real estate

Developers pounce on another Pearl Island

ALEXANDER AROSEMENA/LA PRENSA

gem of the pearl islands: A multi-million dollar hotel and residential development is planned for the smallest of the islands in the Las Perlas archipelago, off the coast of Panama City.1085052

Already known among the world’s glitterati as a tropical paradise, the Las Perlas archipelago, the cluster of islands at the mouth of the Bahía de Panama, is about to get much more glamorous. A multi-million dollar complex is in the works for Saboga, the smallest of the islands in the chain.

Being touted by Panamanian promoters as the height of luxury and eco-friendliness, the project’s list of amenities is longer than the island itself. Topping the attractions are a boutique hotel and spa, a marina, a shopping mall and a variety of housing options. And if that doesn’t whet an investor’s appetite, the Trump Group plans to build a club not far from a 2,000 square meter villa community.

“So far, we have invested $2 million in constructing the first phase of El Encanto Villas, but the total investment will be closer to $1.2 billion,” said Armel González, spokesman for the Nicaraguan company Grupo del Sol Developments.

Though the construction will be staggered over the next decade, the boutique hotel and spa is expected to open as early as next fall.

Architecture firms GVA & Asociados and the Green Team Karmadera designed the master plan, and Grupo Orillac will participate in the project’s construction.

Both design firms confirmed that the development’s environmental impact assessment (EIA) was approved and that every aspect of the plan was developed with a “high level of ecological consciousness.”

That commitment to protecting the island’s biodiversity is reflected in the complex’s waste water system, including a treatment plant that won’t affect sea life, they said.

Promoters of the project also claim that the beaches will remain accessible to the public, and that tourists of all budgets will find lodging and entertainment on the island.

“We will have a hostel where rooms in will be available for $15 a night,” said González.