Although it can now be bought for half of its value, there is no interest in acquiring the Atlapa convention center.
Three months ago the third attempt to auction the Atlapa convention center was held and although the law states that after three attempts to auction the property it can be sold for half its value, no person or company has expressed interest in acquiring it.
It has now been announced that ATLAPA will be sold directly in early 2014 for $62 million, equivalent to 50% of its total value, which is estimated at $124.5 million.
As established by the Public Procurement Act, after three failed attempts the 55,000 m² site of the convention center will be sold directly for half of its value.
Solomon Shamah, administrator of the Panama Tourism Authority (ATP) said that by the beginning of next year it may be up for sale.
With a base price of $82 million, on November 12 there will be another attempt to sell the 55,000 m² convention center.
The Ministry of Economy had set the value of the property at $124 million, however, the Public Procurement Act provides that after two failed attempts it may make a third call, but the reference price will correspond to two thirds of the original reference price, ie $82 million.
The auction of the Atlapa convention center received no bids therefore a third attempt will be made with base price of $82 million.
No companies showed interest in the auction conducted by the Tourism Authority of Panama (ATP). It is estimated that the value of the land is $124.5 million.
In the third auction, the reference price for the land corresponds to two-thirds of the initial price, in other words, $82.2 million.
So far no interested parties have paid the deposit that enables them to bid for the convention center in the next auction scheduled for September 16.
Prensa.com reports: "Everything suggests that the story on that day will be no different. To date, no company has submitted the deposit required for participation in the auction which has a price tag of $124 million.
The Panama Tourism Authority has set the date of August 30 for the second attempted sale to the highest bidder of the Panamanian Convention Center.
For this second act the reference price will be kept at $124 million and if there is no sale a third opportunity will be established.
Prensa.com reports: "If said scenario occurs, Law 22 of June 27, 2006 Public Procurement, indicates that the auction price will correspond to two-thirds of the reference price. This means that the bidding will start at $82 million. "
During the fair is estimated that deals will be made for over $250 million, and that there will be participation by companies from the USA, Canada, Spain and other European countries.
CAPAC Expo Habitat 2013 is the International Construction and Housing Fair organized every year by the Panamanian Chamber of Construction (CAPAC).
This fair will be held from 11 to 15 September at the Atlapa Convention Center Panama, Panama City.
The Ministry of Finance has valued the Panamanian Atlapa Convention Center at an amount that will be difficult for futures buyers to pay.
The appraisal of the Atlapa Convention Center, commissioned by the Ministry of Economy and Finance in Panama, gave the complex a value of over $130 million, said the manager of the Tourism Authority of Panama (ATP), Solomon Shamah.