Residents of Punta Pacifica and Paitilla have been curiously watching construction progress on the first of two private islands located just off the coast of downtown Panama City, Panama.
Last week, Dutch firm Royal Boskalis Westminster moved equipment in place to begin construction of the second artificial island in the project.
Pre-sales of Island 1 were brisk, and most of the lots for sale were purchased by friends and family of the developer and resold at a handsome profit to end users who plan on building private homes on the 25 acre waterfront gated community.
To date, most of the construction on the first island has been a handful of mutli-family low rise condo developments, the first of which is due for completion and delivery in the next few months.
The second island, which will measure 20 acres, is going to be connected to Island 1 and will feature a marina (between the two).
This project is ambitious to say the least but they pulled off construction of the first island, so who’s to say they can’t do it again on the second!
Panama Equity is currently working with the developers on presales of the lots on the second island and has a few resale opportunities in both the condos for sale on the island as well as one home site.