Word: trumped
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...meeting happened in 2005 and Khafif said he was surprised to learn how much homework Trump had done beforehand. "He had done a lot of due diligence. That's what let me walk through that door; it's not easy to walk through that door," Khafif says. Trump "already knew that the country was booming," but "hates to fly or leave the country." The day after the meeting, Khafif said he received an early morning phone call. "I hear a voice that sounded like Trump, but I thought it was friend who can imitate voices. Two minutes later I realized...
Ivanka is Trump's daughter by his ex-wife Ivana. The young woman is now the company's executive vice president of development & acquisitions, and keen on bringing a more global vision to the family business. The next week, Ivanka visited Panama City and liked what she saw. "Panama is a spectacular, thriving country, changing by the day," Ivanka told TIME in an email. "It's been amazing for me to see the growth of Panama City first hand." "She's a very intelligent young woman," Khafif says. "Sometimes I think she's even smarter than her dad about certain...
More expensive than Miami real estate and priced three-to-eight times higher than property in the rest of the Panamanian market, the Trump Ocean Club is partially financed by a $230 million bond offering from Bear Sterns. That bond is now being handled by JP Morgan following the collapse of Bear Sterns in the 2008 global financial crisis. "Without Trump, we would have lost our shirt," Khafif admits. Since then, more than 2,000 construction workers add a new floor each week, silencing many of the earlier skeptics who claimed the project would never get off the ground...
...some doubts remain. Eric Jackson, owner of the English-language Panama News thinks that many of buyers in the Trump Ocean Club, which claims it is 90% sold, could be speculators rather than future tenants. "You go around Panama City and look at these new 'sold out' luxury towers at about 8 p.m. and there are hardly any lights on in them," Jackson says. Samuel Taliaferro of the PrimaPanama investment blog agrees. "I have received emails from a number of speculators who never intended on taking possession...
Others worry the Trump Ocean Club will only contribute to what they see as the city's coming urban-planning disaster. Marco Gandasegui Jr., a University of Panama professor with the Center for Latin American Studies, says many Panamanians are "convinced Panama City's skyline gives us a better image," but warns the building spree is putting an enormous strain on the city's infrastructure. "The Trump Ocean Club is just another example of the chaotic situation Panama City finds itself today," Gandasegui said. "It is squeezed into a tiny dead-end street where it will share space with another...