or luxury projects are being sold before completed due to banks lending up to 80% the construction cost while the developer has already sold a 50%. This is the reason why Panamanian developers sell over 80% before completion. The market now faces the following situation: unit delivery day is approaching and buyers have to pay the balance (around 70% for housing for foreigners that
have arranged letters of credit with local banks). Additionally, many other projects continued construction despite not having sold half of the units. Nowadays local credit it not affected, and actually shows liquidity excess which is being pushed with intensive advertisement campaigns. The situation aforementioned is appreciable in areas like Punta Pacfica, Costa del Este, Bella Vista and Balboa Avenue. That area contains between 3,000 and 40,000 new units with values ranging from 2,000 up to 5,000 dollars per m2. Market insiders estimate half these properties are still unsold. For such
a reason, ACOBIR (Asociacin Panamea de Corredores y Promotores de Bienes Races) talks about a saturation point for the luxury market. In these areas are located the towers of the three big business groups: Empresas Bern (Parque del Mar II, Riverside, La Vista On the Green), F&F Properties (Ocean I y II, Venetian, Platinum, Mystic) and Btesh & Virzi (Aqualina, Ocean Front, Sevilla, Waters on the Bay, White Twer, Oasis). The spread between the price of buying a property in pre-sale and selling it by delivery date has shrunk. That is why certain developers are modifying their strategy and
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la compleja historia que une a ambos pases, esta relacin ha determinado algunos atributos que hacen atractivo al pas del istmo: presencia de empresas multinacionales, uso fluido del ingls, existencia en las ciudades de infraestructura educativa y sanitaria bilinge de gran calidad, etc. Desde 2009 en adelante, los impactos de la crisis se han sentido en el segmento de los condominios de lujo orientados al inversor extranjero. Varios proyectos fueron reformulados y otros suspendidos. El gobierno, a travs del Ministerio de Vivienda, urgi a los desarrolladores a destinar un mayor flujo de inversin hacia otros segmentos ms accesibles para el consumidor local. Adems se comprometi a introducir ms transparencia al proceso de construccin y venta (a travs de la ACODECO - Autoridad para la Proteccin al Consumidor y Defensa de la Competencia), ya que los compradores extranjeros reclamaban por incumplimientos de los desarrollistas. Ms all de esto, tanto el segmento de lujo como el accesible se encuentran activos y dinmicos. En zonas como Punta Pacfica, Costa del Este, Bella Vista y Avenida Balboa, se estima que hay entre 3.000 y 40.000 nuevas unidades con valores que van entre 2.000 y 5.000 dlares el metro cuadrado. Los conocedores del mercado estiman que la mitad de estas unidades an no ha sido vendida. Es por eso que, desde ACOBIR (Asociacin Panamea de Corredores y Promotores de Bienes Races) se habla de un punto de saturacin del mercado de lujo. En estas zonas se destacan las torres de tres grandes grupos empresarios: Empresas Bern (Parque del Mar II, Riverside, La Vista On the Green), F&F Properties (Ocean I y II, Venetian, Platinum, Mystic) y Btesh & Virzi (Aqualina, Ocean Front, Sevilla, Waters on the Bay, White Twer, Oasis). En cuanto a los valores, las diferencias que se obtenan previamente de comprar una unidad en preventa y venderla cerca de la fecha de entrega, se han achicado. Por eso, ciertos inversores estn cambiando de estrategia y retienen la propiedad para alquilarla. Se estima que el proyecto de ampliacin del Canal, junto con otras grandes iniciativas como la Ciudad del Saber,
atraiga gran cantidad de extranjeros expatriados que requieran de viviendas por el tiempo que duran sus asignaciones; lo cual convierte al alquiler en una opcin viable que permite mantener los precios del metro cuadrado residencial estables.
Qu esperar a futuro?
Durante 2010 y 2011, se anunciaron varios proyectos de infraestructura de gran envergadura en el pas, como por ejemplo la ampliacin del Canal. Dado el impacto de estos proyectos y las inversiones asociadas los economistas pronostican tasas de crecimiento del orden del 9% anual al menos hasta 2014. Asimismo se espera un impacto muy positivo en el sector bancario y el de la construccin. De hecho, entre el segundo semestre de 2010 y el mismo perodo de 2011, el PBI real de la construccin creci significativamente. Estos datos dan cuenta de un marco macroeconmico favorable para el mercado inmobiliario y la construccin. Una encuesta gubernamental realizada a partir de informaciones brindadas por los bancos que realizan prstamos para la construccin (tanto para el desarrollo como para la adquisicin), revela que en los ltimos trimestres ha habido un reacomodamiento de los proyectos: en el mercado residencial se desacelera la nueva oferta de inmuebles de lujo y crece el segmento destinado a la poblacin local. La calidad de la cartera de prstamos es muy buena, con bajsimos niveles de morosidad. Los proyectos desarrollados entre 2010 y 2011 con apoyo bancario representan una oferta de 1795 departamentos pendientes de vender (datos a Junio de 2011); y otros nuevos 120 emprendimientos se encuentran en proceso. La oferta total de departamentos de distintos segmentos- asciende a casi 13.000 unidades, de las cuales 9.000 se encuentran prevendidas a locales en un 75% y a extranjeros en un 25%. La oferta es inferior a la registrada en aos anteriores y la cantidad de unidades prevendidas es similar, lo cual permitira esperar una rpida salida de mercado de las unidades existentes que abrira camino para el lanzamiento de nuevos desarrollos.
holding onto properties in order to rent them. There are expectations about an influx from foreigners due to the Canal expansion works and Ciudad del Saber, which makes renting a viable option maintaining the price of m2 stable.
same period in 2011, real GDP for construction grew significantly. This information is evidence of a favorable macro-economic environment for the real estate market. A government sponsored poll based on information provided by banks lending to construction (both development and acquisitions), reveals that during the last three quarters many projects have been reordered: in the residential market, luxury homes are cooling while demand for homes destined to the locals is growing. The quality in the loans portfolio is very good, with minimal levels or default. Projects developed between 2010 and 2011 with help from the banks represent
a supply of 1795 apartments not yet sold (values from June 2011); 120 new developments are in process. Total apartment supply from different segments- ascends to almost 13,000 units of which 9,000 have been pre-sold to locals by a 75% and 25% to foreigners. The supply is inferior to those of years before and the quantity of pre-sold units is similar, which would mean a rapid exist for existing properties towards the commencement of new developments. In the area of Punta Panama one of the most innovating residential developments is Ocean Reef Islands. The project started by
What to expect?
During 2010 and 2011, various infrastructure projects were announced, like that of the expansion of the Canal. Given the impact of these developments and its investments, economists forecast growth rates around 9% YoY until at least 2014. A big impact is expected between of the banking and construction sectors. In fact, between the 2nd semester of 2010 and the
mid 2011 and is a 2 artificial island complex (almost 200,000 m2) with 138 luxury homes, services and amenities, a marina and 2 bridges that connect with the continent. Ocean Reef is a very complex engineering project for Latin American standards. Work started in October 2011, with the placing of the first stones of the perimeter breakwater in the previously dragged lands under a strict environmental control. The first lots will began entering the market by July 2012, while finished residences (called Ocean Villas) will be ready for December 2013. The project was developed by Grupo Los Pueblos and constructed by Ingenieros Civiles Asociados.
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mercado corporativo
Panorama general
La oferta total de superficie -sumando los edificios clase A y Bsupera los 640.000 metros cuadrados, habindose incrementado en casi 100.000 m2 entre fines de 2010 y fines de 2011. Los edificios clase A dan cuenta de la mitad de la superficie existente. La principal zona de la Ciudad de Panam para el segmento corporativo es Costa del Este, seguida por la zona bancaria. Existen ms de 157.000 metros cuadrados en construccin, exclusivamente de edificios clase A, que se estarn incorporando al mercado en 2012 y 2013.
Indicadores cuantitativos
En 2010, los valores de los alquileres se mantuvieron estables, en torno a los US$18 a 26/m2 al mes para las propiedades clase A y de US$ 15 -20 para la clase B. En cuanto a los valores de venta, estos se ubicaron en torno a los US$ 2.000 a 2.600 por m2 para los primeros, y entre US$ 1.500 y 2.000 para los segundos. En 2011, se verific una leve cada en los valores, pasando a US$ 17-25 para los alquileres de clase A y US$ 13 a 18 para los de clase B. Los submercados con mayores valores son San Francisco y Costa del Este, considerados zonas Premium. Tras un 2009 muy lento, en 2010 la tasa de absorcin para los emprendimientos corporativos volvi a dinamizarse y esto gener una baja en los niveles de vacancia (del 10% en 2009 al 5% en 2010). En 2011, la tendencia continu (pese a la sostenida incorporacin de metros al mercado) y cerr el ao en torno al 4.2%,
The favorable macroeconomic context helped the continuation of many corporate buildings under construction. The arrival of multinational companies to the country continued feeding demand, in a context of a sustained increment on the offer of rentable surface.
being built exclusively for class A buildings. These new developments will be entering the market between 2012 and 2013.
Quantitative indicators
In 2010, the values for rents remained stable around US$18 and 26/m2 a month for class A properties; and of US$ 15- 20 for class B. Sell values were around US$ 2,000 and 2,600 /m2 for the former, US$ 1,500 and 2,000 for the latter. In 2011 there was a small drop in values, going from US$ 17 25 for class A rents and US$ 13 and 18 for those class B. Most valued sub-markets are San Francisco and Costa del Este, considered premium zones. After a slow down in 2009, during 2010 absorption
General Outlook
The total supply of surface - considering class A and B buildings is over 640,000 tm2, having increased in almost 100,000 m2 between the end of 2010 and the end of 2011. Almost half of the existing surface is comprised of class A buildings. Panam Citys top spot for the corporate sector is Costa del Este, followed by the banking zone. There are over 157,000 m2
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con variaciones en los distintos sub-mercados (la zona bancaria rond el 7%, las reas revertidas 5.3%, el sur 4% y San Francisco 1.7%). Las sub-zonas ms dinmicas en trminos de absorcin fueron Costa del Este y la zona bancaria y financiera.
Proyectos destacados
Recientemente se han completado dos grandes proyectos y otros tres estn en proceso en Costa el Este y la zona bancaria, destacamos: Torre Banco Panam: el proyecto comenz en 2009, con la participacin de Mallol & Mallol en el diseo e Inmobiliaria Fix y Construccin y Administracin de Obras S.A. en la construccin. Cuenta con 28 plantas en total entre estacionamientos y oficinas que suman 14.000 m2 de rea vendible. Se concret a finales de 2011 y sali al mercado con un valor de venta de cada unidad (entre 162 y 697 m2) desde $460,890 hasta $1,874.930. El edificio cuenta con 5 elevadores de alta velocidad, incluyendo uno exclusivo para carga y mensajera, sistema de control de acceso y seguridad por CCTV, sistema de proteccin contra incendios, planta elctrica total. F&F Tower (ex Revolution Tower): es uno de los edificios ms altos de Panam y tiene un curioso diseo contorsionado (le dicen el tornillo) y se ubica en el centro del distrito bancario. Cuenta con 54 pisos totales incluyendo 16 niveles de estacionamiento, 5 elevadores de alta velocidad, planta elctrica total, seguridad, servicio completo de telecomunicacin, entre otros. Las oficinas que se comercializan son de 145 hasta 1248 m2. Incluye rea de oficinas, salas de conferencias, locales comerciales. El diseo estuvo a cargo del estudio Pinzn Lozano & Asociados, mientras
F & F Tower
que el desarrollador fue F&F Properties (de Saul Faskha). Alfonso Pinzn Mndez y Sal Faskha han desarrollado juntos ms de 14 proyectos, todos con diseos innovadores y estilo exclusivo. El costo total de la obra estuvo cercano a los US$ 45millones. F&F Properties tiene nueve proyectos en construccin y proyecta diversificarse y eventualmente construir fuera de Panam. Tower Financial Center: es un rascacielos de oficinas de 57 pisos ubicado en el rea bancaria. Este edificio es uno de los ms altos de la ciudad se destaca por su muro cortina negro que promete reducir el impacto de la radiacin solar en un 70%. El
and has a curious design (known popularly as the screw). The landmark is located in the center of the banking district. That building has 54 floors including 16 parking levels, 5 high speed elevators, total electrical plant, security, complete telecommunications service among other things. The offices to be sold are from 145 to 1248 m2. It includes office areas, conference rooms and commercial premises. The projects design was taken charge of by studio Pinzn Lozano & Asociados, while the developer was F&F Properties (owned by Saul Faskha). Alfonso Pinzn Mndez and Sal Faskha have developed over 14 projects together, all of them with an innovative design and exclusive style. The total cost for the develop-
rates for corporate developments acquired new dynamism generating a fall in vacancy rates (from 10% in 2009 to 5% in 2010). In 2011 this trend continued, despite the steady incorporation of m2 into the market, and closed the year around 4.2% with variations according to sub-markets (banking zone around 7%, reverted areas at 5.3%, south at 4% and San Francisco 1.7%). The most dynamic zones in terms of absorption were Costa del Este and the banking and financial zone.
