Artificial Islands Project Launched in Panama

---

Panama president Ricardo Martinelli this week officially launched a project to build two artificial islands for a luxury home development off the coast of Panama City.

Ocean Reef Islands will create almost 200,000 square meters of landfill for "a variety of home sites that redefine waterfront property ownership surrounded by an array of exclusive living options for connoisseurs of luxury," according to the Web site. Located off Punta Pacifica, home to several new tower projects, the islands will be connected by two 160-meter bridges.

"Sounds kind of like a Dubai project doesn't it," Panama developer Sam Taliaferro writes on his blog.

Plans for the project have been bouncing around since 1997, according to local media reports. Developed by Grupo Los Pueblos, there have been signs of initial construction for several years, but no full-fledged indication the project was ready to move forward until this week's ceremony.

President Martinelli said the development will "project confidence so that other investors will continue to carry out works that maintain Panama's position as a nation with First World infrastructure."

---