35% of the Trump Ocean Club Already Built

Its promoters claim that the decline in the pace of sales is not too much and that they have already sold 80% of the 1,010-unit project.

Thursday, April 2, 2009

Its opening is planned for August 2010. To date, some 90 thousand square meters have been constructed, 35% of the 265 thousand in total.

Commercial director Rosella Violi informed Prensa.com: "The building has allocated 80% of its sales and the customers have been from United States, Venezuela, Colombia and Europe for the most part."

The promoters have no fear that the buyers will abandon their contracts for which they made a 20% down payment with 80% left on the balance. The possibility of defaults could affect the project’s funding and this is precisely the reason why Moses Cohen, chairman of the Banking Association of Panama, advises caution in regard to evaluations.

More on this topic

Trump Sues Owners of Trump Ocean Club

November 2015

For having wrongfully terminated the management company of the building, Donald Trump is claiming $75 million from the condominium owners in Panama.

CBS News reported that the suit was filed by Donald Trump confidentially with the International Chamber of Commerce, based in Paris.

Panama: Trump Ocean Club to Open in 2011

April 2010

The $400 million real estate project “Trump Ocean Club”, is slated to be ready by early 2011.

Roger Khafif, project leader, told AP that they have already completed 66 of the 70 stories of the tower, whose construction began on May 2007.

“It is the most expensive real estate project in Latin America, with over 2.8 million square feet and 70 stories”, told the developers in a press release.

Trump project in Panama downgraded

January 2009

The Fitch assessment provides a glimpse into the way the financial community is reevaluating even well performing developments in the wake of the credit crunch.

Fitch Ratings downgraded $220 million of debt on the Trump Ocean Club project in Panama City, warning price declines “could lead to higher than expected default rates for existing buyers.”

Trump hails brisk sales of Panama Ocean Club

July 2008

Almost 80 percent of Trump Ocean Club in Panama has already been sold – two years before the development is due for completion – announced Donald Trump Jr., vice-president of the Trump Organization.

The 70-story development is now under construction at Punta Pacífica. "Panama is a much more mature market than I had thought," Trump Jr.

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