Developer Launches New Luxury Project in Punta Pacifica
A new luxury residential project has launched on the Punta Pacifica waterfront, providing further evidence that investment is ramping up in Panama City.
Dubbed Scala, the eight-story project is planned for a small parcel of land once believed to be intended for commercial development, next to the Trump Ocean Club, the Punta Pacifica icon. Emporium Developers says there will only be two apartments per floor, ranging from 383 square meters to 436 squar
e meters. Current prices typically range from about $1.1 million to $1.35 million for “grey” apartments—delivered without flooring, appliances or any interior fixtures.
Emporium has built a variety of commercial and residential projects in Panama City, including the 47-story Pacific Village tower in Punta Pacifica. It’s clearly targeting a high-end buyer, recognizing Punta Pacifica’s prominence as Panama City’s luxury enclave. In addition to the waterfront setting, renderings show apartments with floor-to-ceiling windows, wide patios, a large rooftop social area and an infinity pool.
This is one of the last pieces of available land in Punta Pacifica, which is now a mature community with shopping, restaurants and world class healthcare facilities, in addition to panoramic views of the Pacific Ocean.
Emporium’s willingness
to move ahead with the project illustrates the new reality of Panama City’s real estate market. The overhang of available apartments from the building boom has been largely absorbed and now developers are ready to build a new wave of product to meet continuing demand. Last August we noted that pre-construction sales and construction had restarted in Punta Pacifica, a sure sign that investors were confidently returning to the market. Scala will be an interesting addition to the neighborhood.
Emporium is bringing a low-scale project to a community of skyscrapers, representing the growing diversity of the product. It will offer another menu option for investors looking to take advantage of Panama City’s continued growth. Emporium says it plans to start construction in June.
