Panama bank holds property fire sale

The National Bank of Panama is the equivalent of
a central bank that does not issue currency. It
also lends money to property buyers on a regular
basis and has a portfolio of repossessed properties.

This April 15, 2008, the bank will be holding an
auction of properties located in Panama City,
Santiago, Changuinola, Coclé and Chiriquí
province. While most of the properties are not
the usual "choice" homes offered to foreign
buyers, some have potential for eventual rental
to the local market or for developing tourism
projects. Among the properties being auctioned are:

60 m2 / 645 ft2 Condo in Las Orquideas building,
2nd floor, Parque Lefevre section of Panama City, offered at US$41,500

289.25 m2 / 3113 ft2 Home in Altos de Cerro
Viento, suburban Panama City, offered at US$99,700

15 hectares / 37 acres Land in La Loma del
Roble, Aguadulce, Cocle, offered at US$36,500

3673.18 m2 / 39538.1 ft2 Cabins and Land in
Renacimiento, Western Chiriqui, offered at US$106,000

Bidders must provide a refundable check for 5%
of the price they are willing to pay. The
offeror of the highest bid must pay in cash or
have secured financing in order to be awarded the
property. Each property is sold "as is" to both
foreign and local bidders alike. The last day
to receive offers is April 15, 2008 at 2PM.

For more information on how to bid for these
properties, email properties @slampanama.com