Highlighted projects
Recently two big projects were completed, and three more are coming along in Costa del Este and the banking zone:
Banco Panam Tower: the project started in 2009, with the participation of Mallol & Mallol in the design and the realtors Fix y Construccin y Administracin de Obras S.A. in the construction. It has 28 stories including parking and offices adding up to 14,000 m2 of marketable area. The building was finished by the end of 2011 and came into the market with a unit sell price (around 162 and 697 m2) starting at $460,890 and raising up to $1,874,930. The building has 5 high speed elevators, including a cargo lift, messenger service, access control system and CCTV security, fire prevention systems, and total electrical plant. F&F Tower (ex Revolution Tower): Its one of Panamas tallest building
ment was around US$ 45 million. F&F Properties has many other projects being built in Panam, and is also thinking of eventually diversifying outside the country. Tower Financial Center: Its a 57 floor office skyscraper located in the banking area. This building is one of the tallest in the city and is noted for its black curtain wall that is expected to reduce the impact of solar radiation by 70%. The project started in 2007 and finished last year. The works were managed by studio Pinzn Lozano & Asociados, construction and development were carried out by Desarrollo Baha (from the engineers Simn Hafeitz and Octavio Vallarino). The Towerbank bank has its headquarters here. The
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proyecto comenz en 2007 y culmin el ao pasado. Estuvo a cargo del estudio Pinzn Lozano & Asociados, y del constructor y desarrollador Desarrollo Baha (de los ingenieros Simn Hafeitz y Octavio Vallarino). El banco Towerbank tiene su sede aqu y todo el edificio se encuentra conectado, a travs de una galera comercial, al Marriot Renaissance, de forma tal que los ocupantes pueden acceder a servicios como el restaurant del hotel, las habitaciones y los salones de reunin. Desarrollo Baha ha realizado proyectos de todo tipo y, actualmente, se encuentra junto a otros socios en etapa de armado de un complejo turstico de gran envergadura en Isla del Rey (Archipilago Las Perlas). Oceana Business Plaza: son dos edificios conectados (Torre 1000 y 2000 que se comunican por un puente en los pisos 31 y 32) ubicados en Punta Pacfica. El primero tiene 56 niveles, incluye locales comerciales, plantas de oficinas, saln de convenciones y patio de comidas. El segundo edificio tiene 44 niveles y se destina nicamente a oficinas. Comenz a construirse en 2008 y culmin en 2011. Torre V (fue el primer edificio pre-certificado LEED de Panam
y lo comentamos ampliamente en la nota sobre arquitectura sustentable, as como en la revista ODM- Oficinas del Mundo). Star Bay: una torre de usos mltiples, de 61 niveles, ubicada sobre la avenida Balboa y que se entregar en Diciembre de 2012. El desarrollo contempla varias plantas de oficinas, con dimensiones flexibles, estacionamientos (ms de 1400 plazas), fitness center, spa, dos restaurantes, una cafetera, un hotel Hilton y amenities comunes. Uno de los proyectos ms ambiciosos, en el oeste de la ciudad, es Panam Pacfico. Se trata de un complejo de usos mixtos de 1.400 hectreas que incluye zonas residenciales, comerciales, de entretenimiento y de oficinas. El diseo general es ecolgico y ofrece incentivos econmicos especiales para los ocupantes que desarrollen negocios. Hay dos ciudadelas en construccin que sern importantes focos de atraccin de empresas en el mediano plazo. Una de ellas se ubica en la antigua base area de Howard, incluir un parque logstico, viviendas y hoteles. La otra, Panatrpolis, se ubicar cerca del Aeropuerto Internacional de Tocumen e incluir un parque industrial, centro de negocios, oficinas, salones para eventos, entre otros.
Creciendo en altura
La Ciudad de Panam se ha convertido, en muy pocos aos, en sede de ambiciosos, originales y excntricos rascacielos para el mercado corporativo. La mayora se ubica en Punta Pacifica, Costa del Este, San Francisco, El Cangrejo y Avenida Balboa. Estas reas atraen al inversionista local y tambin al comprador del exterior. Sin embargo, para crecer en altura es importante contar con una base slida: medir la factibilidad del proyecto, elegir el momento y aliarse con los socios correctos. Es necesario moverse con cautela en medio de un mercado tan dinmico y con tanto potencial como el panameo.
Panam Pacfico
building is connected with a commercial mall and also to the Marriot Renaissance, so that its occupants can access the hotels services, restaurant, rooms and meeting halls. Desarrollo Baha has developed other projects and nowadays is among other partners developing a huge tourist complex in Isla del Rey (archipelago Las Perlas). Oceana Business Plaza: These are two connected buildings (Tower 1000 and 2000, communicating through a bridge in the 31 and 32nd floor) located in Punta Pacfica. The first tower has 56 floors, including commercial premises, offices, convention hall and a food court. The second tower has
44 floors and is only used for office space. The construction began in 2008 and finished in 2011. Tower V: It was the first pre-certified LEED building in Panam and was reviewed extensively in the note about sustainable architecture, also in the ODM Offices of the World Magazine. Star Bay: A multi-use tower, has 61 floors, is located over Balboa Avenue and will be finished by December 2012. Its development includes several office floors, with flexible dimensions, parking space (over 1400 lots), a fitness center, spa, two restaurants, a coffee store, a Hilton Hotel and common amenities.
One of the most ambitious projects in the west of the city is Panam Pacfico. It is a mix use complex of over 1,400 hectares including residential, commercial and entertainment areas. The developments ecological design offers special economic incentives for the business oriented occupants. There are 2 citadels under construction and expected to be huge focus of attention for companies in the mid-term. One of them is located in the old Howard air force base. The other one, Panatrpolis, will be located near the Tocumen International Airport and will include an industrial park, business center, offices, convention halls, among other things.
Growing in height
Panam City has become in just a few years, the seat of several original and eccentric skyscrapers for the corporate market. Most of these buildings are located in Punta Pacfica, Costa del Este, San Francisco, El Cangrejo and Balboa Avenue. These areas attract the local and foreign investor. Nevertheless, in order to grow in height its important to count on a solid base: to measure the feasibility of the project, choose the moment and ally with the correct set of partners. It is necessary to move carefully through such a dynamic market, with so much potential as Panam.
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mercado de hotelera
wonder of human engineering. Panamanian authorities are offering a free medical insurance for tourists. Also, in 2012 the Panamanian Tourism Authority (ATP) will launch a voluntary touristic quality certification; and COPA airline has a Stop Over plan for transit travelers that want to visit Panam City. Over 20 tourist destinations inside Panam have world class infrastructure to receive foreign tourism. Many expansion and refurbishment projects are advancing at full speed. Between 2012 and 2013 almost 30 new hotels will be coming online over the whole country. Hospitality sector investment is around US$ 1,500 million and will be adding 6,000 rooms to existing inventory, according to the Panamani-
an Hotel Association (APATEL). Small hotels and bungalows, more popular in the countryside, are also expected to grow importantly. During 2012 an increase in number of rooms is being expected for this sector, especially in the Herrera, Cocl, Los Santos and Veraguas provinces.
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sados para todo tipo de turismo, el foco central es el hombre de negocios. El Trump Ocean Club, International Hotel and Tower, est ubicado en Punta Pacfica. Comenz a construirse en 2008 y comprende 2.6 millones de pies cuadrados, distribuidos en una torre de condominios de 68 pisos con 350 unidades de condohotel, 600 apartamentos y bay lofts, todos con vista al mar. Incluye un casino, puerto y club de yatching, una marina, spa y gimnasio de nivel mundial, dos piscinas, una galera comercial, un club de playa privado en la Isla Contadora, un business center. Como en otras regiones del mundo, la tendencia a combinar hotelera tradicional con condominios y espacios de usos mltiples tambin est presente en este proyecto. El hotel inaugur a finales de 2011 y se convirti en el edificio ms alto de Panam y de Latinoamrica. Las viviendas se vendieron inmediatamente en un 80%, en su mayora a extranjeros (americanos, canadienses, europeos y latinos) a precios entre el cuarto de milln y el milln de dlares. El Grupo Trump manifest que despus de Panam planea incursionar en otros pases de Latinoamrica. La cadena Hilton Hotels Corporation tambin est realizando grandes inversiones. En 2009 anunci su regreso a Panam con diferentes productos: acuerdo de administracin para los nuevos Hilton y Embassy Suites, dos franquicias (Doubletree y Hilton Garden Inn) y el primer Waldorf Astoria de la regin. El Hilton Panama tendr 351 habitaciones, ser desarrollado por Star Bay Group y operada por Hilton Hotels Corporation. La construccin estar a cargo de F & F Properties y se inaugur en 2011. El hotel cuenta con completas instalaciones recreativas y casino, y forma parte de un complejo mixto que incluye 650.000 pies cuadrados de oficinas. El Embassy Suites by Hilton Panama fue desarrollado por Sabadell Investment. Comprende 306 habitaciones de lujo y abri sus puertas en octubre de 2011. Se ubica en el centro financiero de la ciudad y tiene una clara orientacin a viajeros de negocios;
650,000 square feet of offices. The Embassy Suites by Hilton Panama was developed by Sabadell Investment. The hotel has 306 luxury rooms and inaugurated in October 2011. The building is located in the citys financial center and has a clear orientation towards business travelers; it will also be part of a 71 floor office complex. The two franchises (Doubletree, developed and operated by Blue Star Hospitalidad with 213 rooms; and Garden Inn developed by Metropolitan Hoteles) are refurbished existing hotels to be re-launched under a new brand. Doubletree opened its doors in 2010 at the banking area; Garden Inn is also in operation. The Panamera, Waldorf Astoria is developed by Hilton Worldwide and F&F Properties. The complex construction began two years ago and its grand opening is expected for July 2012. The development is located on Uruguay Street, a trendy area of the city, very well connected and close to the Coastal Strip. The project, a condo-hotel type, has 130 hotel rooms and 118 luxury residences, including many recreational, gastronomical and business amenities. Another chain with a strong presence in Panam is Starwood (Sheraton), who announced it was planning to open 16 hotels from their 8 brands in Latin America over the next 3 years. 3 of these hotels are expected to be in Panam.
cha. Entre 2012 y 2013 se estima que casi 30 nuevos grandes hoteles estarn inaugurndose en todo el pas. La inversin para el segmento de la hospitalidad ronda los US$ 1.500 millones y se aprestar a incorporar 6.000 habitaciones al inventario existente segn datos de la Asociacin Panamea de Hoteles (APATEL)-. Los pequeos hoteles y cabaas, ms populares en el interior del pas, tambin realizarn un importante aporte, de acuerdo con la Asociacin de Pequeos Hoteles de Panam. En 2012 se espera un incremento en la cantidad de habitaciones en este segmento en las provincias de Herrera, Cocl, Los Santos y Veraguas.
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adems ser parte de un complejo de oficinas de 71 pisos. Las dos franquicias (Doubletree desarrollado y operado por Blue Star Hospitalidad con 213 habitaciones, y Garden Inn desarrollado por Metropolitan Hoteles) son hoteles existentes que se remodelaron para ser relanzados bajo una nueva marca. El Doubletree abri sus puertas en 2010 en el rea bancaria, el Garden Inn tambin se encuentra en operacin. The Panamera, Waldorf Astoria es desarrollado por Hilton Worldwide y F&F Properties. Su construccin comenz hace dos aos y la apertura est prevista para Julio de 2012. El desarrollo se emplaza en la calle Uruguay, una zona moderna y trendy de la ciudad, muy bien conectada y prxima a la Cinta Costera. El proyecto comprende 130 habitaciones de hotel y 118 residencias de lujo, ms toda clase de amenities recreativos, gastronmicos y de negocios. Otra cadena con fuerte presencia en Panam es Starwood (Sheraton), que recientemente anunci que entre sus 8 marcas planea abrir 16 hoteles en Latinoamrica en los prximos 3 aos y probablemente 3 de stos se ubiquen en Panam. Se destaca el Sheraton Panam Hotel & Convention Center, un cuatro estrellas de lujo ubicado en la zona cntrica de Ciudad de Panam. Cuenta con 361 habitaciones pensadas para el viajero de negocios y el turista familiar. Adicionalmente tiene instalaciones deportivas, un completo business center, y un centro de convenciones para los eventos. Una de las marcas ms nuevas de la cadena, Aloft, planea sumar 30 hoteles en el mundo con una inversin de US$ 600 millones. En Panam abrir sus puertas en 2013. Le Meridien ya cuenta con un hotel en la ciudad y tiene entre sus planes abrir otro en los prximos aos. En cuanto a la divisin Westin, esta cuenta con 11 hoteles en 5 pases de la regin y recientemente ha abierto The Westin Panama Playa Bonita, con una inversin de US$ 100 millones. Se
trata de un resort de playa, orientado tanto al turista como al viajero de negocios, desarrollado en forma conjunta por Westin y Bern Hotels & Resorts. Cuenta con 611 habitaciones con amenities de lujo, 62.000 pies cuadrados de espacio para eventos y reuniones empresariales (las mayores dimensiones en Amrica Central).
