Oversubscribed by nearly 20 times
Draw follows enthusiastic response, initial offer of villas and townhouses oversubscribed by nearly 20 times
Representatives from Ministry of Legal Affairs, PricewaterhouseCoopers, Curtis, Mallet-Prevost, Colt & Mosle law firm and Royal Oman Police supervise the draw process
Muscat, February 4, 2006, 2006: The Wave, Muscat, Oman's top tourism and beachfront residential development, recently conducted a supervised draw to select aspirants for its first residential release.
The draw was held in order to ensure transparency in the ballot process, considering that the initial offer of villas and townhouses, which are expected to be completed by the end of 2007, was oversubscribed by nearly 20 times.
An integrated waterfront development, The Wave, Muscat is a joint venture comprising Oman's Waterfront Investments, which includes the Government of the Sultanate of Oman, the National Investment Funds Company, which represents the Omani Pension Funds and State General Reserve Funds, and the UAE's Majid Al Futtaim Investments.
Those selected through the draw process will be eligible to buy residential property at the one-of-its-kind project, Oman's premiere master-planned beachfront community offering unparalleled investment and lifestyle opportunities in the centre of Muscat.
The first residential sales will include waterfront villas, garden villas and exciting townhouses.
At the draw, an independent Supervisory Committee comprising representatives from Ministry of Legal Affairs, renowned global auditing firm Price Waterhouse Coopers, international legal advisers Curtis Mallet-Prevost, Colt & Mosle LLP and the Royal Oman Police oversaw the entire process. The electronic draw was conducted using custom-made software, which was earlier tested by the Supervisory Committee.
In his comments on the draw process, H.E. Eng. Abdulla Bin Abbas Bin Ahmed, Head of Muscat Municipality and Chairman of the Board of Waterfront Investments said: "In view of the tremendous interest evoked by The Wave, Muscat, we were compelled to hold this draw in order to ensure both fair play and transparency in the process. We would like to thank the Supervisory Committee for helping us in the draw and the participants of the draw for reposing faith in us."
He added: "In view of the tremendous response, we will be announcing our next release in due course. We will continue to offer similar releases throughout the construction period of the development. The whole process demonstrates our commitment to our prospective investors as we continue to focus intensely on creating value-added identity through innovation and execution of product, service and technological enhancements."
Regarding the residential release, H.E. Eng. Abdulla Bin Abbas Bin Ahmed said that the first units will be ready by end of 2007, coinciding with the completion of the Links Golf Course - the Sultanate's first sea-facing signature course to be designed by renowned golfer & designer Greg Norman.
The sales team at The Wave, Muscat will be contacting those selected by way of SMS and e-mail to facilitate collection of the sales pack containing legal documents, architectural designs and price list. In the event of selected applicants being unable to collect the same in person, which may be the case with international investors, the sales team will arrange to send the packages electronically and/or by courier.
The project is being developed keeping in mind the discerning international and regional home buyers, who are looking for an exciting, authentic destination and it drives the inherent values that Oman offers to the world - a country with the potential of becoming one of the most significant international destinations.
-Ends-
Note to Editors:
THE WAVE
The Wave is being developed through a joint venture comprising Oman's Waterfront Investments (representing the Government of the Sultanate of Oman), National Investment Funds Company (representing the Omani Pension Funds), and the UAE-based Majid Al Futtaim Investments. Overlooking the Gulf of Oman near the Seeb International Airport, The Wave, Muscat will be a fully master planned community occupying a total area of 2,500,000 square metres along 6km of natural beach. The Wave, Muscat project will involve infrastructure development and site improvement, which will encompass a Greg Norman 18 hole green Golf Course, 300 berth Marina, 4 luxury hotels, villas, retail and restaurant outlets. For more details on The Wave, Muscat, please log on to ww.thewavemuscat.com
For further information, please contact
Amer Al Fadhil
VP External Affairs
The Wave, Muscat
Tel + 968 24600034
Fax: +968 24600663
E-mail: amer@thewavemuscat.com
OR
Ayman Al Saleh
Vice-President
Bates PanGulf PR
PO Box 3294
Dubai
UAE
Tel: +9714 295 3456
Fax: +9714 295 1027
E-mail: ayman@batespangulf.com
© Press Release 2006
