在巴拿馬的火山鎮建造永續住宅區的可行性研究 / The thesis aims to determine the feasibility of building a sustainable community in the town of Volcan, province of Chiriqui, Republic of Panama. There is a great opportunity to be pioneers in offering an environmentally friendly residential project in Panama, and to fill the void of tenders for the medium to high range of retirement residences and second homes in the province of Chiriqui. After conducting a demand-side analysis, I determined that there are enough people that qualify as target market for the project in terms of age and income. From the supply-side perspective, the sustainable nature of the project represents a low to moderate over cost, which will turn into savings for the final user in the long run. After estimating costs and calculating the profit margin, I concluded that the project could be profitable. I will pursue a niche marketing strategy, targeting environmentally concerned college educated Panamanian and foreign residents, looking for a retirement or second home in the mountains, in harmony with nature. By conducting a sensitivity analysis, I identified that the most relevant variable for the success of the project is the ability to sell the houses at the expected price. Therefore, it is mandatory to execute an effective marketing strategy in order to reach the potential customers, project the right image, and to raise awareness about the benefits of environmentally friendly development. Finally, I conclude that the project is feasible and profitable, as long as an adequate marketing strategy is implemented.