This article is from the Australian Property Journal archive
Sunland’s Q1 Tower status as the world’s tallest residential tower is under threat with Spanish developers’ already starting development on a new 324 metres project – but not in Dubai.
Yesterday, it has been announced that the world’s tallest residential building will be in Panama City in Panama.
The Los Faros de Panama complex (The Lighthouses of Panama ) will consist of three towers; the central tower standing 324 metres in height, 21 metres taller than the Q1 Tower in Queensland, Australia, the world’s current tallest residential building.
The complex, designed by leading United Kingdom architects Chapman Taylor, will consist of over 1,700 two, three and four bedroom apartments, four and five bed luxury penthouses, a five-star hotel on floors seven 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 $US200,000, and mortgages will be available for 70% loan to value.
So far, 112 units were sold in Panama on the day of the launch.
Construction of the Los Faros de Panama complex will commence immediately following a groundbreaking ceremony hosted by Grupo Mall president Julio Noval Garcia. Also present at the ceremony were Juan Carlos Navarro, Mayor of Panama City and Samuel Lewis Navarro, Vice President of Panama.
The President of Panama, Martin Torrijos, had earlier hosted a reception for guests, agents and press at the Miramar Hotel.
International property agents, escapes2.com, have been appointed to market the development on behalf of Grupo Mall, the Spanish developers behind the project.
The main tower of Los Faros de Panama is due for completion in 2009 with the adjacent towers planned for completion in 2010.
”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,” Grupo Mall’s president Julio Noval Garcia said.
By Kathryn O’Meara
