La Estrella, Chiriquí Province, Panama, Boquete, PA

LUCERO RESORT & RESIDENCES La Estrella, Boquete, Chiriquí Province, Republic of Panama

PROPERTY OVERVIEW

• 702 contiguous acres under single ownership
• Only 18-Hole championship golf course community in the Boquete/Chiriquí Highlands — limited competition
• 3,366 ft elevation | Avg. 72°F year-round | "Eternal spring" climate
• ~$50M total owner capital invested since 2008
• As-Is Valuation: $59M | Full Build-Out ARV: $249M | 4.3x value creation opportunity

EXISTING INCOME-PRODUCING ASSETS

• 18-hole championship golf course (J. Michael Poellot design, replacement cost ~$24M)
• 11 operational treehouse/canopy suites (revenue-generating)
• 6 furnished duplex villas generating rental income
• "Seasons" farm-to-table restaurant, open 7 days/week
• Full-service clubhouse with infinity pool, hot tub, clay tennis courts
• 7-room boutique hotel wing (final commissioning phase)
• 120 acres of Phase 1 land fully serviced (roads, underground electrical, fiber optic, potable water)

DEVELOPMENT UPSIDE

• Master plan approved for 1,672 resort units at full build-out
• 312 acres of confirmed developable land
• 1,000 condominiums across 23 parcel sites
• 400 estate lots (~$248K avg. lot price)
• 70 duplex villas + boutique hotel parcel (HVS-validated; Four Seasons expressed interest in 120-room configuration)
• 15 additional treehouse suites planned
• Active coffee plantation (75,900 m² | Geisha-producing region)

KEY INVESTMENT DRIVERS

• USD-denominated economy — zero currency risk for North American investors
• No foreign ownership restrictions; favorable offshore income tax treatment
• Panama Pensionado Visa — world-class retiree incentives drive sustained demand
• Water rights fully secured via 100-year registered easements + commercial bottling permits
• 360° panoramic views: Volcán Barú, Pacific Ocean, Continental Divide
• Transaction structured under Canadian law / English-language documentation available

Courtesy of NorthSPG - Aldo Borrelli, Managing Partner - https://www.northspg.com