Esta clase de instalaciones estn siendo cada vez ms populares en Panam desde que el gobierno firm un acuerdo con el gobierno norteamericano para que, toda empresa norteamericana que realice una convencin en Panam, pueda descontar el gasto de su declaracin de impuestos en su pas de origen.
Entre las cadenas internacionales presentes en Ciudad de Panam tambin estn Crowne Plaza, Wyndham, Intercontinental (con dos hoteles en la ciudad, uno tradicional para viajeros de negocios y otro tipo resort en Playa Bonita), Radisson (con dos hoteles, uno con campo de golf), Riu, Hyatt y Marriot.
Perspectivas futuras
Hay varios hoteles en distintas fases de construccin en la Ciudad, como el Cosmopolitan, el Start Bay Tower (Hilton), The Penthouse Tower, Fontanella Pacific Plaza (de los mismos dueos que Hotel Roma), el Ritz Plaza Suites (apertura programada para 2012), el Metropolitan, el NH, el Miraflores, el Hyatt Place y el Megapolis, adems de dos hoteles boutique en remodelacin (Hotel Casco Antiguo y Hotel Casco Viejo). Ms alejados del rea financiera y el casco viejo, se destacan los proyectos en Obarrio (Sortis y Rynpen), en Albrook Mall (Ramada y Days Inn). Todos los datos confluyen hacia una conclusin: la Ciudad de Panam es un destino atractivo, las autoridades y operadores estn constantemente trabajando para mejorarlo, y los inversionistas y desarrolladores se suman a esta corriente de trabajo y crecimiento.
Sheraton Panam Hotel & Convention Center, a four star luxury hotel located in the center of Panam City. The complex contains 361 rooms oriented for the business traveler and the family. The hotel also has sports installations, and a complete business and convention center. One of the newest chains, Aloft, plans to add 30 hotels worldwide with a US$ 600 million investment. In Panam it will open its doors by 2013. Le Meridien already has a hotel in the city and plans to add another one in the coming years. Westin has 11 hotels in 5 countries in the region. The chain has re-
cently opened The Westin Panama Playa Bonita, representing a US$ 100 million investment. The hotel is a beach resort, oriented for the tourist and business traveler, developed together by Westin and Bern Hotels & Resorts. The facility has 611 rooms with luxury amenities, 62,000 square feet for events and business meetings (the biggest such facility in Central America). Among the international chains present in Panam City, there are also Crowne Plaza, Whyndham, Intercontinental (with two hotels in the city, a traditional business traveler one and another resort-type in Playa Bonita; also counting on the first Staybridge Suites in Central Ameri-
can opening its doors in 2012 along Shakir Investment Group), Radisson (with two hotels, one with a golf course), Rui, Hyatt and Marriot.
Obarrio (Sortis and Rynpen) and Albrook Mall (Ramada and Days Inn) are to be considered. All of this data converges into one conclusion: Panam City is an attractive destiny, authorities and operators are constantly working to make it better; and investors and developers are joining into this trend of work and growth.
Future Prospects
There are several hotels in many construction stages in the City, for example the Cosmopolitan, Start Bay Tower (Hilton), The Penthouse Tower, Fontanella Pacific Plaza (from the same owners of Hotel Roma), the Ritz Plaza Suites (inaugural expected in 2012), the Metropolitan, the NH, Miraflores, Hyatt Place and the Megapolis; also two boutique hotels being refurbished (Hotel Casco Antiguo y Hotel Casco Viejo). Farther away from the financial area and the old part of town, the projects in
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These types of installations are being ever more popular in Panam since the government signed an agreement with its American counterpart so that any American company investing in Panam rebate its taxes in their country of origin.
Con ms de 25 aos de experiencia en el mercado, CSI ha renovado su imagen con el objetivo de adecuarla a las necesidades de nuestros clientes ante los constantes cambios en materia tributaria y fiscal. Nuestro inters es brindarle al mercado panameo, en una sola empresa, todos los servicios profesionales especializados en el campo financiero, tributario, fiscal, mercantil, proteccin familiar y otros servicios similares en el rea legal. Asesora tributaria Consultora tributaria Planificacin Fiscal Revisin de cumplimiento fiscal Solicitud de No aplicacin del CAIR Exoneraciones de impuestos Solicitud y reclamos de devolucin de impuestos Registro y actualizacin de compra de bienes inmuebles Solicitud de prescripcin de impuestos Trmite de congelacin de impuesto Constitucin de Patrimonio Familiar Constitucin, fusin y disolucin de sociedades Constitucin de Fundaciones de Inters Privado Solicitud de estabilidad jurdica Seminarios dirigidos a empresas o grupos econmicos Servicios legales: Tributario Migratorio Mercantil Laboral Investigaciones (Due Dilligence)
Urbanizacin Los Angeles, Ave. Los Periodistas, Edificio Plaza Extreme. Telefax: (507) 360-2188 / 360-2189 E-mail: info@csitaxpanama.com
mercado de hotelera
news. In this article we will review the developments in both archipelagos: Bocas del Toro and Las Perlas. The Bocas del Toro archipelago, over the Caribbean, includes the Coln Islands (main), Bastimentos (national park), Carenero, Cayo Agua, San Cristbal, Popa, Solarte and many other minor keys. Resorts and beach bungalows predominate in Coln. Some are very picturesque like the exotic Punta Caracol Aqua Lodge, the family oriented Playa Tortuga and the ecological Rancho Paraso (special for surfers) In the Bastimentos Island we can find a huge complex like Red Frog Beach, including rooms and residential units (jungle bungalows, luxury villas, island parcels and a timeshare
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complex). This complex -where there still are available units, between US$ 90,000 and half a million, according to the type of unit- offers all kinds of jungle and sea sport activities. The rest of the tourist supply is composed mainly of B&Bs. One of the most important developments is La Loma Jungle Lodge & Chocolate Farm, a 23 hectare area, located in a cocoa plantation and natural reserve, near the town of Ngbe. This complex uses alternative energy and offers dishes prepared by its own organic garden. It has only 3 ranches and is oriented to the responsible traveler because it offers opportunities to help the community donating part of its income. Also framed in the slow-life style, we find Casa Cayuco, built by a married couple of en-
Popa Paradise
Cayuco, creada por un matrimonio de viajeros ambientalistas. Cuenta con 4 rsticas cabaas y 1 suite, y ofrece toda clase de actividades de playa y selva. Una de las ubicaciones ms exclusivas es la Isla Popa. Se trata de la segunda isla ms grande del archipilago y cuenta con el resort Popa Paradise, propiedad del empresario inmobiliario Peter Winn, que tambin es dueo del Boca Paradise Hotel. Cuenta con una edificacin principal, que como un mirador permite apreciar todo el complejo frente al mar, all se encuentran las instalaciones de servicios, 5 habitaciones y un pequeo spa. Adicionalmente hay 10 cabaas, un penthouse y dos suites. A diferencia de otros emprendimientos del archipilago, el equipamiento es completo y moderno, hay energa elctrica y conectividad. Los alimentos son frescos, hay gran cantidad de actividades al aire libre y acuticas. En la isla tambin habita una comunidad indgena Gnobe Bugle-y el resort realiza actividades de fundraising y asistencia. La Isla Solarte es de menor tamao, pero cuenta con excelentes zonas para el buceo y el avistamiento de corales. El nico alojamiento en la zona es el resort Garden of Eden con 1 suite y 2 cabaas. Se trata de un emprendimiento slo para adultos. A pesar de que existen grandes complejos que demandaron importantes inversiones (como Red Frog, Tortuga, Sunset Point, Caribbean Resort y Maracuya Resort), en Bocas predominan los lugares intimistas y en contacto con la naturaleza. Las autoridades locales estn negociando con las nacionales la realizacin de inversiones para abordar algunos temas complejos (recolec-
cin de residuos, planta de tratamiento) que permitirn sustentar un crecimiento hotelero y turstico mayor. En cuanto al Archipilago de las Perlas, perteneciente al distrito de Balboa Provincia de Panam, es un grupo de 39 islas y 100 islotes (muchos deshabitados) en el corazn del golfo. Se destaca como una de las plazas ms atractivas para la pesca deportiva y el turismo en general, especialmente en isla Contadora y ms recientemente la isla Viveros, donde el grupo Trump y Newland International planean instalar el club de playa del Trump Ocean y desarrollar un hotel. En esta misma isla tiene lugar el megaproyecto Viveros Resort, del Grupo Viveros de Michel Soutiran. Este proyecto comenz a delinearse en 2003 y demandar una inversin total de US$500 millones para la construccin de pista area, cancha de golf de 18 hoyos diseada por Jack Niklaus, carreteras, hotel 5 estrellas (The Baltus Pearl, desarrollado en conjunto con la divisin Baltus de Polaris World), 525 residencias, restaurantes y comercios, centro de negocios, centro mdico, muelle y marinas sobre un predio de 84 hectreas. El proyecto es controversial en cuanto a su impacto ambiental; ms all de esto, los trabajos avanzan y los futuros residentes ya estn avanzando con la construccin de sus viviendas bajo una modalidad de housing (5 estilos que van desde 3.251 hasta 9.085 pies cuadrados) o adquiriendo lotes a un valor que va entre US$ 15 y 20 el pie cuadrado. Tanto en Ciudad de Panam como en las afueras, la opcin de desarrollos en islas con propsitos tursticos o residenciales es una alternativa de inversin que crece.
vironmental travelers. It has 4 rustic cabins, 1 suite and all kind of jungle and beach activities. One of the most exclusive locations is Isla Popa. Its the archipelagos second largest island and has a resort called Popa Paradise, property of the businessman Peter Winn. Its main building acts as a gazebo and lets the visitor gaze the whole complex and the sea. In this edification there are service installations, 5 rooms and a small spa. Additionally, there are 10 bungalows, a penthouse and two suites. Different from other developments in the archipelago, the equipment is modern and complete, theres electricity and connectivity. The food is fresh and there are many open air and aquatic activities. The island is inhabited by a tribe of na-
tives Ngbe Bugl- and the resort specializes in fundraising and support activities. The Solarte Island, while smaller, has excellent diving and reef watching areas. The only lodging in the area is the Garden of Eden resort with 1 suite and 2 bungalows. Its a development only for adults. While many existing complexes required huge investments (like Red Frog, Tortuga, Sunset Point, Caribbean Resort and Maracuya Resort), Bocas is dominated by intimate and close to nature establishments. Local authorities are negotiating with federals the investment to take care of challenging issues (trash collection, water treatment plant) that will allow for a bigger tourist industry growth.
Las Perlas archipelago, belonging to the Balboa district Panam province -, is a group of 39 islands and 100 islets (many uninhabited) in the heart of the gulf. It is known as one of the most attractive places for sport fishing and general tourism, especially in Contadora Island and recently in Viveros Island, where the Trump and Newland International groups plan to install the Trump Ocean beach club and construct a hotel. In this same island theres the Viveros Resort mega-project by Grupo Viveros from Michel Soutiran. This project began its definition in 2003 and will demand a total investment of around US$ 500 million for the runways construction, 18 green golf course designed by Jack
Niklaus, roads, a 5-star hotel (The Baltus Pearl, developed jointly with the Baltus division of Polaris World), 525 residences, restaurants and commercial premises, medical center, dock and marina over an area of 84 hectares. The project is controversial as for its environmental impact; beyond this, development advances and future residents are advancing with constructing their residences under a housing modality (5 styles from 3,251 to 9,085 square feet), or acquiring parcels with a value ranging from US$15 and 20 per square foot. Both in Panam City and its outskirts, island developments with tourist or residential aims are a growing investment alternative.
