Greek Firm aquires 60% of Pearl Island Project in Panama
A subsidiary of Greece-based investment firm Grivalia Properties has purchased a 60 percent stake in Pearl Island, the Panama project billed as “the largest private island development in the Pacific.”
The agreed price is 27 million euros in cash, Grivalia stated, of which 1 million has already been disbursed as an advance payment, while another 24 million will be paid upon the completion of the transaction and the remaining 2 million will be deposited in an escrow account for a period of 12 months.
With over 30km of seafront and five exquisite beaches, Pearl Island is designed to become one of the most exclusive high-end ecological destinations in the Central America region with at least three luxurious resorts and a big number of branded villas and residential units.
Pearl Island, or Isla Pedro Gonzalez, is one of the biggest private islands of Panama’s Las Perlas Archipelago, with an area of 13.23 square kilometers. Pearl is part of the Los Perlas Archipelago, a collection of more than 200 island. A ferry to the islands leaves from Punta Pacifica, below the Trump Ocean Club.
Other developments will include a small retail village, a small and a big berth marina, as well as many other facilities that will improve quality of life.
A small part of the development has already being successfully delivered from the local partner including a seafront club house, condominiums and over 30 villas sold to prominent Panamanian families. An agreement with Marriott Group is in place for the development of a Ritz-Carlton Reserve and branded villas in one of the most unique seafront locations of the island.