Mercan Group Breaks Ground on $200 Million Panama Residential Project
With shovels hitting the ground at the Santa María development, Canada-based Mercan Group has launched its first residential project in Panama. The 48-story tower, featuring 200 luxury units, serves as the cornerstone of the developer's expanded $200 million commitment to the country’s growing real estate market.
The project’s launch coincides with updated regulations for Panama’s Qualified Investor Program. Under Executive Decree No. 17, released earlier this month, the minimum investment threshold remains at $300,000 for new, first-sale real estate, while secondary-market properties now require a $500,000 commitment. With entry-level pricing at $364,000, Albor at Santa María aligns directly with these new regulatory requirements.
Minister of Commerce and Industries Julio Moltó emphasized that the development supports the government's push for long-term projects that create local jobs. Data from the Ministry of Commerce and Industries reflects the program's upward trajectory, noting 268 certificates issued between mid-2025 and mid-2026, totaling $113.6 million in capital. Real estate continues to dominate this sector, accounting for over 87% of all activity.
Jordi Vilanova, Vice President of Mercan Group, stated that the groundbreaking marks the transition from investment vision to physical construction. The development includes two- and three-bedroom units alongside premium penthouses, with a projected completion date set for 2028. Since its founding in 1989, the developer has completed 34 projects globally, with this latest venture anchoring its presence in the Central American market.
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