We purchased a condo, pre construction, from what we were told to be a reputable and a premium developer [Moderated] of Panama City, Republic of Panama in October of 2006. The project was named Oceanaire, and was supposedly the best amongst the three towers they were building at Punta Pacifica, a very affluent area in Panama city. The marketing material was exemplary and we were told that it is a premium building, in premium location, by a premium builder, at a premium Price. The closest thing was the Trump which we were not keen on.
Make the long story short, delivery was expected to be in 2009, well it took them another 3 years to finish and schedule delivery of the unit in 2012. We actually got the Deed on May 21, 2013. Once they got our initial 30% deposit there was little if any communication as to construction progress or even an apology for the delays. Even post full payment it was like pulling teeth to get any kind of information from them. Every time we had a question a physical visit to the Aleman Arias office was necessary to get a response. At the time of purchase we were led to believe that over 90% of units were sold, well again that was just talk. At delivery they still has unsold units. The developer is far from a capable builder. On delivery we noted a number of items that needed to be fixed and a year and half later nothing has been done. Here are a few worthy of note albeit a far cry from a complete list of unfinished items
Literally every item used in the construction was the cheapest you could find from plumbing, the AC unit, tiles, cabinets, electrical outlets. You name it and you could not find any thing less expensive even in Panama. The staff while pleasant do not get much done. It's always the sub who is not responsive......the developer simply collects the checks and then let's you hang.
Air conditioner - the day we took possession we noted the loud noise from the compressor such that you can not sleep. I don't think it has a "DB" rating! It looks as if it was a used unit on delivery.
Shower - the water flows away from the drain. So we use a squeegee to push the water towards the drain.
Pool - the pool has never been completely finished. It looks far from clean, the tiling is incomplete and I wouldn't let my dog swim in it.
Gym - the charged each unit buyer (230 of them) in excess of $1000 to furnish and equip the gym. Well my basement is better equipped and furnished then Oceanaire.
All of this can happen anywhere but the difference is once noted it gets fixed else where around the world but not at the projects that Aleman Arias Developers promote and profit from. They are promoting a Ocean reef now and thrust me you don't want engage in a transaction with this group as you will undoubtedly be disappointed.