business

When the Pérez Balladares administration made a deal with the Mexican-based ICA construction consortium to build the Corredor Sur, part of ICA's compensation was the Paitilla real estate on which Panama City's domestic airport had been operating.The airport made its controversial move to Albrook, and now an unscale series of commercial, residential, hotel and hospital developments are going in. Most business observers allow that the new mall at the old airport or the almost-finished Multicentro mall might succeed, but that since they are both going after clients at the top of the economic scale, there aren't enough rich people to patronize both places and make them both viable. Similarly, and also because the 20-year tax exoneration on new housing construction is being phased out, the prospects for new luxury residential construction is an interesting question for those who follow the local real estate market. The old airport was that scene of a ferocious and tragic firefight during the 1989 US invasion, when several US Navy SEALs were killed or wounded because of an apparent planning error in which the Pacific tide tables were not taken into proper account. Photo by Eric Jackson



Also in this section:
Business & Economy Briefs
Presidential candidates debate about Social Security Fund
At the former Paitilla Airport
Panama and the Free Trade Area of the Americas

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Panama Information, Hotels of Panama - Executive Hotel
Panama Information, Real estate in Boquete - Valle Escondido
Panama Information, Real Estate in Las Cumbres - Villa Concordia
Panama Information - Online guide to information about Panama - www.panama-information.executivehotel-panama.com
Panama Tourism - Online info for the Tourist Panama - www.travel-to-panama.com
Panama Pictures - Collection of pictures of Panama - www.panama-pictures.com