The Ocean Reef Island penthouse in Panama City is a two‑level, 470 m² (≈5,000 ft²) luxury residence that combines expansive living space with premium amenities and direct access to both the city and the Pacific Ocean.
Property layout and key features
- Three bedrooms, each with an en‑suite bathroom and walk‑in closet.
- Master suite on the main floor includes a private terrace with ocean views, a large walk‑in closet, and a spacious bathroom with double sinks and a sizable shower.
- Secondary bedroom on the main floor and an additional bedroom on the upper level, both flexible for king‑size or twin beds.
- Two independent kitchens (full‑size, high‑end MLE appliances) – one on each floor, allowing separate living arrangements for multigenerational families.
- Large service quarters with a maid’s bedroom, bathroom, and a sizable laundry room.
- Wrap‑around terraces on both levels provide panoramic ocean and city views; the upper terrace is private to the master suite.
- Elevator access to both floors enables independent entry for separate households.
Community and location
- Situated on Ocean Reef Island, a man‑made development of two connected islands covering ~19 ha, with a central marina offering ~150 moorings (up to ~700 ft).
- The island is linked to the mainland by a private bridge; a helipad at the marina entrance allows helicopter access.
- Residents enjoy proximity to Panama City’s financial district (Costa del Este), upscale neighborhoods such as Punta Pacífica and San Francisco, and international schools. A school‑bus corridor provides a seven‑minute connection to Costa del Este schools.
- The island’s capacity is limited to roughly 500 families, creating an exclusive, low‑density community.
Amenities within the building
- Common‑area lounge for informal gatherings and business meetings.
- Co‑working space, game room (pool table, board games), six‑seat cinema, fully equipped gym, and spa services.
- Outdoor facilities include a large swimming pool, jacuzzi, barbecue area, and a beach‑style sand zone with direct ocean access.
- Security and maintenance are covered by a monthly HOA fee that includes upkeep of shared spaces.
Pricing and market context
- Sale price: US $3.155 million (no rental option offered).
- Comparable three‑bedroom units on the island are priced around US $1.3 million for 200 m², indicating a premium for the larger footprint and dual‑apartment layout.
- A hypothetical rental value is estimated at US $12,000 per month.
- The market remains buyer‑friendly, with property values having risen sharply after the government’s creation of the artificial island, generating scarcity.
Buying process for foreign investors
- Engage a reputable local real‑estate agent to navigate legal and procedural requirements.
- Reserve the unit with a deposit (typically 10 % of the purchase price).
- Sign a purchase‑sale contract; the timeline to full ownership ranges from 30 to 90 days, depending on financing and title verification.
- No restrictions on foreign ownership; full title is transferred to the buyer upon completion.
Lifestyle considerations
- The dual‑floor design supports multigenerational living: grandparents can occupy the upper suite while younger family members reside below, or the space can be split into two independent apartments for rental or guest use.
- Proximity to top‑tier medical facilities (e.g., Johns Hopkins‑affiliated hospitals) is under ten minutes, facilitating care for elderly residents.
- The combination of private island seclusion, direct city access, and comprehensive on‑site amenities positions the property as a rare offering in the Panamanian luxury market.
