05 April 2008
MUSCAT -- The Wave, Muscat, an RO1 billion mixed-use development project, is on track to welcome its first residents when around 100 townhouses and villas will be handed over before the end of 2008.
This will be the first batch of residential units from phase 1 which comprises a total of 220 townhouses and villas. The rest of the phase 1 residential offering will be ready by 2009.
With contracts worth RO200 million in place, over 300 residential foundations built, 200 rooftop stages completed, 2,500 men working on site, and infrastructure well underway, The Wave, Muscat, located on the beachside next to the Muscat International Airport, is a beehive of activity.
A recent visit by the Times of Oman to project site revealed the hectic work that is underway to match the expectations of the buyers who are eagerly waiting to experience the world class amenities comprising an 18-hole green golf course, a 300 berth marina, three luxury hotels, residential dwellings and retail and commercial outlets.
Revealing details of the project work, Nick Smith, CEO, The Wave, Muscat, said that work is simultaneously in progress on Almeria South apartments, 50 of which will be ready by 2009 and 100 more the following year.
Work is also in progress on the first sea-facing golf course in the Sultanate that spreads over 800,000 square metres and designed by Greg Norman; the international luxury Fairmont Hotels as well as Kempinski Hotels.
The Wave is a fully master-planned community occupying a total area of 2,500,000 square metres along 6km of natural beach and is 15 minutes away from the centre of Muscat.
Some of the best known consultants have been appointed, reflecting the commitment and attention to detail that the promoters of The Wave have envisaged in the project.
The project is a joint venture between the Oman-based Waterfront Investments, National Investment Funds Company representing the Omani Pension Funds and the UAE-based conglomerate Majid Al Futtaim Group.
The residential offering of The Wave includes exciting townhouses, villas with garden, waterfront or beach views, and apartments around the marina village. The designs cater for discerning buyers of all nationalities.
More than 50 per cent of the buyers are Omanis, while 15 per cent are from UK, 14 per cent from India and the rest from 31 different nationalities, informed Smith.
The new freehold properties regulations issued in 2006 and 2007 have made The Wave, Muscat, a highly attractive investment options for the buyers.
So far, over 750 residential units have been sold including townhouses, villas and apartments. Furthermore, 16 beachfront luxury villas were successfully auctioned in December 2007 in a first-ever beachfront real estate auction in Oman.
The Wave, Muscat has received six international awards including the prestigious CNBC Property Arabia & Homes Overseas 'Best Luxury Development' award.
MUSCAT -- The Wave, Muscat, an RO1 billion mixed-use development project, is on track to welcome its first residents when around 100 townhouses and villas will be handed over before the end of 2008.
This will be the first batch of residential units from phase 1 which comprises a total of 220 townhouses and villas. The rest of the phase 1 residential offering will be ready by 2009.
With contracts worth RO200 million in place, over 300 residential foundations built, 200 rooftop stages completed, 2,500 men working on site, and infrastructure well underway, The Wave, Muscat, located on the beachside next to the Muscat International Airport, is a beehive of activity.
A recent visit by the Times of Oman to project site revealed the hectic work that is underway to match the expectations of the buyers who are eagerly waiting to experience the world class amenities comprising an 18-hole green golf course, a 300 berth marina, three luxury hotels, residential dwellings and retail and commercial outlets.
Revealing details of the project work, Nick Smith, CEO, The Wave, Muscat, said that work is simultaneously in progress on Almeria South apartments, 50 of which will be ready by 2009 and 100 more the following year.
Work is also in progress on the first sea-facing golf course in the Sultanate that spreads over 800,000 square metres and designed by Greg Norman; the international luxury Fairmont Hotels as well as Kempinski Hotels.
The Wave is a fully master-planned community occupying a total area of 2,500,000 square metres along 6km of natural beach and is 15 minutes away from the centre of Muscat.
Some of the best known consultants have been appointed, reflecting the commitment and attention to detail that the promoters of The Wave have envisaged in the project.
The project is a joint venture between the Oman-based Waterfront Investments, National Investment Funds Company representing the Omani Pension Funds and the UAE-based conglomerate Majid Al Futtaim Group.
The residential offering of The Wave includes exciting townhouses, villas with garden, waterfront or beach views, and apartments around the marina village. The designs cater for discerning buyers of all nationalities.
More than 50 per cent of the buyers are Omanis, while 15 per cent are from UK, 14 per cent from India and the rest from 31 different nationalities, informed Smith.
The new freehold properties regulations issued in 2006 and 2007 have made The Wave, Muscat, a highly attractive investment options for the buyers.
So far, over 750 residential units have been sold including townhouses, villas and apartments. Furthermore, 16 beachfront luxury villas were successfully auctioned in December 2007 in a first-ever beachfront real estate auction in Oman.
The Wave, Muscat has received six international awards including the prestigious CNBC Property Arabia & Homes Overseas 'Best Luxury Development' award.
By Visvas Paul D. Karra
© Times of Oman 2008
