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In 2006, ADHL acquired an area sized approximately 1,223 acres (495 hectares or 53.3 million square feet) named Playa Grande in the Province of Chiriqui in Panama to develop another multi-purpose resort project targeting the fast-growing vacationers worldwide and retiree sector from the US where number of existing retirees reaches 300,000.
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Panama is emerging as a prime destination for American and European tourists including those seeking second homes or retirement alternatives. The country is of comparatively low living cost than the US and Europe, and is of stable inflation rate. Panama offers a modern American-style healthcare system with reputable hospitals, such as Pacific Hospital, Johns Hopkins Medicine International, that meet US standard. Driven primarily by the expansion of the Panama Canal and increased tourism, the country records a robust economic growth and a significant uplift of the real estate market. With view to these favorable conditions, the Group is confident that the project will deliver promising returns.
To replicate the successful business model of the BVI Project, the Group will partner with renowned expertise in the resort development industry to study and design the project. The project team members would be similar to those of the BVI Project including Jack Nicklaus, EDSA, ATM, Hill Glazier, Harris Civil Engineers, Wilson & Associates, Norton Consulting Real Estate and Leisure Advisors and Robert Charles Lesser & Co.
The Panama Project features:
- 5-star luxury hotel, branded boutique hotel and luxury condo hotel
- Marina facility and marina village
- 18 holes signature golf course
- Branded fractional ownership club
- Branded ocean-view villas
- Branded residential lots
After completion, 800-1,000 residential units in the various branded residential will be offered which has a 2.2 km long beach.
Development of the project is underway smoothly. The Group has developed master plan of the project, devised golf course routing plan, conducted market studies, environmental studies, IRR studies, and varies studies and tests on the project.
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