Panama bank holds property May 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, Herrera 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:

394.11 m² = 4242.164 ft² Home in San Antonio, suburban Panama City, offered at US$53,000

3.703 hectares = 9.15031 acres Land in Villa Rosario, close to Capira, Panama province, offered at US$19,500

49.1697 hectares = 121.500 acres Land in Cerro El Viejo, Las Minas, Herrera province, offered at US$35,000

15.0512 hectares = 37.1923 acre Land in Cerro Azul, Panama province, offered at US$65,000

20.0159 hectares = 49.4603 acre Land in Cerro Azul, Panama province, offered at US$84,500

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 qualifying bidders. The last day to receive offers is May 15, 2008 at 2PM hand-delivered at the offices of the Bank.

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