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mercado de retail
Aperturas 2011
Entre las principales inauguraciones del ao, se destaca la primera etapa de Westland Mall que abri sus puertas en el mes de Noviembre. Ubicado en Vista Alegre, es el primer mall de Panam Oeste y con sus 5 pisos y 23 hectreas de terreno se convierte en el centro comercial ms grande del pas y la regin. Un total de 90.000 metros cuadrados se destinar a grandes almacenes y contar con todas las grandes tiendas y pequeos locales que ya estn presentes en Albrook Mall. Complementariamente ofrecer patio de comida. La inversin para el desarrollo estuvo en el orden de los US$ 80 millones. Para fines de 2011 ya contaba con un nivel de ocupacin del 70% con 300 locales. Otro de los grandes proyectos que ya abri sus puertas es el rea de locales comerciales de Trump Ocean Club. Este complejo de usos mltiples (hotel, condos, salones de conferencia, restaurantes, club de playa privado en una isla, locales) est ubicado en Punta Pacfica, se trata de la primera inversin de la Organizacin Trump en Latinoamrica. La zona cuenta con excelente conectividad con la ciudad y el aeropuerto, a travs de la autopista Corredor Sur. En Diciembre, la galera comercial ya contaba con locales como el Gift Shop, la vinoteca Vinarius, la gelatera italiana Dolce Idea y
US$20 /m2, while in the reverted areas, prices creep over US$ 31/m2.
of 70% with 300 stores. Another project that has already opened doors is the commercial shop complex Trump Ocean Club. This multi-use development (hotel, condos, conference halls, restaurants, private beach club in an island, shops) is located in Punta Pacfica. It was the first investment from the Trump Organization in Latin America. The area has excellent connectivity with the city and the airport through the Corredor Sur highway. By December, the commercial alley already harboured brands like Gift Shop, Vinarius winery, Italian ice cream manufacturer Dolce Idea and recently Salvador hairstyles, boutique Vinarius restaurants, Cadaqus, Yugo and Kanjo Lounge. By early 2012 new prem-
Integration in 2011
One of the most important inaugurations of the year was Westland Mall, opening doors last November. Located at Vista Alegre, the development is the first mall in West Panam with 5 floors and 23 hectares. The mall is the largest one in the country and the region. It consists of around 90,000 m2 that will host big department stores, with the same main brands and small shops already present at Albrook Mall. The mall also contains a food court. The whole project demanded an investment of around US$ 80 million. By the end of 2011 it already had an occupation level
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Multiplaza
recientemente Salvador Peluqueras, los restaurantes Vinarius boutique, Cadaqus, Yugo y Kanjo Lounge ms otros locales que se van incorporando. Ms all de estos dos grandes proyectos, se encuentran en construccin ms de 76.000 metros cuadrados que darn lugar a 5 nuevos centros comerciales en la ciudad de Panam. Todas estas inauguraciones complementarn, en 2012, el inventario de centros comerciales existentes en Ciudad de Panam, entre los que se destacan: Mall Multiplaza Pacific y Multicentro (ambos de tipo exclusivo), Sper Centro El Dorado (el pionero en la ciudad), Centro Comercial Los Pueblos, Albrook Mall y Los Andes (de gran tamao y muy concurridos).
do ampliado por etapas con el objetivo de alcanzar los 100.000 metros cuadrados rentables. Se trata de un mall que ofrece, mayormente, marcas internacionales de lujo (Chanel, Louis Vuitton entre muchas otras) y que aspira a sumar 120 nuevas marcas para finales de 2012. El principal desarrollador comercial de Panam, Grupo Los Pueblos (inversor principal en los malls Los Pueblos Tocumen, Los Pueblos Juan Daz, Albrook Mall y Westland Mall), tambin se est preparando para adaptar sus formatos (Albrook Mall est incorporando 3 hoteles, de los cuales 2 ya estn en construccin y son el Ramada Plaza & Casino y el Days Inn) y recibir nuevas marcas que anteriormente no vean a Latinoamrica como un destino rentable (GAP, Banana Republic y Victorias Secret). Alfredo Alemn, presidente del Grupo Los Pueblos, manifest en una reciente entrevista que los desarrollos de megacentros comerciales en Ciudad de Panam han llegado a un punto de saturacin. Los nuevos desarrollos se darn en pequeos centros comerciales conocidos como street mall. Asimismo, el Grupo est comenzando con las obras de un mall en la provincia de Chiriqu, fronteriza con Costa Rica.
Conclusin
Los nuevos desarrollos responden a diversas estrategias de marketing y posicionamiento que se estn popularizando en el mercado panameo, como las franquicias, la diversificacin en segundas marcas para compradores de menor poder adquisitivo, la llegada de marcas internacionales Premium y los nuevos conceptos de negocio. En el mediano plazo, probablemente se anuncien ms proyectos de menor envergadura y localizados, crecientemente, fuera de la Ciudad de Panam.
ises were expected to open: an art gallery, the Colombian coffee shop Juan Valdez, Galera Drilo (leather products), a consulting services office, LAperitivo restaurant, an international travel agency, a real estate developer, an international courier and two clothing stores. Beyond these 2 big projects, more than 76,000 m2 are under construction giving way to 5 new malls in Panam City. All these inaugurals will add up to the already vast mall inventory in Panam City. The most important developments are: Mall Multiplaza Pacific and Multicentro (both exclusive in their target), Sper Centro el Dorado (the citys pioneer), Centro Comercial Los Pueblos, Albrook Mall and Los Andes (big size, well attended)
In Central America and Panam more and more multi-use and lifestyle center projects are standing out. The trend is to do everything in one place says a sector businessman from Central America, and also adds multi-use complexes are developments were the consumer has everything at reach work, home, commerce- without the need to use a vehicle. New or traditional developers are noticing these trends. For example, Grupo Roble (from El Salvador, real estate branch from Grupo Poma) is facing the refurbishment of its consolidated centers to maintain a full level of occupation (it was around 99.2% in 2011) and to strengthen business against new competitors. The Multi-
plaza Pacific mall, in Panam City, is being expanded in stages in order to reach the 100,000 rentable square meters. Its a luxury international brand oriented shopping mall (Chanel, Louis Vuitton, among others) and it is expected to add 120 new brands by the end of 2012. The main commercial developer in Panam, Grupo Los Pueblos (main investor in Los Pueblos Tocumn Mall, Los Pueblos Juan Daz, Albrook Mall and Westland Mall), is also getting ready to adapt its formats and receive new brands that are arriving to Latin America, like GAP, Banana Republic and Victorias Secret. Alfredo Alemn, chairman of Grupo Los Pueblos, said during a recent interview that mega center developments in Pan-
am City have reached a saturation point. New developments will come in the form of smaller commercial malls, known as street malls. The Group is also starting to work in a mall in Chiriqu province, bordering Costa Rica.
Conclusion
New developments are responding to diverse strategies growing in the Panamanian market. Franchises, diversification into second brands for lower income buyers, the arrival of Premium international brands and new business concepts are some examples. In the midterm more projects are being expected, mainly big scale and located mostly outside Panam City.
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grandes proyectos
the navigation channel to allow for Post-Panamax size ships. Thus, it would increase by 40% the rate of goods transit. After a favorable national referendum, works began in 2007 with the detonation of Cerro Cartagena. The estimated inaugural date is the year 2014, coinciding with the Canals first centenary. The Canals expansion supposes a great push for the Panamanian economy. The Canals managing body estimates it will require a 5,250 million dollar investment, creating between 35,000 and 40,000 jobs. Based on new opportunities and economic well being, a huge migratory push into Panam is being expected. And
these new workers coming into the country will fuel consumption and housing demand, among other things. The Canals expansion is likely to promote a virtuous cycle of growth and development. Beyond the importance of communications and sea transport for the Panamanian economy, the aerial aspect is also developing. In 2009 a plan to expand and upgrade the existing airports was introduced officially. Many new terminals were to be built inside the country in order to promote tourism and cargo transport. Such an enterprise would support the Colons free trade zone, the second biggest in the world. Today,
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Panatropolis
ms eficientes sus operaciones. Para lograr este objetivo el master plan de Panatrpolis diseado por el estudio Bermello & Ajamill plantea un mix de: 869.000 m2 destinados al Centro Internacional de Negocios, que ser desarrollado en la primera fase del proyecto. Incluir oficinas, hotel, casino, showrooms y centro de convenciones. 1.6 millones m2 de viviendas en barrios cerrados orientadas a un segmento medio alto, como son los ejecutivos de las multinacionales y sus familias. 882.000 m2 de parque logstico e industrial de bajo impacto ambiental orientado a aquellas empresas que trabajan con el sistema de produccin on-demand y potenciado por su cercana al aeropuerto, el canal y la zona de libre comercio de Coln. 463.000 m2 de parques y espacios verdes, que complementan un enfoque sustentable en el desarrollo del proyecto. Complementariamente habr espacios comerciales y de uso mixto, paseos comerciales, centros de entretenimiento, restaurantes, entre otros. La primera de las 4 etapas proyectadas ya se encuentra en ejecucin y contempla el desarrollo de 134 hectreas de terreno con zonificacin comercial, industrial, residencial e institucional.
Panam counts with 5 international airports: Tocumen, Marcos Gelabert, Enrique Malek, Bocas del Toro and Changuinola; and many more domestic ones. In 2011 the works of restoration of the Scarlett Martnez Airport, formerly a military base, started; with an initial investment estimated in 53 million dollars.
tional business center, logistic areas, industrial parks, commercial areas, convention centers, shops and residential areas. The promoter of this project, Inmobiliaria Sol Brillante, brings together a group of Panamanian businessmen with a large experience in the development of construction projects. Panatroplis strategy is to maximize the connectivity offered by the near airport, incentives towards foreign investment, modern communication services, political, social and economical stability and the logistical platform offered by Panam. In this way, this project offers multinational corporations who settle there, collection centers,
assembly and cargo distribution towards the region. This development also offers the opportunity to maximize the efficiency of operations. In order to achieve this objective, Panatrpoliss master plan designed by the studio Bermello & Ajamill, proposes a mix of: 869,000 m2 destined for the International Business Center, developed in the first stage of the project. This center will include offices, hotel, casino, showrooms and a convention center. 1.6 million m2 for residences in gated neighborhoods segment-oriented towards upper middle class, like multinational executives and their families.
882,000 m2 of logistical and industrial park with low environmental impact designed for companies that adopt the on-demand production model, powered by its closeness to the airport, the Canal and the free zone of Coln. 463.000 m2 of parks and green spaces, complementing a sustainable focus on de the development of this project. Commercial spaces of mix use. Commercial malls, entertainment centers, restaurants, among others. The first of 4 stages is already under execution. The development of 134 hectares of commercial, industrial, residential and institutional uses is included on this stage.
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ante organismos gubernamentales, asesora legal e inmobiliaria, entre otros servicios. Una de las principales caractersticas de GBT es su diseo sustentable de acuerdo con parmetros LEED (ha obtenido la certificacin en los tems de predio sustentable, eficiencia de agua, energa, atmsfera, materiales, recursos, y calidad del ambiente interior). Una de sus caractersticas constructivas son los vidrios dobles para mejorar la aislacin trmica y reducir el ruido. Las empresas extranjeras que se radiquen en el GBT contarn con incentivos fiscales, laborales y migratorios. Todos los proyectos reseados estn alineados con la definicin de marca pas de Panam: potenciar las ventajas de la posicin geogrfica para convertirse en un centro de reunin, negocios y turismo para el mundo. Pequea en su geografa, grande en sus desarrollos, Panam tiene mucho que ofrecer a Amrica y al mundo.
once GBT is ready it will create over 3,000 steady jobs. The finished development will have eight 4-floor buildings (lower heights because of the proximity to the airport), surveillance, parking, free transfers to the airport, connectivity, government offices, law buffets and realtors among other services. One of the main characteristics of GBT is its sustainable design following LEED parameters (it has obtained certification in the items of sustainable land, water, energy, atmospheric, materials and resources efficiency; and on inte-
rior environment quality). One of the constructive characteristics is double window panes to better insulate heat and reduce noise. Foreign companies settling in the GBT will count with fiscal, labor and migration incentives.
tages to the country, this town proposes to be an incubation and knowledge development center for technology and innovation. Basically, the project consists of academic and research centers along a technological park. The emplacement also contains cultural institutions and offices of international agencies. The complex is under the supervision of the Fundacin Ciudad del Saber, a private non-profit organization created in 1995 to concentrate academics, businessmen and politicians. The development is located on the grounds of the old Clayton military base, with an area of 120 hectares bordering the ca-
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nizaciones externos; como ser: el centro de convenciones, el auditorio, las salas de reuniones, el centro de formacin y negocios con oficinas y salas de alquiler, el centro de oficinas ejecutivas completamente equipadas, y las villas de alquiler que ofrecen alojamiento por da (por ejemplo para quienes asisten a convenciones) o por temporadas de hasta 6 meses, y reas comerciales y de esparcimiento. Recientemente, la Ciudad lanz su versin virtual en conjunto con la firma espaola Tradky Software. La Ciudad Virtual reproducir a la real, permitir la interaccin entre sus usuarios y generar eventos virtuales como ferias y convenciones. En el plano real, tambin se est trabajando en la ampliacin de la ciudad de acuerdo con el Plan Maestro de Ordenamiento Territorial y Desarrollo aprobado en 2009.
nal and 15 minutes away from the citys center. The government is actively engaged with the development of the City through its fiscal (tax exoneration) and migratory (special visas to foreign personnel participating in the project as well as students) incentives among others. The objective is for companies to be established in the Tecnoparque Internacional de Panam. Investment in information and communication technology is one of the highlights of the city. Over 50 companies and public projects in technology are located in the park. Other spon-
sored subjects are bioscience and its applications, environmental management, human development and business management. The United Nations will have its presence, and its agencies will establish operations in Panam and the region. Also included are Pan-American Health Organizations, the Peace Corps of the United States, the Red Cross and headquarters for many of the principal Panamanian universities and foreign education institutions. The complex counts with different services available to its occupants or that can be hired by companies and organizations; such as: the
convention center, the auditorium, meeting rooms, the formation center and renting offices and rooms, executive offices already furnished, and villas for rent that offer lodging for the day (for example for convention attendants), or for a 6 month season. The City launched its virtual version recently along with a Spanish firm. The virtual City will reproduce the real one and permit interaction between its users generating virtual events like fairs and conventions. In the real sense, work is also being made in the enlargement of the City according to the Development and Territorial Order-
ing master plan approved in 2009. All the projects reviewed are aligned with the trademark definition of the country: enhance the advantages of the geographical position to become a center of meeting, business and tourism for the world. Small in geography, huge in development, Panam has more to offer to America and the world.
