As the dramatic twin towers of Royal Palm have taken shape on the edge of the Pacific Ocean in Nueva Gorgona and the construction crane has been dismantled, the sharply reduced pre-construction prices are also being eliminated. Initial owners are scheduled to receive keys to their units within the first quarter of 2018 and final touches are being made to the one- two- and three-bedroom units, while the occupancy permit is being processed. Once the building begins receiving owners, pre-construction pricing will be unavailable.
“This has been an incredible project,” said Liz Larroquette, the lead sales agent for the luxury beachfront property. “I have been selling property in Panama for ten years and with Royal Palm, I think we found a real sweet spot for the average consumer looking for a place that was not too expensive and yet offered all the amenities, not to mention the breathtaking views. Everything is right on the beach.”
Larroquette explained that properties in Panama, “have always been a bargain in comparison to most retirement locations in North America and Europe.” While checking on the progress of the social areas, Larroquette said, “like all good things, the outstanding properties at rock bottom prices haven’t lasted forever in Panama. I’ve seen a lot of change in ten years, but Royal Palm is somewhat of an exception.”
“Located about an hours’ drive from Panama City and the international airport, Nueva Gorgona has remained less developed that other Panamanian hotspots,” said Larroquette. “It is however, just a five-minute drive to the well-developed beach community of Coronado. You have everything you need here at the beach. In Coronado you have tons of restaurants. Everything from a five-star special occasion place to road-side fondas. Dry cleaners, physician offices and a clinic, numerous grocery stores and speciality shops. There is also an international school, massage and wellness centers, salons and spas and veterinarian care.”
The twin towers of Royal Palm, which mimic the shape of a ship’s hull, stand 28- and 21-floors respectively. The towers share a common hallway and amenities including a lap and infinity pool, a multi-sport recreational area, restaurant, two social areas, a sauna, fitness area, party room and children’s playground.
Larroquette notes that even though the promotional pre-construction pricing will be ending, there are still some side-by-side units available. Multiple units may be purchased together to form a single residence for large or multi-generational families. “The residential units of Royal Palm have sold rapidly, but there are a few beachfront and side-by-side units available,” said Larroquette. “These won’t last long now that the building is nearing completion. Last year was a banner year, so while there are a few of each type left, I expect them to go quickly with the building being is in its’ final stage.”
As the construction crews tile the last units, tests the elevators and build out the reception area with double height glass panels, plans are underway for providing a wellness center and offering paddle board surfing and other water sports. “Many of the units were bought as investments,” said Larroquette. “When the owners are not enjoying their units, they may be used as short- and long-term rentals. Often when people are on vacation, they look for amenities such as paddle-boards to take full advantage of the beach location, so we will be looking at additional amenities to fulfill the needs of everyone.”
Larroquette noted that, “Royal Palm is unique, both in its location right on the beach, five minutes to a commercial center and yet the prices are within reach. It is attainable for families, retirees or as an investment property. Panama City is experiencing incredible growth. There are a lot of million-dollar residences in Costa del Este, a real city hotspot and there are stunning beach properties at Playa Bonita, but Royal Palm is luxury within reach. I sort of hate to see it come to completion,” she said with a smile and the backdrop of the Pacific Ocean.