Tocumen Airport in Panama prepares work for $400 million

The project of the Tocumen Airport in Panama expansion involves the construction of a hotel, convention and business center and a hospital. It would be the complement of the North and South piers.

Increase. The airport recorded a 15% annual growth in passenger movements, and by 2015 the projection is of 8 million people. For this they will make investments in neighboring lots.

The construction of two new terminals in Panama’s Tocumen airport accompanied by a commercial infrastructure, hotel and hospital whose investment will reach 400 million dollars.

The administration of Tocumen Airport in Panama has named the new project “aeropolis or airport city.” The work will be developed in one part of the 300 hectares that Tocumen Airport negotiated to purchase from the University of Panama for $109 million last June.

Juan Carlos Pino, General Manager of Tocumen Airport in Panama, said the concept will be developed by the Government and the areas of construction to the private sector concessionaire, in order to be exploited also the rights of local and create a new source of income for the airport, as happens today with the duty free. Although the project is in its infancy, it is projected that between design and construction investment will reach 400 million dollars.

The Tocumen Airport in Panama is conducting feasibility studies and early 2011 the final concept of the commercial complex should be ready.

“There are hotel chains are interested in participating in the project as well as investors who have shown interest in building a hospital to develop the business of medical tourism in Panama,” said Pino.

Felix Carles, a businessman linked to real estate, said that this development will enhance the attractiveness of the country and make Panama up to par with developed nations that have developed similar concepts.

This complex will be part of the work of expansion of the terminal, which includes the construction of the North Pier, now under construction, and the South Pier, whose plans will be designed next year.

The South Pier will feature about 20 gates and will require the construction of a new terminal, and its construction will start once the North Pier is in operation, with a 50% increase in airport capacity and 12 new boarding gates.

It is projected that the North Pier will be in operation by mid-2011. To develop this terminal Panama’s Tocumen Airport had to resort to loans to finance the business expansion that built by Conconcreto and Odinsa Group and the equipment of the terminal for $75 million.

The state company that manages the airport had to borrow despite having provided $ 173.2 million in 2007 for the rights of exploitation of the duty free shops of the terminal. Instead of allocating the income to savings to fund the planned extensions, the last administration diverted the funds to meet shortfall of government institutions.

Article courtesy of La Prensa Newspaper

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