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infraestructura y logstica
Ms infraestructura, ms crecimiento
La economa panamea est altamente relacionada con el mercado global. El gobierno y los actores privados estn desarrollando importantes inversiones que potenciarn esta relacin y contribuirn a que el pas contine creciendo como hasta ahora.
Panam y el canal son inseparables, el pas no sera lo mismo sin esta obra maravillosa de la ingeniera y el ingenio humano. Pero ms all del canal, son numerosas las obras de infraestructura que se encuentran en ejecucin, diseo o etapas an preliminares. John Paul Rathbone, el influyente editor para Amrica Latina del diario Financial Times, escriba recientemente que Panam est recuperando su brillo de la mano de las inversiones; y no es para menos, si el gobierno del presidente Martinelli ha dispuesto un programa de inversiones que asciende a US$ 13.000 millones, la mitad del actual PBI del pas. En el mismo sentido, desde la consultora especializada CB Richard Ellis afirman que en el pas se estn desarrollando proyectos de gran envergadura que darn un giro a los diversos mercados. La consolidacin de Panam como plataforma logstica, en un centro de distribucin continental, no slo de mercancas y de pasajeros, sino tambin con el potencial para hacer un centro energtico. La construccin del Hub areo de las Amricas en el Aeropuerto Internacional de Tocumen. En otra de las notas del Anuario hacemos referencia a la ampliacin del canal y del aeropuerto de Tocumen. Pero, en qu otros proyectos se est trabajando? La respuesta es amplia y comprende la modernizacin del sistema de autopistas, el crecimiento de los puertos, el desarrollo de la franja costera, la infraestructura para Call Centers, y tambin minas y refineras.
Autopistas
La actual red de autopistas se extiende por 14.491 kilmetros, de los cuales slo 2.800 corresponden a los centros urbanos y los restantes favorecen la interconexin del territorio y los diferentes puntos estratgicos a nivel econmico. Los planes actuales tienen dos vertientes: el mantenimiento de la red existente y la ampliacin hacia nuevas localidades. Ejemplos de esta ampliacin son la autopista Panam-Coln (Canal seco entre las ciudades terminales del canal en el istmo de solo 80 km que divide el ocano Atlntico del Pacifico), a cargo de la Constructora Norberto Odebrecht que realizar una inversin de US$ 215 millones para terminar los 42 kilmetros restantes; y las innovaciones para descongestionar el trfico en la Ciudad de Panam que incluirn medios de transporte pblico ms modernos y un sistema de iluminacin y sealizacin inteligente. La cinta costera de la Ciudad de Panam es otro de los grandes emprendimientos en carpeta. Se trata de un ambicioso proyecto que combina ganarle terrenos al mar para establecer reas verdes; ampliar la Avenida Balboa con un ensanchamiento de 100 metros hacia la Baha; y la conclusin de los corredores que conformarn un anillo perifrico de la ciudad de Panam. Las mencionadas arterias tendran carriles vehiculares y peatonales, permitiendo incorporar el trfico de bicicletas. Complementariamente se trabajar en el saneamiento de la Baha de Panam
airport. Other relevant projects are the modernization of the highway system, the expansion of ports, the development of the coastal strip, the increase in Call Center infrastructure, and also the promotion of mines and refineries.
Other works include innovations to reduce traffic congestion in Panam City, modernizing public transport and an intelligent lighting and signaling system. Panam Citys coastal strip is one of the most important developments. The project combines land reclaimed from the sea to established green areas; expansion of the Balboa Avenue with a 100m widening towards the bay; and the construction of the Corredor Sur. The aforementioned highways will have both vehicular and pedestrian lanes, including bicycle traffic. Theres also a project to clean up Panam Bay (including the Panam, San Miguelito and Arraijan districts) with a total investment of US$ 350 million. The latter is already in progress up to a 15%.
Highways
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The current highways network extends over 14,491 kms, of which only 2,800 correspond to urban centers. The rest favors the interconnection of the territory and its strategic locations. There are 2 types of plans: maintenance of the current network and the expansion towards new locations. Examples of the expansion are the PanamColn highway, being developed by Constructora Norberto Odebrecht, with an investment of US$ 215 million to finish the remaining 42 km.
un total de 10. En esta terminal tambin se encuentra el puerto de cruceros, a donde arriban los barcos de todas las lneas ms conocidas (cerca de 750 barcos al ao). En el puerto de Coln (comercial y energtico) tambin hay una terminal especializada en cruceros. Se anticipan dos grandes inauguraciones: el proyecto Coco Solo Norte (ser el mayor centro de traspaso de contenedores del subcontinente) y la terminal de PSA International (en la estacin naval Old Rodman, demandar una inversin de US$ 70 millones y permitir manejar 450.000 contenedores anuales).
(incluyendo los distritos de Panam, San Miguelito y Arraijan) con un costo total de US$ 350 millones. Este ltimo proyecto ya se encuentra avanzado en un 15%.
Centros logsticos
Se trata de un tipo de desarrollo especialmente importante para Panam en su proyecto de convertirse en algo ms que un lugar de paso para naves y contenedores. Los centros logsticos permiten agregar valor a los productos en trnsito y obtener un mayor beneficio que el del simple almacenamiento. En el segundo semestre de 2011, la absorcin en esta clase de superficies disminuy levemente y se ubic en torno al 86%. Hay que tener en cuenta que la superficie disponible se increment en ms de 58.000 metros cuadrados y llega a un total de 352.000 m2. Aquellos centros clase A se cotizan a un valor de US$8 por metro por mes. La mayor concentracin de superficie rentable construida est en Costa del Este, y coincide tambin con la mayor absorcin (98%). All hay cerca de 3.500 m2 disponibles. Lo opuesto sucede en las reas revertidas, donde la absorcin cay al 62% y a los actuales 58.500 m2 construidos se les agregarn en el corto plazo otros 72.000 m2. En materia de valores, los mayores alquileres se observaron en la Periferia Norte (entre 9 y 10 dlares el metro cuadrado por mes) y los menores en la Periferia Este (cerca de 7.50 dlares). En esta ltima se espera la mayor incorporacin de superficie, ya que hay ms de 310.000 metros cuadrados en construccin. Al completarse los proyectos en marcha, la superficie total de inmuebles industriales clase A se habr duplicado con respecto a 2011.
Metro
Ciudad de Panam contar con la primera lnea de Metro del pas y la regin. Las obras comenzaron en 2011 y se prev su finalizacin para el ao 2013. Sobre la va Transistmica ya se observan los pilotes que darn soporte al tramo areo de la Lnea 1. Se estima que cada kilmetro del metro tendr un costo de US$ 130 millones y el gobierno de Panam cuenta con el apoyo del BID y la Corporacin Andina de Fomento para hacer frente a la inversin. El metro tendr 13 estaciones soterradas y en un viaducto, entre la terminal del transporte de Albrook y Los Andes.
Puertos
El transporte fluvial, de carga y pasajeros, tambin ver importantes cambios. Actualmente existen en Panam 11 puertos pblicos y 7 en manos privadas. La Compaa de Puertos de Panam (subsidiaria de Hutchinson Port Holding) administra los puertos Balboa (Pacfico) y Cristbal (Atlntico) y ha realizado mejoras en ambos. En Cristbal se incorporaran 4 gras para llegar a
Subways
Panam City will have its first subway line, also the first in the region. Work started in 2011 and it is expected to be completed by 2013. Over the Transistmica way pillars were placed in to support the aerial section of the 1st Line. Each subway kilometer costs US$ 130 million and the government of Panam has the support of the Inter-American Development Bank and the Corporacin Andina de Fomento for the investment. The subway will have 13 stations between the Albrook and Los Andes terminals.
Ports
Passenger and cargo river transportation will also witness great innovations. There are 11 public ports and 7 private ones in Panam. Compaa de Puertos de Panam (subsidiary
of Hutchinson Port Holding) manages the ports at Balboa (Pacific) and Cristbal (Atlantic). 4 cranes will be incorporated to the Cristbal port, to reach a grand total of 10. In this terminal theres also a cruiser port where over 750 ships from most cruise lines arrive. In the energy and commercial port of Coln, theres a specialized terminal for cruisers. Two big inaugurals are being expected: the Coco Solo Norte project (the biggest container transfer center in the subcontinent) and the PSA International terminal (in the Old Rodman station), demanding a US$ 70 million investments to manage around 450,000 containers each year).
tal Petroleum and Qatar Petroleum, and will start operations in 2012. The plant will have a refining capacity of 350,000 barrels per day.
Logistics centers
Energy
A big project begun in 2008: Oxy refinery in Chiriqu. The development is a joint venture between Occiden-
These are very important to Panam in its projections of becoming something beyond a transit point for ships and containers. Logistics centers allow adding more value to products in transit, thus obtaining larger benefits than simple storage. During the second half of 2011, absorption for these kinds of lots lowered slightly and was around 86%. Available surface for these kinds of developments incremented in more than 58,000 m2 and now totals 352,000 m2. Class A logistic centers are valued at US$ 8 per m2 per month. The biggest concentration of leas-
able constructed area is on Costa del Este, and coincides with the bigger absorption rates (98%), with over 3,500 available m2. But in reverted areas, where absorption rates fell to a 62% for 58,500 constructed m2, over 75,000 m2 more will be added. The most expensive lease rates are on Periferia Norte (between 9 and 10 US$ per m2 per month) and the cheapest on Periferia Este (around US$ 7.50). It is in this area that over 310,000 m2 are being constructed. When ongoing projects complete, overall surface for class A industrial buildings will have doubled in comparison with 2011.
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panorama econmico
Parece que si el mundo hubiese de elegir su capital, el Istmo de Panam sera sealado para este augusto destino, colocado, como est, en el centro del globo, viendo por una parte el Asia, y por la otra el frica y la Europa. Simn Bolvar.
Panam keeps moving towards its destiny as a Trade Center in the middle of the Americas and has been taking steady steps towards its achievement. Recently, Panam obtained investment grade, joined the regional integration process and signed free trade agreements with leading economies. The country also counts on 2007s Law 41, promoting the establishment of multinational companies regional networks, economic powers who plan their location in the Isthmus with long term projections. Being a strategic axis for world trade has propelled Panam into a modernization process. The country is looking for the necessary structures
required for the greatness of the destiny which has been bestowed upon us: an emergent point connecting the Americas. The real estate sector developed side by side with the countrys growth due to the dynamic convergence of the national territory mainly represented by the Canal, international ports in two oceans, a highly esteemed global financial center and the most actively thriving free trade zone in the continent. Our connectivity is perfected by the aerial and terrestrial hub, also the 5 fiber optic cables for transmitting data and phone worldwide. Panam is a point of meeting and
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Como panameos estamos siendo testigos de los grandes acontecimientos y las transformaciones que se estn llevando a cabo en nuestra nacin. Esta generacin de lderes visionarios sigue adelante con el proyecto de construccin ms importante de los ltimos tiempos, la Ampliacin del Canal de Panam. Nos avocamos a la construccin de un sin nmero de obras de infraestructuras de todo tipo; entre ellas, la primera lnea de Metro, la ampliacin del Aeropuerto Internacional de Tocumen y el de la Ciudad de David en la Provincia de Chiriqu, la construccin del Aeropuerto en la Ciudad de Coln y en Faralln, Ro Hato, Provincia de Cocl; la construccin de puentes y carreteras, el mejoramiento sustancial de la red vial y la conectividad terrestre a nivel nacional. Todos estos emprendimientos juntos ya han superado una inversin de ms de un billn de dlares. Esto evidentemente cambiar la forma en que hemos conocido a Panam. Panam sigue buscando su destino como el Centro del Comercio en el Centro de las Amricas y ha dado pasos firmes en la materializacin del mismo. Recientemente ha obtenido el investment grade, se ha incorporado al proceso de integracin regional con los pases centroamericanos y ha firmado tratados de libre comercio con pases de economas lderes. El pas adems cuenta con la Ley 41 de 2007 que promueve, en su esencia, el establecimiento de sedes regionales de empresas multinacionales, grupos econmicos que plantean su locacin en el Istmo Centroamericano con proyecciones a largo plazo. El ser un eje estratgico para el comercio mundial, nos ha impulsado en un proceso de modernizacin en todos los aspectos, buscando contar con las estructuras necesarias, que permitan estar a la altura de ese gran destino con que hemos sido sellados desde nuestros inicios, como punto emergente que conecta las Amricas. El sector inmobiliario se desarrolla a la par que evoluciona el pas y su crecimiento se debe en gran medida a la convergencia de la dinmica que sobre el territorio nacional representan principalmente, el Canal interocenico, los puertos internacionales en ambos ocanos, el centro financiero de alto prestigio global y la
zona libre ms dinmica y competitiva del continente. Nuestra conectividad se perfecciona con el HUB areo y terrestre, sin olvidar los cinco cables de fibra ptica para la transmisin de data y voz de conectividad mundial. Panam es un punto de encuentro y de intercambio para hombres y mujeres haciendo negocios en Amrica Latina, Europa, Asia y Oriente Medio. Para ms, la economa panamea, a pesar de la adversa coyuntura mundial, sigue gozando de estabilidad; registra altos niveles de crecimiento y muestra mejores condiciones para amortiguar la situacin econmica internacional desfavorable. La suma de estos elementos son slidos fundamentos que nos colocan nuevamente en una posicin de gran ventaja competitiva, que debe ser capitalizada a favor de una verdadera y sostenible expansin comercial.
