Spanish Group to Fork Over $200 Million in Panama´s Residential Tourism

Spain-based Mall Group is planning to invest some $200 million in a residential tourist project in Panama, a country where that particular activity has become the underpinnings of its travel industry, Tourism Minister Ruben Blades said this week.

Mr. Blades also underscored the interest of the Spanish company in this modality popped up during meetings held in Madrid and Panama City aimed at showing Spanish developers the Central American nation´s potentials to advance residential tourism in several regions.

Spain´s Mall Group said earlier this week it has plans in the offing to shell out $200 million to build a real estate project in the old part of Panama City and along the Seawall Driveway of the nation´s capital.

According to Minister Blades, Panama has great potentials to advance that activity in the Caribbean-bathed provinces of Bocas del Toro and Boquete, as well as on the highlands of Chiriqui, a region that already boasts several condos exclusively reserved for foreigners.

The Mall Group, regarded as a harbinger in residential tourism and with a quarter of a century of experience under its belt –especially with properties in Europe and Mexico that comprise real estate projects, shopping malls and hotels- is expected to grab $150 million worth of revenues in 2005.

In keeping with official estimates, Panama could welcome nearly 1.6 million foreign visitors and rake in some $950 million in profits in 2005, up a projected 15 percent from the year before.