10 April 2006
MUSCAT -- An Indian architect has become the first foreigner to buy a property at The Wave, the Sultanate's leading tourism and beachfront residential development, officials of The Wave announced yesterday.
Asif Parpia, the buyer in The Wave's first residential release encompassing 221 townhouses and villas and due to be completed in 2007 was among the lucky aspirants who was offered a chance to buy property through a supervised draw held earlier this year.
Parpia has been a resident of Oman on and off since 1982 and a renowned architect operating in Oman, Dubai and Mumbai.
Parpia always harboured a wish to own property in Muscat and kept a close vigil on the development details over the Internet and following the Royal Decree allowing expatriates to own freehold property in the country, he applied at The Wave during one of his personal visits to the Sultanate.
Expressing his happiness over being the first foreigner to buy property in The Wave, Parpia said: The issuance of Royal Decree 12/2006 coupled with the tranquillity and quality that The Wave offers, facilitated my decision. I never knew I was the first, but all I can say is I am thrilled to book a property at this wonderful destination and I am looking forward to be a part of the community. Being an architect, I appreciate good plans and well thought out developments and so the diligent process followed by The Wave assured me that I was making the right choice."
Being the first project to qualify as an Integrated Tourism Complex, The Wave is the one of the first project in Oman that has been officially granted the right to offer full freehold property buyers of any nationality.
An integrated waterfront development, The Wave is a joint venture comprising Oman's Waterfront Investments, which includes the Government of the Sultanate, the National Investment Funds Company and the UAE's Majid Al Futtaim Investments.
The first residential release will encompass waterfront villas, garden villas and townhouses.
In a statement here, the project promoters said that they intend to consistently release units over the construction period of the premier community. The units in this first release will be ready by end 2007, coinciding with the completion of the Links Golf Course the Sultanate's first sea-facing signature course to be designed by renowned golfer Greg Norman.
Talking about the first buyer at The Wave, Wael Ahmed Al Lawati, deputy CEO of the development, said: "This is a very important milestone for the project and a visible sign of confidence expressed by non-AGCC nationals, since they have been allowed to buy for some time now, as Oman gears up to become a serious player in the regional real estate boom. A healthy mix of nationalities has bought in the first release in this integrated resort, which offers unparalleled investment and lifestyle opportunities in the centre of Muscat."
MUSCAT -- An Indian architect has become the first foreigner to buy a property at The Wave, the Sultanate's leading tourism and beachfront residential development, officials of The Wave announced yesterday.
Asif Parpia, the buyer in The Wave's first residential release encompassing 221 townhouses and villas and due to be completed in 2007 was among the lucky aspirants who was offered a chance to buy property through a supervised draw held earlier this year.
Parpia has been a resident of Oman on and off since 1982 and a renowned architect operating in Oman, Dubai and Mumbai.
Parpia always harboured a wish to own property in Muscat and kept a close vigil on the development details over the Internet and following the Royal Decree allowing expatriates to own freehold property in the country, he applied at The Wave during one of his personal visits to the Sultanate.
Expressing his happiness over being the first foreigner to buy property in The Wave, Parpia said: The issuance of Royal Decree 12/2006 coupled with the tranquillity and quality that The Wave offers, facilitated my decision. I never knew I was the first, but all I can say is I am thrilled to book a property at this wonderful destination and I am looking forward to be a part of the community. Being an architect, I appreciate good plans and well thought out developments and so the diligent process followed by The Wave assured me that I was making the right choice."
Being the first project to qualify as an Integrated Tourism Complex, The Wave is the one of the first project in Oman that has been officially granted the right to offer full freehold property buyers of any nationality.
An integrated waterfront development, The Wave is a joint venture comprising Oman's Waterfront Investments, which includes the Government of the Sultanate, the National Investment Funds Company and the UAE's Majid Al Futtaim Investments.
The first residential release will encompass waterfront villas, garden villas and townhouses.
In a statement here, the project promoters said that they intend to consistently release units over the construction period of the premier community. The units in this first release will be ready by end 2007, coinciding with the completion of the Links Golf Course the Sultanate's first sea-facing signature course to be designed by renowned golfer Greg Norman.
Talking about the first buyer at The Wave, Wael Ahmed Al Lawati, deputy CEO of the development, said: "This is a very important milestone for the project and a visible sign of confidence expressed by non-AGCC nationals, since they have been allowed to buy for some time now, as Oman gears up to become a serious player in the regional real estate boom. A healthy mix of nationalities has bought in the first release in this integrated resort, which offers unparalleled investment and lifestyle opportunities in the centre of Muscat."
© Times of Oman 2006
