The contract is expected to be awarded in the first week of August.
“In the site visit five companies had an expressed an interest in bidding but only two have formalised their intention to stay in the project,” reports Prensa.com.
The project comprises the building of 500 apartments in the province of Colón.
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Real estate developers are backing residential building along the central mountain range.
With an investment of nearly $14 million, the company Canion Properties Corporation is to build two new stages of its project Hacienda Los Molinos in Boquete.
"But this is not the only mountain residential project being developed in the country, in fact, in Boquete foreign investor Sam Taliaferro is developing the Valle Escondido Resort, Golf & Spa project, a resort style residential community in the highlands of Panama, whose main attractions are its location, climate, and topography, but this project is targeting international buyers," noted an article in Capital.com.pa
Four companies look to invest in the construction of a tourist project in the district of La Chorrera.
The project includes construction of a cable car which crosses a waterfall known as El Chorro, a hotel and a residential area.
District mayor, Javier Herrera, said two U.S. and two Venezuelan companies have already conducted inspections in the area.
In the first six months of 2013 the value of constructions was $956 million, up $38 million compared with the amount reported in 2012.
The figures were released by the National Institute of Statistics and Census (INEC). "This year the value of construction of residential projects was higher than that of non-residential, it amounted to $507.86 million, while non-residential totaled $448.59 million," noted an article in Panamaamerica.com.pa.
Industrial parks, shopping centers, office complexes and homes are the new developments announced by real estate groups.
Among the projects for this year include the extension of Avenida Escazú, the opening of Mango Plaza Mall in Alajuela and the inauguration of the fourth office tower El Cedral in Escazú, all scheduled for May.