La Integracin Regional
Se trata de un esfuerzo que viene impulsndose desde los aos sesenta, y no es sino hasta 2010 en que Panam participa por primera vez de manera activa. Las empresas de los pases miembros pueden verse beneficiadas por economas de escala y por la adquisicin de experiencias en el campo de las exportaciones, en condiciones competitivas menos duras, de las que podran haberse dado en ausencia de esta integracin. Juntos compartimos el objetivo comn de hacer de Centro Amrica un bloque productivo y econmicamente atractivo. El volumen de transacciones comerciales en la regin ya superan los cinco mil millones de dlares, cantidad esta para no dejar pasar desapercibida. Quedan tareas pendientes, entre las ms sobresalientes: la integracin de aduanas, la realizacin de mega proyectos de conectividad como la creacin de una red de carretera y ferroviaria regional, la promocin de Centroamrica como un solo destino turstico, etc.
exchange for businessmen and women from Latin America, Europe, Asia and the Middle East. Despite the adverse world situation, the Panamanian economy still enjoys stability; has high growth levels and is better suited to confront the unfavorable scenario. The sum of these elements represents solid fundamentals that place Panam in a very advantageous position that must be harnessed for a truly sustainable commercial expansion.
2010 when Panam first began actively participating. Companies from member countries can see benefit in economies of scale and by the acquisition of field experience in exports, without the hassles existing before integration. Together we share the common goal of making Central America the most economically attractive trade block. The amount of commercial transactions in the region already surpassed 5 billion dollars, numbers that shouldnt be taken lightly.. There are several tasks unfinished: customs integration, implementation of the connectivity megaprojects like the creation of a rail and
visitors and tourists; the lowering of financing costs for new developments by the Government. In summary, investment grade prepares the scenario for the main actors in the economy to work, and to take advantage of this opportunity for Panams growth. Concerning the real estate sector, we can expect capital affluence, fresh low cost money that could be used for diverse projects. This establishes the need to assess the available inventory and market projections for the immediate future, to focus efficiently in the available resources to give a true response to the demands coming from the sector.
Regional Integration
Integration plans are being promoted since the 70s, but it wasnt until
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If there is a rise in well paid jobs, product of an improved economy, it will be evidence for a natural growth for a direct residential market through more and better credits. Should the investment grade give Panam a better economic scenario, it will also require a huge responsibility in the management of such capital affluence. The government will be asked to invest strategically for the wellbeing of all Panamanians.
the pattern of m2 usage for diverse means: residential, offices, logistics warehouses, storage, etc July 23th 2012. We were invited by the Maritime Chamber of Panam to the international seminar: Maritime threats to security: a corporate request. It was an enriching experience with many distinguished local and international guests. Many things called my attention. The first one was the graph about maritime traffic through the Panam Canal. The second one is to know the power that maritime commerce conveys Central America and Panam.
This new situation expanded my perspectives and I couldnt help concluding the great management endowed on the Panam Canal. This strategic location will be vital to our sector and the whole countrys economy. New opportunities brought by maritime commerce with the expanded Canal will be definitely felt in our sector. I can already see new international companies related to the sector entering the country and using our facilities; including apartments, houses, corporate offices, warehouses and deposits. A real demand for m2 will stem from executives that
will reside and establish their business in our country. To conclude, I bring up a famous quote (by Admiral Alfred Mahan, in 1898), that I recently heard from a friend: that who controls the sea, controls commerce; and whoever controls commerce, controls the world. Attention to the real estate sector, lets be hopeful and waiting, prepared for these events in the framework of Panam, Global Commerce Hub. There are challenges to be faced, but they are not insurmountable.
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mercado inversor
AN INvESTMENT-FRIENdLY ENvIRONMENT
The Government of Panam adopted measures to promote the countrys global integration and to attract foreign investment. This article reviews the most significant measures based on the Doing Business in Panam guide from Deloitte.
Several times we have highlighted the uniqueness of Panam and its relationship with foreign investors. In a striking contrast with most of Latin American countries, Panam has been enjoying economic prosperity throughout several decades and a stable currency. Its strategic position, its historical bond with the United States, the union of the Balboa and the Dollar; all of these factors contribute to explain the situation. Decisions taken by Panamanians and their Government have produced diverse consequences. Since the beginning of the 90s, the Panamanian Government has defined the necessity to attract foreign investment and designed a tax system full of incentives, same as the countrys immigration bill. Immigration Bill: A foreign investor wanting to settle business in Panam must consider, following the
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dades off-shore. Otras dimensiones del sistema financiero (fondos de inversin, pensiones privadas, mercado de valores, mercado de seguros) se encuentran reguladas de acuerdo con parmetros internacionales, con la particularidad que las operaciones realizadas a travs de la Bolsa de Valores cuentan con incentivos fiscales (por ejemplo, la exencin del impuesto a las ganancias sobre los intereses que pagan los bonos o por las ganancias de la venta de bonos o acciones inscriptos en la Comisin). Panam se destaca como centro de reaseguros y seguros off-shore. Comercio de bienes y servicios tursticos: las importaciones y exportaciones de bienes y servicios tienen un proceso muy simple de tramitacin. Excepto por las tarifas preferenciales de las Zonas Libres (como Coln), las Zonas de Procesamiento de Exportaciones, o para los productos provenientes de pases con los que Panam firm acuerdos comerciales bilaterales o plurilaterales, el resto de los productos tributan una tarifa estndar basada en el sistema armonizado de codificacin. de prevencin del lavado de dinero que exige reportes sobre la licitud del origen de los fondos. Las utilidades de las compaas extranjeras pueden remitirse libremente a sus casas matrices tras tributar los impuestos correspondientes. Hace ya varias dcadas que el gobierno fomenta el ingreso de inversin extranjera directa. El sistema impositivo aplica un enfoque territorial a los impuestos sobre la renta (tributan las operaciones realizadas en el territorio, y las utilidades generadas en el exterior no son afectadas a tributos o impuestos). Esto ha repercutido en que numerosos bancos (generales, off-shore y representaciones), aseguradoras (principalmente de reaseguros y off-shore), compaas multinacionales varias, algunas industrias livianas y servicios tercerizados se radiquen en Panam para aprovechar el beneficio y bajar los costos. Las normas que regulan el registro de empresas extranjeras y sus filiales imponen pocos requisitos comparados con los que solicitan otras jurisdicciones. En trminos de facilidad y rapidez para crear y registrar empresas, Panam se posiciona como el pas lder en el mundo. Panam es considerado un centro bancario de nivel mundial, ya que cuenta con la presencia de las principales entidades que ofrecen una amplia variedad de servicios financieros y ms de 30 entiDesde la accesin de Panam a la Organizacin Mundial del Comercio, varios de los incentivos que ofreca para la radicacin de empresas debieron ser suspendidos o reformulados. Algunas medidas continan vigentes: Eliminacin de impuestos a la importacin y al valor agregado para maquinaria y materia prima para las empresas exportadoras. Exencin de impuestos a las ganancias para las operaciones de re-facturacin off-shore siempre que los bienes no ingresen al territorio panameo o se encuentren simplemente en trnsito. Rebajas y exenciones fiscales a todas las actividades vinculadas con el turismo y la industria cinematogrfica. Subsisten algunas ventajas que expirarn en 2015, para las actividades ubicadas en las zonas tursticas especiales. Los incentivos incluyen la eliminacin de tarifas a la importacin de materiales, equipamiento, embarcaciones, vehculos; exencin de impuestos sobre la tierra y la construccin para emprendimientos hoteleros por un perodo de 20 aos. Las ganancias producidas en las zonas tienen reducciones en el impuesto a la renta y las inversiones tambin reciben un trato preferencial. Existen incentivos para la exploracin y explotacin minera, el almacenamiento de petrleo y sus derivados. La compra, construccin o remodelacin de propiedades ubi-
eral, off-shore and representations), insurance companies (mainly offshore reinsurance), multinational companies, and some light industry and off shore services. Rules in the registration of foreign companies have few requisites compared to other countries. In terms of speed and easiness to register a company, Panam is the worlds leader. Panam is considered a world level banking center, with the main world banks present and more than 30 off-shore entities, offering a wide variety of financial services. Other dimensions of the financial system (investment funds, private pensions, value markets, insurance markets) are regulated according to international standards.
Operations performed through the Stock Market enjoy tax incentives (for example, exemption for interest earnings paid by bonds or by earnings on the selling of bonds or stocks regulated by the Commission). Panam is highlighted as a center for reinsurance and offshore insurance. Commerce of tourist goods and services: Imports and Exports of goods and services have a very simple process. Except for preferential rates from Free Zones (such as Coln), Export Processing Zones, or for products coming from countries with which Panam has signed commercial agreements, the rest of products pay a standard tariff based on the harmonized codification system.
Since Panam joined the World Trade Organization, several benefits had to be suspended or reformulated. Some measures however remain in force: Elimination of import taxes and added value for machinery and raw materials for exporting companies. Exemption of income tax for offshore re-invoicing operations while the goods dont enter Panamanian territory or are just in transit. Rebates and tax exemptions for all activities related with tourism and the film industry. Some incentives are expiring in 2015, those for activities located on special tourist zones. These rebates include the elimination of import tariffs of materials, equipment, boats, vehicles; exemption of taxes on the land and
hotel development construction for a 20 year period. Earnings from these zones also have reductions in the income tax and investments also receive a preferential treatment. There are incentives for exploration and exploitation of mining, storage of petroleum and its derivatives. Purchase, construction or renovation of properties located in the Casco Viejo of Panam City also have incentives over bank credit, exemption or rebate of tax rates and special deductions for commerce. Special economic zones: Panam has a series of special zones, like the Coln Free Zone, or the Processing and Export zone and the Oil Free Zones. These zones provide special services for investors: information and simplified procedures,
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cadas en el Casco Viejo de la Ciudad de Panam tambin cuenta con incentivos sobre los crditos bancarios, exencin o disminucin de las tasas de los impuestos, deducciones especiales para los comerciantes. Zonas econmicas especiales: Panam cuenta con una serie de zonas reas especiales, como la Zona Especial de Howard / Panam Pacfico, la Zona Libre de Coln, las Zonas de Procesamiento de Exportaciones y las Zonas Libres de Petrleo. En stas zonas existen servicios especiales para los inversores: de informacin y trmites simplificados, incentivos laborales y migratorios, programas para financiar la capacitacin de los empleados, exenciones totales al impuesto a las ganancias para determinadas actividades radicadas en las zonas (ej. servicios relacionados con el Canal, empresas de Call Center, empresas de alta tecnologa). En Coln, particularmente, las compaas radicadas pueden importar productos, modificarlos, re-empaquetarlos y almacenarlos hasta su exportacin final sin cargo alguno aduanero (duty-free). Coln se ha convertido en el principal centro logstico de Latinoamrica, y cuenta una amplia infraestructura de servicios complementarios. Mercado inmobiliario: es otro de los pilares de la economa panamea. Los impuestos sobre la propiedad alcanzan tanto al terreno como a las construcciones y son percibidos por el gobierno nacional. Peridicamente, ste dispone exenciones para determinadas construcciones por un nmero dado de aos. En 2005 y 2008 se sancionaron reformas al rgimen impositivo sobre la propiedad que contemplan tributos de carcter progresivo y tambin importantes exoneraciones, por ejemplo para viviendas de inters social y terrenos pequeos o medianos dedicados a la agricultura. Las propiedades de mayor valor, con registros y pagos al da, pueden acceder a un sistema de tributacin alternativo que reduce sustancialmente el valor anual del impuesto. En 2006 se adoptaron medidas para promover las inversiones tursticas residenciales, es decir las segundas viviendas ya sean permanentes o de vacaciones, siempre que se ubiquen en las zonas tursticas y no superen el tamao de una parcela. En 2007 se sancion otra
norma que crea condiciones especiales para las multinacionales que ubiquen sus oficinas en Panam (se refiere a site offices en las que se realizan actividades de alto valor agregado para el resto de las filiales de la empresa en el mundo). Estas oficinas estarn exentas del impuesto a las ganancias sobre los servicios que provean para el exterior y sobre el impuesto al valor agregado en sus servicios de exportacin. Adems contarn con un rgimen migratorio y laboral ms favorable. Los funcionarios que cobren sus sueldos directamente en el pas de origen, tambin estarn exentos del impuesto a la renta. Esta norma ha generado resultados inmediatos, como seala Luis Laguerre, presidente de la Cmara Norteamericana de Comercio local (PanAmCham): varias empresas como Dell, Caterpillar y Procter & Gamble estn reubicando sus operaciones regionales o establecindose en Panam para aprovechar los beneficios. A febrero de 2012, 45 multinacionales se haban instalado en el pas bajo este rgimen. Ms all de que toda medida tiene defensores y detractores, el rumbo de apertura, integracin global e incentivos a la inversin extranjera que ha adoptado Panam, cuenta con cifras que lo respaldan, como el 10,5% de crecimiento en 2011 que lo convierte en uno de los paises con mayor crecimiento de Amrica.
