Mountain Community Development for Sale Chame, Coronado, San Carlos
$7,200,000 on 182.86 Acres / 740000.0m2
This sale represents a distressed asset. The owner is looking to liquidate his position in the development and is firesaling the entire project.
The area already developed consists of 45 independent building sites ranging from 8,000 to 20,000 square meters and includes underground electricity, wells, and individual septic tanks. The current inventory of lots for sale at the moment adds up to more than $9.5 million dollars in potential sales but there is a good portion which can still be developed and would add up another $5.5 million in potential sale once it is developed and sold out.
Located at about one hour and 15 minutes from Panama City, this land offers gorgeous ocean views and has suitable topography for a number of high dollar ocean view lots, the remainder of which all will have fantastic mountain and plains views. The cool breezes give this area a very pleasant temperature. Its proximity to Panama City, the well known town of Coronado and future international airport in Rio Hato along with other infrastructure and amenities puts this vacation/retirement destination at the top of the real estate market.
The development features crystal clear creeks, paved road access to the main entrance of the development, two small offices, electricity and water on site and one of the big advantage is that Coronado is just 15 minutes’ drive where you will be able to find facilities such as hospital, golf, equestrian, many restaurants and shops, 24 hour supermarkets, shopping malls, etc.
There are several public beaches and resort developments just a few minutes’ drive from this prime piece of land. The pacific coast near Panama City is experiencing an expansion, not only with new development, but also many commercial developments and hotel resorts. The price has been negotiated to $9.72 dollars per m2. Individual lots near the area have been sold between $20.00 and $35.00 and those with ocean views in gated communities range between $35.00 and $50.00 per m2 giving this piece of land a great business opportunity considerin.g that a lot of the main infrastructure is already in place.