Nova to Build “Manuel Castillo” Residential Project

The developer, Nova S.A., has been awarded the contract to construct the $25.8 million project.

Wednesday, August 18, 2010

The development comprises a residential area with buildings of various sizes, commercial premises, kindergarten, health center, police station and recreation areas (sports field, parks) and all the infrastructure services necessary for a complete housing solution.

"The apartments will benefit from preferential interest rates and each unit will cost an estimated $15,000. Nova has committed to completing the project within three years," reports

More on this topic

Panama Invites Bids for $25 Million Residential Project

May 2010

Named “Residencial Manuel Castillo”, the project includes residential and commercial areas.

It comprises a residential area with apartment buildings, lots for commercial space, a nursery, health center, a lot for a police station and recreational spaces (playground, parks). It is intended to be a complete housing solution for the province of Colón.

Panama: Odebrecht Awarded "Curundú" Project

January 2010

Brazilian company "Constructora Norberto Odebrecht" won a $94 million contract to develop the infrastructure project.

The evaluation committee awarded the best score to Odebrecht, before the other two pre-qualified companies: Meco S.A. and Constructora Urbana S.A. (Cusa).

Two Offers Received for “Manuel Castillo” Residential Project

July 2010

The developers Ingeniería Rec S.A. and Nova S.A. were the only companies to bid for the $25 million project.

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

Three Companies Bid $95 Million for Curundú Project

January 2010

Meco, Oderbrecht and Cusa are the three companies still in contention for developing the urban infrastructure project.

All three of them proposed costs around $95 million, from Cusa's bid at $94.933.650 to Meco's at $95.397.750.

According to, "Proyecto Curundú" comprises transforming some 160.000 square meters in the locality of the same name.

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