Panama: Controversy over Financial Tower

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.

Wednesday, May 11, 2011

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.

The project will house a hotel with 173 rooms, office space and shopping centers, among things. Of the total project cost the state will assume between $30 and $35 million.

An article by Luz Ettric in reports: "Another negative point perceived by society as unfair is the disloyal competition that the Tower could exercise towards building projects in isolation to the project. In Vallarino's view, this approach is not correct, because in this case the government is in partnership with private enterprise. "

¿Busca soluciones de inteligencia comercial para su empresa?

More on this topic

Mallol Favorite for Panamanian Financial Tower

November 2010

Of the 6 participants in the bidding for the $ 8 million project, Mallol & Mallol, obtained the highest score.

With 94 points out of a total of 100, the company overtook the firm Pinzón & Lozano by 10 points. In third place with 72 points was consortium Kobi, Karp, FIMS & Sum.

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.

Panama Invites Bids For Megaproject Blueprints

June 2010

The government announced it will invite bids for designing the plans of the Government City.

This project comprises constructing institutional buildings, the financial tower and areas for residential, commercial and office development.

Alberto Vallarino, Economy Ministry, remarked that “part of the project will be financed by selling lots”, and that the entire cost of the project is not known yet.