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Panama: “Los Faros” Project Under Trouble

A Spanish court declared the company Inmoptions to be insolvent; Inmoptions is commercializing arm of Grupo Mall, developer of real estate project “Los Faros”.

Tuesday, June 15, 2010

©image: Losfarosdepanama.com

The ruling was a result of a claim filed by Grupo Barceló, to whom Inmoptions allegedly owes over $3 million.

In a press release, Inmoptions stated that it has appealed the ruling, and that it will present the necessary warranties to pay its debtors.

“According to the press, the company intended to finish the project by the end of 2009”, reported Laprensa.com.

Source: Prensa.com

Key entities

Grupo Mall Los Faros de Panamá Jumeirah Group Inmoptions S.A.

Countries

Panama

Insight

business center construction tourism project hotel project Real Estate Hotels Hotels, Transportation and Travel Infraestructure & Construction

Construction of Project “Los Faros” Resumes in Panama

February 2010

Project developer Grupo Mall will invite bids for building the central structure of the project.

In a press release, they also announced that construction works would resume on April.

“15 meters have been added to the structure, it will now measure 361 meters tall (83 stories). There will be 20 floors for office and parking space, plus a 400-room hotel managed by Dubai corporation Jumeirah”, reported Prensa.com.

The Downfall of "Faros de Panamá"

March 2011

"Faros de Panamá", an ambitious real estate development, was to be Latin America's tallest at 361 meters; it now owes $100 million and is being sued by early buyers.

"Los Faros de Panama" began in 2006 with three towers of up to 361 meters high, valued at $ 600 million.

La Trinidad Mall Opens in Guatemala

October 2010

With a $ 10 million investment, the Trinidad Real Estate Corporation´s new mall will open in November.

Located at the entrance of Malacatán, on the road to the border with Mexico, it will become a key location for trade with the neighboring country.

Antonio Ralda Sarg, general manager of Trinity Real Estate Corporation, told Prensa Libre "...

New commercial project in Panama

August 2008

With an estimated investment of $14 million, the Coronado Mall will have 40 stores, 15 offices, a business center and food court with nine restaurants.

Claudio Valencia - manager of Haus, developer of the project - said that they hope to finish construction in December of next year so that the commercial center can begin operations in the summer of 2010.

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