ECI Development Expands with Stake in Panama Oceanfront Resort
November 01, 2012 Business News(PRLEAP.COM) ECI Development, Ltd., a real estate development company with real estate in Belize, Costa Rica and Nicaragua, has acquired a 10 percent stake in Los Islotes, a Panama oceanfront resort community that expands its portfolio of offerings to four Central American countries.
Los Islotes was founded by Lief Simon and owned by an investment group led by principals in the Live and Invest Overseas publishing company. The development is on the western side of Panama's Azuero Peninsula and contains 735 acres of rolling hills and dramatic Pacific Ocean views of sunsets.
Now branded by ECI Development as Gran Isolates, the community is primarily focused on the residential consumer who will use their home or condo some of the time during the year or year-round. The community will include a commercial and mixed use town center as well as a beach club and resort facilities. It's these resort amenities that will create the activities backdrop in a lush, forested setting. Large lots will provide privacy between homes and the sloping nature of the terrain will allow for excellent views of the water from nearly every property.
"ECI Development is excited to partner with Lief Simon and the Los Islotes group to offer a spectacular Panama community to its client base. Known as Gran Islotes, homeowners here will be treated to unparalled sunsets on the Pacific in a rural community of likeminded individuals. Owners will enjoy the best conveniences of back home and higher quality of life that only living in Panama can provide," said Mike Cobb, Chairman and CEO of ECI Development.
Gran Islotes is perfect for retirees who want a home or condo on the Pacific in Panama yet want the comforts of North American living. Early property buyers could potentially see the value of their properties rise significantly but the primary customer is a person looking for a wonderful residential community amidst a rural Oceanside setting. Property prices begin at $25,000 (with the average property costing $110,000) and go up to $280,000 for a ridge top home site with 180 degree ocean views.
Cobb went on to give three principle reasons why the acquisition is mutually beneficial:
1. Los Islotes possesses a strong development team who have a longtime working relationship with ECI
2. The property is world class with 80 percent fully developable and possessing ocean views
3. ECI's portfolio is enhanced by a Pacific Coast property in a very popular country
"Gran Isolates is permitted and master planned. Road work has begun and construction of water and waste water treatment is scheduled to begin by the end of 2012. Electricity is currently running to the property and the construction of the first homes is slated to begin January 2013," said Mike Cobb, chairman and CEO of ECI Development.
For more information on Gran Isolates, visit www.ecidevelopment.com.