BASIS brings creativity and new ideas to its first housing project: PH Ancón Park. This project focused on a niche market – the revitalization of centrally located, marginal areas, to develop affordable, well built, condominiums priced at $25,000-$50,000.
With very few low-income housing projects in Panama City to reference, BASIS identified a structurally sound yet deteriorating property and created a pilot project in 2008 now called PH Ancón Park.
Within 12 months, BASIS renovated and converted this 27-unit apartment building into low-income condos.
Sales prices ranged from $18,000 for a studio to $45,000 for a larger one-bedroom with a balcony. This pilot has met expectations for profitability (80% project ROI) and community development goals.
With PH Prada View, BASIS revitalized and transformed an unsafe 14 unit building with illegal tenants into home ownership opportunities for local residents. BASIS worked with the community and local building authorities to bring the building up to current building codes and qualified the project to take advantage of Panama’s "Preferential Interest" rate program.
As a result, home-buyers in PH Prada View received 30-year mortgages at subsidized loan rates of between 1.00-1.50%. With pricing between $48,000 and $59,000, monthly mortgage payments started at around $200.00 making PH Prada View affordable to minimum wage workers.