Viveros takes a development lead with performance guarantees
PANAMA. Jan 28. Grupo Viveros which is developing a high end community on Isla Viveros in the Las Perlas archipelago, has become a trail blazer in the Panama development community by introducing a money-back performance guarantee.
In contrast to many projects where investors have been left wondering what happened to their deposits and the promised infrastructures and landscaping additions, the company, is offering clients solid time-line guarantees while deposits sit in escrow.
For nervous investors, still reeling from the effects of the world financial crisis, including the meltdown in some areas of real estate properties, it will be welcome news.
The Panamanian economy is still on firm ground with a projected growth of five percent in 2010, with major projects from the Canal expansion to a $4 billion mining development and the extension of Panama city’s multi-million coastal strip fueling the real estate market, and keeping prices at a high level.
But, wary of broken promises and time lags by some developers, investors, shaken by the global crisis, are looking for more certain time frames than those offered in glossy brochures.
In addition to having a titled property and title insurance the Group is offering its clients a guarantee that a series of listed projects on the island will be completed by year-end or their deposits, in escrow, will be returned.
Among the guaranteed completions are the marina with boat ramp access, refueling facilities and a marina bar, and a slip for each property owner.
The first phase 75 lots will be landscaped and have paved roads, a restaurant and eight-suite cottage for visitors along with a guest house show room in the marina area
If the promised works are not completed customers will have their deposits returned directly from the bank holding the escrow account.
As an additional incentive the Group is offering a six month abated price window of opportunity.
As part of a continuing environmental enhancement program, the company recently completed the planting of over 2000 trees of multiple varieties, including fruit trees, in strategically placed groves.