migratory and labor incentives, financing for employee training programs, total exemption from income tax for certain activities (eg. Canal related services, Call Center companies, high technology firms). In Coln companies can export products, modify them, re-package and store them until final export without customs charges (duty-free). Coln has become Latin Americas main logistics center, and has a wide range of infrastructure for complementary services. Real estate market: This market is another pillar of the Panamanian economy. Real estate taxes reach both the terrain and constructions on it, and these taxes are collected
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by the national Government. From time to time, the Government creates exemptions for certain types of constructions for a two year period. In 2005 and 2008 several reforms to the tax code and real estate were performed to contemplate progressive style taxation and important exonerations. These incentives are centered on social interest housing and small or medium lots dedicated to agriculture. Higher value properties, with up to date registry payments, can access an alternative tax system reducing substantially the annual costs in taxes. In 2006 several measures were enacted to promote investments in the tourist residential segment, for example permanent or holiday second
homes. This exemption works as long as the building is inside one of the designated tourist zones and does not exceed the size of a parcel. In 2007 another law was sanctioned creating special conditions for multinationals establishing headquarters in Panam (known as site offices in which high added value activities are performed for the rest of the subsidiaries of the company in the world). These offices will be exempt from income and customs taxes for the services they provide as exports. These companies will also have a more favorable labor and migratory regime. The executives collecting their salaries in their home countries will also be exempt from income tax. This law has gen-
erated immediate results, as highlighted by Luis Laguerre, chairman of the local American Chamber of Commerce (PanAmCham): several companies like Dell, Caterpillar and Procter & Gamble are relocating their regional operations or establishing in Panam to take advantage of the benefits. By February 2012, 45 multinationals had already settled in Panam under this regime. Every measure has supporters and detractors, nevertheless, the road of global integration and foreign investment incentives adopted by Panam has figures backing it: like a 10.5% growth rate for 2011, making it one of the fastest growing countries in America.
mercado inmobiliario
to be met by the promoter having the sale of real property as their ordinary course of business: 1) The project must have a Construction Permit emitted after January 1st, 2011 (it does not apply to permits dated before); 2) It must be a new home or business premise; 3) It applies over the assessed or sale price, whichever is higher; 4) Income tax payments resulting from the special rate must be made before the closing of public deed; 5) The notary is obliged to record the payment in the same deed; 6) The developer has to present the annual income affidavit and pay the Notice of Operation or Dividends tax (or alternatively the Complementary Tax). That last condition cannot be considered new, but has not been practiced by many developers who have enjoyed
a chronic lack of taxation. Developers not qualifying for the special tax rate are subjects to the general rules of the Tax Code and have to pay the net income tax with a 25% minimum. These developers would also have to pay the Monthly Advance Income Tax (AMIR in Spanish), which becomes a credit of the same tax and the other tributary conditions stated in item 6. The aforementioned Notice of Operation implies an annual 2% tax over the net value of the company (assets minus liabilities) and is paid in March 31st each year. The tax rate is 10% for Dividends Tax and considers the amount of local utilities distributed to shareholders, rules which have changed in the last two years.
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sustentabilidad
MMG Bank
a strong interest by professionals and investors for sustainability translated into real projects. The amount of buildings with LEED certifications already obtained or in process is another indicator of the strength of the sustainability trend. The first Panamanian building in obtaining it was the new United States embassy in the Clayton area. This embassy obtained its certification in 2011 and, during that year, several other projects announced they would also try to get it. We refer to the new headquarter for the Asociacin Panamea de Ejecutivos de la Empresa over Justo Arosemena Avenue. Also a commercial plaza and some new quarters in Ciudad del Saber are being built with a sustainable usage of resources. Cresolus Office, Embassy Garden 8, Residence Inn by Mar-
riot Panam and the MMG Tower amongst others are thriving for the certification.
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edificio comercial clase A con los ms altos estndares internacionales en materia de seguridad, sostenibilidad y comodidad. La arquitectura y el diseo de interiores fueron concebidos por la firma panamea Forza Creativa, mientras que el trabajo de Workplace lo realiz el estudio de arquitectura Gensler, empresa de arquitectura lder a nivel mundial. La torre contar con 30 pisos, demandar una inversin de U$S 77 millones y estar finalizada para principios del ao 2013. Por otra parte, la zona de Panam Pacfico (desarrollos de usos mixtos en los terrenos que anteriormente pertenecan a la base militar de Howard) tambin tiene una fuerte impronta sustentable. Con 1.400 hectreas dotadas de colinas y valles verdes, Panam Pacfico ofrecer parques de negocios internacionales, altos niveles de planificacin urbana, reas comunales, comodidades de clase mundial y opciones para recreacin. A pesar del desarrollo, se conservar el ambiente natural, ya que casi la mitad del terreno se mantendr verde, con parque y espacios abiertos.
Mirando al futuro
Panam se ha integrado a la nueva tendencia de lo Eco-friendly con el desarrollo de campaas sociales para culturizar a la sociedad panamea en cuidar, conservar y ensear a nuevas generaciones la importancia del medio ambiente. El mercado est adquiriendo el patrn de compra/venta inclinado a productos ecolgicamente amigables y por esto se est incursionando en las edificaciones con certificacin LEED. Los proyectos reseados plantean un nuevo hito para los desarrolladores panameos, marcando un rumbo y destacando que diseo, economa y sustentabilidad pueden vincularse. La perspectiva a futuro de la arquitectura sustentable en Panam es positiva: cada vez ms profesionales se acercan a ella y organizaciones como el PGBC estn difundiendo cada vez el mensaje de la sustentabilidad.
in terms of costs, says engineer Abdul Alvarado from the company Ambientes Modernos. The Panamanian corporate market is already developing the conception of their office building projects, supported by the large number of multinational companies that operate in the country. The area of Costa del Este in Panama City could be considered the first green office zone. Thats where Business Park V, part of the LEED certified Business Park towers, is about to be completed. The tower was designed by BHDP architects and Vanderweil engineers, aiming to make it an example of environmentally friendly building practices. The towers design is centered on the principle of efficiency. Incorporating the latest green technology, such design helped reduce the consumption
of water (through rainfall collection among other measures), also moderate the use of refractory materials and daylight enhancing glass technology; among many other green measures. Costa del Este also holds the MMG Tower. Originally conceived as the new headquarters for the law firm Morgan & Morgan, it highlights its social commitment to the environment and the community. Its a class A building with the highest international standards in security, sustainability and comfort. Architecture and interior designs were developed by the Panamanian studio Forza Creativa, and Workplace development was carried by Gensler, a world class leader. The tower will have 30 floors, demanding a USD 77 million investment, will be completed by the year 2013 and has already been LEED GOLD certified by the United States Green Building
Council. The Panam Pacfico area (mix use developments in ground formerly belonging to the Howard military base) also has a very sustainable mark. With 1,400 hectares of hills and green valleys, Panam Pacfico will offer a plaza for international business, high level urban planning, commune areas, world class accommodations and variety in recreation. The land comprises seven districts that will be connected through roads and footpaths. Despite the development, the natural environment will be preserved. Half of the whole area will be kept green with parks and open spaces.
of caring for the environment and preserving it for future generations. The market has become Eco-friendly and LEED certifications are in place to promote intelligent and efficient processes that reduce the negative impact on the environment and the population. The projects outlined present a new milestone for Panamanian developers, leading the way and highlighting that design, economy and sustainability go hand in hand. The prospects for Panamanian sustainable architecture are positive: more people are approaching it as well as organizations like PGBC, spreading the message of sustainability.
Looking Forward
Panam has integrated into the new Eco-friendly trend with the development of social campaigns to teach the Panamanian society the importance
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tendencias
BABY-BOOMERS PARAdISE
Panam is considered in the United States as the best place to spend your retirement years. In fact, thousands of babyboomers are arriving to this destination instead of the classical Florida. This article, based on research by the realtor Coldwell Banker, discusses the reasons behind this success story.
March 2012. The newspaper US News ranks Panam #1 among 18 other destinations for retired Americans. Same as what the San Francisco Chronicle wrote, branding Panam as a family place. In the last 5 years, AARP, International Living and Fortune Magazine have also branded Panam as a top destination for retirees. What do these publications highlight? Choosing a destination for retirement is a complex decision. Many retirees of the baby-boomer generation prioritize cost and focus on super-low budget destinations; explains Kathleen Peddicord, founder of Live and Invest Overseas. Nevertheless, this doesnt seem to be the most important factor. According to Peddicord, what should be looked for is lower cost of living than in the country of origin and the possibility to lead a rich life: travel, being with friends and family, enjoy a
friendly weather, living smoothly and counting on a good network of health and amusement resources.
obtain and generous on their conditions. They include transportation discounts, entertainment, health, professional services and exemptions for importing house goods. A fact to be taken into account is the quality of the health infrastructure on Panam City. There are branches of large US hospitals (like Punta Pacfica, affiliated with John Hopkins International) and bilingual staff. Health costs also are notably lower than in the US: monthly costs for a couple over 50 years with good health are around USD 4,000 in the United States, and only USD 1,200 in Panam. Compared to other places in Latin America, Panam is a safe country
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Estados Unidos (como el hospital Punta Pacfica afiliado a John Hopkins International) y personal bilinge. Los costos de la salud tambin son notablemente bajos: una cobertura mensual para un matrimonio mayor de 50 aos con buena salud ronda los US$4.000 en Estados Unidos, y slo US$ 1.200 en Panam. Comparado con otros lugares de Latinoamrica, Panam es un pas seguro (bajas tasas de criminalidad) y se trata de una zona libre de huracanes y otros desastres naturales, que tanto estn afectando a otros destinos caribeos. Otro elemento a considerar por los jubilados es el peso del sistema impositivo. El de Panam es ms que favorable para los extranjeros ya que, a diferencia de lugares en Estados Unidos como Florida y California, aqu no se cobran impuestos a la propiedad, ni a los ingresos personales ni al patrimonio (property tax, state personal income tax, estate tax). proyectos de turismo y segunda vivienda para baby boomers, como Olas Resort, compuesto por los loteos Barqueta Nice (280 lotes) y Las Olas Villas (40 lotes). Propiedad de la familia Araz, estos proyectos fueron adquiridos en un 60% por jubilados americanos o canadienses. Varias familias de la regin (Boquete, Volcn, Cerro Punta, Alanje) han vendido sus fincas a inversores locales o extranjeros que desarrollan complejos tursticos, campos de golf y lotes residenciales. Se destaca especialmente el rea de Valle Escondido, con 50 hectreas que hoy alojan un hotel y 150 viviendas para retirados completamente consolidadas y vendidas. Estas inversiones se han traducido en el florecimiento del comercio, la construccin, los servicios y el empleo en la zona. El gobierno de Chiriqu calcula que entre 2005 y 2010, las inversiones en urbanizaciones para extranjeros ascendieron a 250 millones de dlares. Los expertos coinciden en que para potenciar este crecimiento, es necesario hacer ms inversiones en infraestructura (carreteras, servicio de telefona e internet) y continuar promocionando la marca Panam.
ond housing projects for baby boomers, like Olas Resort, consisting on the Barqueta Nice (280 lots) and Las Olas Villas (40 lots) building lots. Property of the Araz family, American and Canadian retirees acquired over 60% of these projects. Many of the regions families (Boquete, Volcn, Cerro Punta, Alanje) have sold their estates to local or foreign investors for tourist complexes, golf courses and residential developments. Specially the area of Valle Escondido, with 50 hectares holding a hotel and 150 houses for retirees completely sold and consolidated. These investments have made commerce, construction, employment and services flourish in the area. The government of Chiriqu estimates that between 2005 and 2010, investments in urbanizations for foreigners rose to over 250 million dollars. Experts agree that to empower this growth, it is necessary to invest more in infrastructure (highways, communications) and to continue promoting the Panam brand.
