PPR Signs Exclusive Deal on New Ocean Reef Beach Club Residences
Panama–Ocean Reef, the man-made islands development in Panama Bay, has announced the availability of the first units in a new beach club apartment development, through an exclusive deal with Panama City-based agency Punta Pacifica Realty (PPR).
The exclusive six-level Beach Club Residences will be one of the first developments on the second island of Ocean Reef, which has drawn comparisons to island projects in Dubai and the Caribbean. The 19-hectare (47-acre) development consists of two man-made islands with a 170-slip marina, connected to the mainland by a 160-meter (525-foot) bridge.
“This is a special opportunity to buy in a one-of-a-kind development,” says Duncan McGowan, president of Punta Pacifica Realty. “Imagine the opportunity to buy early in Miami’s Fisher Island or Palm Jumeirah in Dubai.”
Under the newly signed agreement, the first eight units in the project will be available only through Punta Pacifica Realty, at special pricing available for a limited time. Prices will start in the $700,000s.
The Beach Club Residences will offer “beach living in the city,” including pools in front of the ocean, a rooftop gym and private events area offering spectacular marina, city and ocean views plus an exclusive water toys dock for residents. This is comparable to Miami’s South Beach with an 80-meter oceanfront social area with pool side bar and BBQ area, towel service, and privileged views. The development, a short stroll from the Ocean Reef yacht club and marina, will offer a very different kind of home for the island. Apartments in the first phase will range from 150 square meters to 400 square meters.
“This is probably the last time anyone will have a chance to buy a home on the island for less than $1 million,” says Jeff Barton, PPR’s managing director.
Ocean Reef is one of the most dramatic developments in the region—offering an island lifestyle, with 24-hour security, only minutes from the heart of Panama City. All 72 lots on the first island sold out soon after launch and 15 families have already moved into homes, with another 25 expected in the next year, representing about 40 percent of the total homeowners.
“It is a completely different ecosystem with low density and one-of-a-kind private residences,” says Vicky Levitam, director of sales for Ocean Reef. “It’s unlike what you experience anywhere else in Panama.”
The special pricing will only be available to PPR clients for a short-period, and there are only eight units available at this special introductory price, Barton emphasized.
