Ice Tower Failed – Panama Real Estate Bubble Bursting Now?
Today (06/23/07) one of our major Panama newspapers carried the story of Ice Towers failing to move ahead to completion. Ice Towers was a Panama City icon condo project projected to reach 104 stories in height making it one of the highest residential buildings in the entire world. Ice Towers was to come complete with shops, hotel, casino, amenities etc. It is now been announced that the project will not go ahead and be built to completion according to La Prensa Newspaper today.
This is the second major project that has officially announced failure to complete, the first being Placio de la Bahia which was another icon projected to be 97 floors also on Avenida Balboa.
We hold the opinion that these are not the only projects to fail. They were some of the biggest and grandest with a lot of publicity. It is possible that other projects have failed already and it is impossible to know that. A significant amount of these projects are nothing more than a piece of land with a fence and a billboard portraying the project in all of its projected glory. These projects stay in pre-sell mode and the...
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