World's tallest residential building project officially launched in Panama City 
(09/10/2006)
Following a ceremony held on October 6th and hosted by Grupo Mall president Julio Noval Garcia, construction of the Los Faros de Panama complex (The Lighthouses of Panama) will commence immediately. Also present at the ceremony were Juan Carlos Navarro, Mayor of Panama City and Samuel Lewis Navarro, Vice President of Panama.
International property agents, escapes2.com, have been appointed to market the development on behalf of Grupo Mall, the Spanish developers behind the project.
The Los Faros de Panama development will consist of three towers; the central tower will measure 324 metres in height, 21 metres taller than the Q1 Tower in Queensland, Australia, the world's current tallest residential building.
The main tower is due for completion in 2010 with the adjacent towers planned for completion in 2012.
The complex, designed by UK architects Chapman Taylor, will consist of over 1,700 two, three and four bedroom apartments, four and five bed luxury penthouses, a 5-star hotel on floors 7 through to 13, a shopping mall, casino and leisure facilities including swimming pools and gymnasium – plus parking facilities for residents and guests.
The apartments will be priced from 200,000 US dollars, and mortgages will be available for 70% loan to value. 112 units were sold in Panama on the day of the launch and a very appealing discount of 10% together with special payment terms is being offered by the developer until 31st October 2006.
Grupo Mall President, Julio Noval Garcia, said "I would like to thank the Panamanian government for welcoming Grupo Mall, we see Panama as a great place to invest and are looking to continue working in the country for many years to come."
Related categories: General Construction
