Behind the Scenes of Panama’s Most Exciting Project
Grupo Los Pueblos has developed many of Panama’s largest and well-known projects, but the crown jewel is Ocean Reefs Islands, the man-made islands in Panama Bay. The islands are an engineering marvel, creating an island lifestyle only minutes from downtown Panama City.
In an interview with PPR Insider, GLP executive vice president Alfredo Alemán discusses the development of the islands, the current status and the future of the project. (Note: PPR is exclusively offering the first units in the Beach Club Residences on Ocean Reef at special, limited-time pricing).
What have you found to be the biggest selling point for Ocean Reef?
Approximately 3.5 additional miles of oceanfront property in downtown Panama City with a private marina. Definitely its location and lifestyle. Ocean Reef Islands are the only islands located strategically at the heart of Panama City, with an unmatched lifestyle offering an exclusive residential community with amazing amenities and views.
How might the demographics of the buyers differ from the rest of Panama City?
Ocean Reef owners range from young families, large families, empty nesters, retirees. We offer a variety of residences addressing different needs and wants. We have a very large community of Panamanians and the international buyers are increasing in numbers as we now offer apartments that fit their needs. It is a very diverse community. Our community is our biggest asset. We have a variety of important businessmen. We have been able to attract a vibrant international community made up of the best entrepreneurs in the region. We have attracted a diverse world-class community that values and understand the uniqueness and limited offer this project represents.
When do you expect t
o start construction on the marina?
The first breakwater is already built and the marina plans to open in late 2019. It is a very unique marina, not just because of its location and high standards but also because it will be the only marina to service mega-yachts in Panama City.
What will Ocean Reef look like a year from now?
By late 2019, the dream will be materialized. Two islands with a marina, luxury low- and mid-rise residential buildings, several single-family homes finished and a community enjoying the serenity and peaceful oceanfront living with unmatched lifestyle and amenities.
What about 5 years from now? How do you see the islands developing?
A mature and vibrant, fun and healthy, year-round international community with the best private club of a network of entrepreneurs, living the unthinkable lifestyle in Panama City.
What have you found to be important for residents in terms of building that community and developing the islands as a place to live?
Ocean Reef is a weekday and weekend destination. Your weekend residence in the city. Residents will enjoy, a yacht club, private decks, treatment rooms, bar, restaurant and an outdoor grill, in addition to an onsite market. For those who like to exercise there are tennis, squash and basketball courts, and a gym located at the yacht club. Last but not least, residents will have immediate access to jet skiing, boating and yachting like no other in the region, with amazing destinations less than 10 nautical miles away.
What were your thoughts on developing the design guidelines? What kind of design did you want to promote?
Our main goal with the design guidelines was to promote and maximize the residences’ ocean views but maintain minimum standards for the streetscape.
What has seen in terms of the home designs you have seen so far? What have you liked about what people are doing with design?
Never before in Panama City have top local and international architects been able to design low- and mid-density city residences with the ocean as their backyard. They have produced unique and beautiful oceanfront homes and buildings that are taking advantage of the amazing views, with the most incredible rooftop and pool decks in the city.
When you were developing the idea of Ocean Reef, what did you learn from other island projects around the world?
Seldom do you have an islan
d community in such a high-density metropolitan area like Panama City. Instead of looking outside Panama, we focused on how to differentiate our development from others in the city, even if not ocean front. This is the reason why we had a big success with local buyers that never before had considered a residential offering with high price points such as Ocean Reef.
In such a high-density metropolitan city like Panama City, Ocean Reef Islands is the only high-end, oceanfront, exclusive community offering the privacy and lifestyle you can only dream of getting in a world-class resort environment every day of your life, steps away from one of the leading downtowns in Latin America.
People are fascinated by the construction of the islands. From your perspective, what was the most interesting or challenging aspect of building man-made islands?
Selling pre-construction properties in the open ocean took an effort. Buyers were promised a dream and we had to make it a reality. We are very grateful to the early adopters that validated our unique selling proposition and made it possible.
Now that you are far along, what surprised you about the development of the project or the reaction to it?
The resilience of our target market. Our buyers from Panama and many other countries have committed to buy in all economic cycles in the last 10 years, which validates the uniqueness and great value of our community and a one-of-a-kind residential portfolio.
