Construction Chamber Supports Financial Tower

Faced with the opposition from groups against its construction, the Panamanian Chamber of Construction is supporting the project that will bring more investment into the country.

Tuesday, May 24, 2011

The president of the association Gaston Reyes, says the project is important for the industry, whether it is constructed by a Panamanian company or not, and sees no need to create controversy around the construction.

An article in reported statements by the executive, "The Minister of Economy and Finance has a very valid point, you're not going to take land worth $18 million to turn it into a playground for children ..."

Opposition groups believe the project should not see the St. Thomas Hospital grounds, which are historical, used for the construction of a private project.

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Panama: Controversy over Financial Tower

May 2011

The project, which will cost about $220 million, is being seriously questioned by those who believe that the cost the government will assume is excessive.

In the face of the project’s detractors, Panamanian government representatives have had to come out to defend the development, justifying the cost of the work by the use of office space the government will have in the tower.

Mallol will Design Panamanian Financial Tower

November 2010

The Ministry of Economy awarded company Mallol & Mallol the design of the project.

Official awarding could be delayed due to the filing of a complaint with the Public Procurement Department by Pinzón Lozano & Asociados.

"Pinzón Lozano & Asociados ensures that the commission´s report incurs into omissions and arbitrary decisions while implementing approved parameters." He further claims that the Mallol consortium's proposal does not meet the statutory minimum requirements", reported an article in

Bidding for Financial Tower in Panama Postponed

September 2010

Reception of bids for conceptual design of the project scheduled for October 4 was postponed until November 18.

The Bid´s reference price of $ 8million includes design as well as architectural and technical specifications. informs "According to documents, the skyscraper will be more than 300 meters high and top floors would have a gazebo, restaurant and lounge."

Panama: 23 Companies Express Interest in Financial Tower

September 2010

Authorities expect construction to begin in 2011 and that it will be ready in 2013.

Panama's Economy and Finance Ministry (MEF in Spanish), has held a preliminary meeting to discuss the $8 million contract, which includes conceptual design, draft architectural plans and technical specifications for the Financial Tower.