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In the News from Panama

Government Accepting Proposals for Cruise Ship Terminal

After months of give and take with construction companies, the Panama Maritime Authority (AMP) is ready to accept proposals to build a new cruise ship terminal on Amador Causeway.

There have been changes to the original guidelines and construction companies have been seeking more information on the specifics of the project, which has prompted several delays, La Prensa reports. More than 40 companies from around the world have expressed an interest in the project, including Sacyr and China State Construction.

The AMP has made several changes to the specification for the project on Isla Perico, which will help take Amador to the next level as a tourist destination. Changes include a provision to allow two ships simultaneously instead of one. And the terminal must be designed to allow expansion of the development within the next 10 years, La Prensa reports.

The project is expected to cost between $70 million and $100 million. It is expected to have a wide range of positive impacts for the city and Amador, including increased marketing and focus on Amador to areas around the world. Cruise ship traffic will also prompt more infrastructure improvements, as well as additional shops and restaurants. The terminal is intended as a home port for ships, which means passengers will fly into Panama to board the ship, providing a nice boost to all levels of the economy.

The government has committed $300 million to improving Amador, which was on display a couple of weeks with the unveiling of an extensive round of improvements to roads, parks and recreational facilities along the Causeway.

PPR represents Naos Harbour Island, one of the premier developments on Amador and one of the few developments in Panama City where short-term rentals are allowed. Many of our investors are already taking advantage of the lucrative short term rental business, which fits nicely with the idea of cruise passengers flying in for a few nights in Panama City.

Now that the questions have been answered on process and specifications for the cruise ship terminal, the government is set to evaluate the technical proposals for the construction, before launching another round to evaluate the economic aspects of the proposals. While the process is sure to take several months, it is clear the government is serious about moving forward on the project.

 

Punta Pacifica Realty

Punta Pacifica Realty