Things are getting exciting at Los Islotes.
A couple of weeks back we received delivery of our water, storm water, and sewer pipes, meaning we have been able to officially begin our non-road infrastructure work. This work had been delayed because Project Manager Gary Moseley struggled to find a company in Panama able to supply us with the right materials and to connect and install the pipes properly.
Finally, Gary has found an outfit in Panama City that is able to provide both the products and the expertise we need. We are installing state-of-the-art infrastructure and systems at Los Islotes, in some cases using strategies that are not common in this country. This adds a layer of challenge but will pay off in big and important ways long term.
Since identifying the right people to do the work, Gary has wasted no time getting to it. To date almost 2,000 feet of pipe have been installed. This is not easy work. Each pipe has to be cleaned and then lubed before it can be connected and secured. In addition to the pipe, Gary’s crew is also installing water valves and tees and has begun work on the construction of the pump station.
Usually this time of year, the rains limit productivity. However, this year Gary and his crew continue to push forward, and Kathleen and I are thrilled about the progress they’re making.
Here are some pictures Gary sent this weekend of the infrastructure work currently under way at Los Islotes:
Last month, as a result of all the infrastructure progress and construction momentum building, we announced that the 20% down, 0% interest, pre-construction financing is going away.
The pre-construction phase has ended and as Los Islotes moves into its next stage of growth so is our financing package. We’ll still offer developer financing on lots in Phase One, but with new terms. We’ll now require 50% down, and financing will come with an interest rate of 6%. The remaining 50% will be paid in quarterly installments over three years. The new terms won’t go into effect until June 30.
If you have been considering purchasing at Los Islotes but haven’t got in touch, the window of opportunity to take advantage of our current developer financing terms is closing fast. You have until June 30 to get in on the 20% down/0% interest offer.
Further, we have also included a special offer for potential buyers looking for optimal pricing rather than financing terms. That is, up until the June 30 deadline, we are also offering a 20% discount for buyers wishing to pay in full upfront. Currently, lots start at $29,000. Take advantage of the 20% discount for paying cash in full, and that lot becomes available for only $23,200. This is the best cash discount we’ve ever offered and it’s off the table come June 30.
Again, if you’ve been considering Los Islotes, now is the time to take action. The progress to date and new construction taking place in addition to all the attention that our coast is attracting from the Panamanian government will translate into appreciating values in the very near term.
Get in touch here to take advantage of our current developer financing and special discount before it’s too late.