Panama has awarded a $750 million (380 million pounds) property development deal to UK based London & Regional Properties to convert a former U.S. military base into a business park, the Panamanian government said on Tuesday.

The project, described by London & Regional as "one of the world's largest development deals," aims to transform the 4,950 acre former Howard Air Force Base, as Panama bids to transform itself into the "Singapore of the Americas."

"We are looking at $405 million in investment during the first phase, followed by three more phases taking the total to $750 million over eight years," said a government official who declined to be named.

Panama took control of dozens of U.S. military installations in 2000 after the United States, which built the Panama Canal, pulled out of the country under a 1977 agreement.

Disagreements in Panama about how the bases should best be used have meant that many of the red tiled, concrete buildings have stood empty, decaying in the intense tropical heat and rain.

Panama aims to develop its strategic position at the geographical centre of the Americas to become a trade and business hub similar to Singapore in Asia.

International Business Times, April 2007

Isthmus Development Company donates essential items to the "Junta Comunal de Veracruz" in Majagual..With low housing and living costs, a stable political environment, relatively safe streets and that tropical climate, people in their 50’s and early 60’s are flocking to the Central American nation, rather than working for a few more years to scrape together enough money for a condo on the Florida coast. “We’re seeing a significant number of Americans coming here to retire,” said William Ostick, a spokesman for the united States Embassy in Panama City. Mr. Ostick said the embassy did not keep statistics on Americans who have moved to Panama to retire, but he said there were 25,000 to 30,000 Americans living there.

New York Times, April 2006

For anyone who envisions Panama as a sleepy bucolic country, the first view of the capital city may come as a shock. The skyline of Panama City bristles with high rise business towers and residential condominiums… The countries’ reputation as a hot new destination is based as much on its capital’s high-energy urban lifestyle as on the beautiful beaches of its coasts and its lush mountainous interior.

Robb Report, Winter 2006

The country has several things going for it that mesh with modern-day retirement plans. Panama has a reputation for being friendly and welcoming, and Americans are not new to Panama…Retirees can choose among quiet beach communities on the Pacific Ocean, the urban and modern Panama City, tropical Caribbean islands, or Panama’s highlands where year around spring makes sweaters comfortable in the evenings. ‘The best thing about living in Panama is that I feel relaxed and stress free here-beautiful scenery, climate and the people are so friendly’ says Randy Moscorella formerly of Ojai, California. The frosting on the cake is an affordable cost of living and inexpensive real estate.”

Where to Retire Magazine, July 2005

Boquete, Panama. “Golf course manager John Sutton had enough of lawyers, telemarketers, and the US government. So the San Diegan and his wife took early retirement, sold everything they owned, and moved to Panama. The Suttons, who bought a house here last summer, exemplify the wave of American retirees who want to get away from it all-far, far away. Each month, about 20 new ones turn up in this remote coffee-growing town in the mountains of western Panama, buying houses and starting new lives. It is the latest hot spot in Central America. ‘Boquete gave us the opportunity to have a great, comfortable lifestyle,’ said Sutton, 50. Other US retirees are making similar moves, attracted by Panama’s favorable tax treatment of foreigners, the relatively low cost of living, the lush surroundings, and the eternally mild climate.”

Los Angeles Times, February 2005

Little wonder that Panama is increasingly lighting up the radar screens of those searching for an affordable alternative to more traditional south-of-the-border retreats…Touted as the next Costa Rica’ by travel magazines and newsletters like International Living, Panama is undergoing a land rush as its Tocumen Airport fills with planeloads of eager foreigners with cash in hand.” The opportunities are appealing not only for those seeking a place to retire but also for entrepreneurs.”

New York Times, February 2005