Oportunidades de inversin
El mercado de los boomers tiene enormes proporciones. Slo en Estados Unidos y Canad, los mayores de 65 representan entre el 11 y el 12% de la poblacin. En varios pases europeos, la proporcin es an mayor. Centrndonos slo en los norteamericanos, se destaca su poder adquisitivo: la mayora son dueos de su propia vivienda, 67% de estos ya ha pagado su hipoteca, la mitad poseen ahorros e inversiones. Por otra parte, cada vez son ms los que viajan e incursionan en toda clase de destinos exticos. De acuerdo con datos de Coldwell Banker, una propiedad de 2500 sq.ft. se vala alrededor de US$ 475.000 en Panam si se encuentra ubicada sobre la playa, valores considerablemente menores que una vivienda similar en la Florida. Una de las reas donde ms se ha crecido gracias a este mercado son las tierras altas de Chiriqu. Ya en 2005 se destacaban
(low crime rates) and is free of hurricanes and other natural disasters, so commonly afflicting other Caribbean destinations. Another issue of consideration for retirees is the weight of the tax system. The one in Panam is more than favorable for foreigners, because in contrast to that of places within the United States, like Florida or California, it doesnt have property, personal income or estate related taxes (property tax, state personal income tax, estate tax). is even bigger. Considering only North Americans, its purchasing power is remarkable: own their house, 67% has already paid their mortgage, possess savings and investments. On the other hand, they tend to travel more and more to a whole spectrum of exotic destinations. According to data by Coldwell Banker, a 2,500 sq.ft. property costs around USD 475,000 in Panam if its located around the beach. In Florida, a similar house is valued on more than USD 750,000. Also, a similar house but on a condominium is USD 70,000 cheaper in Panam than in Florida. One of the areas that have grown the most due to this market are the Chiriqu highlands. Already in 2005, there were plenty of tourism and sec-
Investment Opportunities
The boomers market has huge proportions. Only in the United States and Canada, retirees represents between 11 and 12% of the population. In many European countries, the rate
Each generation tends to have a name describing it. In the last decades weve known Generation X and Y; but long before that we already had the Baby Boomers. These are people born during the birthrate surge in the AngloSaxon countries after World War II. Basically, it refers to those born at the end of the 40s and the 60s. Its about the first batch of older people that retires healthy, with relatively good purchasing power, active, consumer and curious. Thats why its considered an important target for marketing strategies.
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centro amrica
Mercado Costarricense
Por Aleyda Bonilla presidente de la Cmara Costarricense de Corredores de Bienes Races
Aunque aun est latente el fantasma de la crisis, los bancos han vuelto a abrir sus puertas a los desarrolladores. Los proyectos que haban quedado a medio camino se estn retomando.
La crisis financiera internacional no ha terminado, pero en 2011 los bancos costarricenses han vuelto a ofrecer crdito a los desarrolladores con mejores perfiles de riesgo. Con ello, vemos como estos desarrolladores estn retomando los proyectos que quedaron en el camino e iniciando otros nuevos. Los compradores por su lado, se sienten ms seguros del ambiente econmico-financiero, dado el crecimiento en el nivel de empleo real y la apertura de nuevas alternativas de financiamiento. Los precios han venido encontrando su nivel de aceptacin, por lo que no se espera un incremento en los mismos. En esto, los bancos estn jugando un papel importante ya que los avalos de las propiedades son mucho ms conservadores, dado que la medicin del riesgo (post crisis) est siendo mucho ms rigurosa. Definitivamente el 2012 ha evidenciado una tendencia al crecimiento del mercado inmobiliario de Costa Rica, con un importante aporte de nuevas construcciones, sobre todo en la Gran rea Metropolitana (GAM). Por su parte, el Pacfico Norte es el tercer destino ms atractivo para la inversin extranjera en bienes races para segunda residencia. ste es un excelente momento para adquirir segunda residencia a precios atractivos, condominios a muy buen valor y comprar terrenos para futuros desarrollos.
ta Rica. New constructions are contributing their part, especially in the Gran rea Metropolitana (GAM). Pacfico Norte is the third most attractive foreign real estate investment destination for second homes. This is a great moment to acquire a second home at attractive prices, very cheap condos and also well priced land for future projects.
vices companies which continue to arrive to Costa Rica. Over 15 new towers are being projected at GAM, with some of them presenting a mixed-use model that combines offices and retail areas. The industrial sector proved to be the slowest to grow, presenting only a 5.11% variation YoY. The Coyol area has maintained its growth but on a built to suit model. Northwards at San Jos, an important growth has been observed in warehouses for specific uses. In the last quarter more than 25.000 square meters have been built between Zeta Alajuela and Parque Condal in Tibs. Nowa-
Overview by sectors
The corporate office sector is the one growing more rapidly. Supply in construction processes ascends to more than 498 thousand square meters. That area comes to cover the need of foreign ser-
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mestre se construyeron ms de 25.000 metros cuadrados entre Zeta Alajuela y Parque Condal en Tibs. Actualmente se encuentran en construccin 130.000 metros cuadrados de bodegas. Se prev un panorama positivo con la llegada de empresas del sector de dispositivos mdicos y electrnicos. En general, se anticipa un crecimiento de la construccin de ofi-bodegas en Heredia y en el oeste de San Jos. En este primer trimestre del ao se han autorizado 750.000 metros cuadrados de propiedades industriales. El sector comercial presenta importantes crecimientos en nuevos centros comerciales en puntos estratgicos del GAM, como Plaza Lincoln, el City Mall en Alajuela, Metrpoli en Cartago y muchos ms. Existen ms de 700.000 metros cuadrados construidos y vienen ms de 1.479.000 m2 nuevos. El 2011 mostr un crecimiento del 15% con respecto al ao anterior y la tasa de ocupacin fue alta, alrededor del 97%. El sector residencial est liderado por clientes residentes del pas, tanto en primera como en segunda vivienda (mayormente en playas). Las residencias de lujo siguen siendo absorbidas en un alto porcentaje por extranjeros que vienen a instalarse en el
pas o buscan hacer una buena inversin. El grado de rentabilidad del sector inmobiliario costarricense sigue siendo uno de los ms altos del continente. El ao 2011 estuvo un tanto lento para el sector, que pas de representar el 60% de la industria de la construccin al 34%. Totaliz 2,7 millones de metros cuadrados con una tendencia hacia lo vertical en el GAM. Para este ao ya se han aprobado ms de 2, 5 millones de metros cuadrados, evidenciando un importante repunte para el primer semestre del ao. Entre los principales proyectos se destaca Hacienda Espinal, en San Rafael de Alajuela, es una obra desarrollada por la firma nacional Garnier & Garnier que tendr residencias, un colegio, oficinas, parques, un bulevar y un rea comercial que incluye un auto mercado. Todo esto en un terreno de 137 hectreas. Es el proyecto ms ambicioso del 2012. Segunda residencia creci casi tres veces en el 2011 con respecto al 2010, se tramitaron ms de 89 mil metros cuadrados contra 30 mil del ao anterior. El segmento de turismo corporativo ha mostrado una estabilidad importante y las instalaciones para el turismo mdico siguen en crecimiento.
days more than 130,000 square meters are under construction exclusively for warehouses. A positive panorama is being expected with the arrival of medical and electronic devices companies. A growth in the construction of office-warehouses is being expected for Heredia and San Jos in the west. In this first quarter over 750,000 square meters have been authorized for industrial property. The commercial and retail sectors present an impressive growth in terms of new shopping malls in strategic points of GAM, like Plaza Lincoln, City Mall in Alajuela, Metrpoli in Cartago and many
more. Over 700,000 built square meters already exist and over 1,479,000 m2 more are expected. 2011 showed a growth of 15% YoY and the occupation rate was strong, around 97%. The residential sector is being led by domestic clients who have a main and a secondary home too (especially on the beach). Luxury homes keep being absorbed at a swift rate by foreigners looking to immigrate into the country, and also as investments. The Costa Rican real estate sectors level of profitability is still one of the highest in the continent. During 2011 it was a little slow for this sector, go-
ing from a 60% of the whole construction industry to a mere 34%. It totaled 2.7 million square meters with a vertical trend in the GAM. For this year over 2.5 million m2 have been approved, confirming an important upturn for the first half of the year. Among the principal projects, Hacienda Espinal in San Rafael de Alajuela is one of the most important. The project is being developed by the local firm Garnier & Garnier. Final plans include a school, offices, parks, a boulevard and a commercial area which includes a car market. All of these accommodations are being built
in a 137 hectares lot. This is the most ambitious project for 2012. Second homes is a sector that grew almost three times in 2011 YoY. More than 89 thousand m2 have been handled, against 30 thousand the year before. The corporate tourism segment has shown an important rate of stability, and tourism related installations keep an astounding growth.
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decameron se expande
Nuevos lanzamientos de la cadena en Panam y Centro Amrica.
Decameron Group of Hotels & Resorts es una cadena integrada por 38 hoteles en 11 pases del Caribe, Amrica Central, Amrica del Sur y frica. El concepto de negocios de la empresa es proporcionar vacaciones todo incluido a un precio asequible y brindar experiencias ptimas en los hoteles de ciudad para los viajeros de negocios y de placer. Los establecimientos de Decameron ofrecen, ms all del alojamiento y servicios clsicos de hotel, actividades recreativas para todas las edades, spa, deportes acuticos, paquetes tursticos, shows y entretenimiento, casinos y discotecas. Fundada en 1987, los 7.500 empleados de la compaa son una parte integral de una operacin eficiente que proporciona experiencias vacacionales de alta calidad. Decameron tambin incluye Decameron Explorer, un operador de viajes y servicios terrestres, y varias otras empresas de gestin hotelera. En Panam, la firma cuenta con varios hoteles en funcionamiento y otros en desarrollo. El hotel Royal Decameron est ubicado a slo una hora y media del centro de la ciudad de Panam. El complejo cuenta con 2 kilmetros de playa y vistas al Ocano Pacfico. La capacidad asciende a ms de 852 habitaciones, todas decoradas con estilo tropical, y los huspedes tambin pueden disfrutar de un campo de golf de 18 hoyos, 9 piscinas, 10 restaurantes, 11 bares, spa, disco y casino. Por su parte, el Radisson Decapolis se ubica en el centro de la ciudad y se orienta ms especficamente al viajero de negocios. Con un estilo avant garde hip hotel, combina 240 habitaciones con un completo business center, salas de reunin con diseo flexibles y equipamiento audiovisual, spa, un restaurante, un sushi bar y un Martini bar. En abril de 2012, y con una inversin millonaria de Megapolis Investment Group (propietario e inversionista en desarrollos inmobiliarios, malls y casinos), comenz la primera fase de operacin del Hard Rock Hotel Panam Megapolis, el primer establecimiento hotelero de Hard Rock en Latinoamrica. El hotel cuenta con un estilo nico y vanguardista que se extiende por sus 1468 habitaciones distribuidas en 66 pisos. El complejo tambin incluye la icnica tienda Rock Shop, la agencia de Tours Megapolis Explorer, el fascinante Base Bar para quienes disfrutan de la vida nocturna, el Mezzanine con opciones para todos los gustos (restaurantes de tapas, msica en vivo, pizza, cocteles), gimnasio, spa, clubs para adolescentes y nios, y un centro de convenciones con capacidad para 3200 personas. El piso 12 aloja una piscina de borde infinito, cabaas privadas ideales para fiestas y un float bar. Tambin hay que sealar que el hotel conecta directamente con el centro comercial Multicentro y el casino Majestic. Esta espectacular infraestructura, reforzar a Panam como uno de los centros de turismo, recreacin y convenciones ms importantes de la regin. apunt Leonardo Gonzlez, Director General del hotel. La operacin del hotel fue concedida al Grupo Decameron. A principios de ao, Decameron ha anunciado el desembarco en Costa Rica con la apertura de dos hoteles, uno en la capital y otro en Jac. En total sumarn 460 habitaciones.
dECAMERON EXPANdS
NEW RELEASES IN PANAMA ANd CENTRALAMERICA
Decameron Group of Hotels & Resorts has 38 hotels in 11 countries of the Caribbean, Central America, South America and Africa. The companys business concept is all inclusive vacations at an affordable price, as well as optimal experiences both for pleasure and business travelers. Decameron facilities offer hotel style lodging and services, plus recreational activities for all ages, spa, water sports, touristic options, shows, entertainment, casino and discos. The company was created in 1987 and now has over 7.500 employees that are a center piece of the operation: they provide high quality vacations. Decameron also owns Decameron Explorer, a travel agency, and several other hotel management firms. In Panama, Decameron owns several hotels already in place as well as others under construction. The Royal Decameron is only an hour and a half away from down-town Panama City. It is a large complex, with a beach of 2 kilometers long and ocean views. The hotel has 852 rooms decorated in a tropical fashion. Guests can enjoy an 18-hole golf court, 9 pools, 10 restaurants, 11 bares, spa, disco and a casino. The Radisson Decapolis is located in the center of the city and it mainly Works with business travelers. It is an avant-garde hip style hotel, with 240 rooms, a business center, meeting rooms with a flexible lay-out and completely equipped, a spa, a restaurant, a sushi and a martini bars. In April 2012, thanks to a millonaire investment by Megapolis Investment Group (owner and investor at real estate developments, malls and casinos), the first operational stageof Hard Rock Hotel Panam Megapolis begun. It is the first Hard Rock hotel in Latin America and it is designed with a unique and avant-garde style. The building has 66 floors and 1468 rooms. It also encompasses the classic Rock Shop store, a travel agency Tours Megapolis Explorer, a fascinating disco (BaseBar) for those who love the night life, a Mezzanine with options for different tastes (tapas, pizza, cocktails, live music), gym, spa, teens and kids clubs, and a convention center for 3200 persons. The 12th floor harbors the pool, a float bar and private cabanas, ideal for throwing a party. The hotel directly connects to the Multicentro Mall and the Majestic Casino. This spectacular facility will reinforce the image of Panama as a regional main touristic destination, and also as a recreational and convention location stated Leonardo Gonzlez, General Director of the hotel. The complexs operation will be in charge of Decameron Group. In the beginning of 2012, Decameron announced the opening of two hotels in Costa Rica, one in the capital city and the other one in Jac. They will add up 460 rooms.
www.decameron.com
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