On November 13th, 2009, I visited the construction site of the Bala Beach Resort. Building one has 4 1/2 floors completed, building two has 3 levels completed and building three has only foundation work done. As I was told at the Bala Office in Panama City - construction of building 3 is frozen now until at least 80% of the units are sold - currently there are only about 60% units sold. Phase one is scheduled to be completed in the 3rd quarter of 2010 (from words of one of the co-owners responsible for the construction), and will include Buildings 1 and 2, one pool, a beach with white sand and beach service, and a temporary open parking lot. There will be no direct car access to the buildings for now, which is rather a short walk from this parking lot. the second phase will include buildings 3 and 4 and one additional pool (the timeline is not confirmed yet and is based on the selling progress). The tall building by the beach, a restaurant, and the fitness center will be built no earlier than 2 years from now. A 4-5 star hotel (the chain will be picked later when the construction progress is more visible and potential value increases) will be built later along with the second restaurant, a spa, a grocery store and a permanent multistory garage with valet parking. the last phase will include 3-4 other buildings and multiple townhouses. The rental pool initially will be handled by a rent management company picked by Bala at and later by the hotel (when it is built). they admitted that construction of buildings 3 and 4 will create some inconveniences for residents of buildings 1 and 2, but promised to minimize them.
My overall impression after visiting the Bala office in Panama City was positive due to their willingness to answer questions that I had. They truly believe in the final success of this project despite a current overall real estate market slump in the country and in Panama City especially. I saw several half- built high-rise buildings whose construction has frozen in Panama City. I asked them to publish and email Bala Beach newsletters more frequently.
the weather was rainy on the day of my visit to the construction site, so I made all pictures from the car. Despite the rain, I counted 30-35 construction workers on the site. security allowed me to enter the construction site as they received an advanced call from the Bala office in Panama City about me coming there. I was accompanied in my car by a local construction manager on the site.
Building 1
Building 1
Building 1
Building 2
Building 2
Buildings 1 and 2 back to back
Some beach work has already begun
The beach is promised to be picturesque
