While many market analysts are still arguing over how long the downturn will last, The Wave, Muscat is flying the Middle East development flag with more gusto than ever.
After more than 10 million man hours, sold-out sector one of Oman’s premier Integrated Tourism Complex has been completed, meaning that every one of 133 villas and 130 townhouses is either already a home or ready to move into.
Nick Smith, CEO of The Wave, Muscat, believes this is not only a milestone in the history of The Wave, but a message that first class construction is alive and well in the Middle East. “It’s a terrific achievement to complete sector one and it encompasses everything we wanted with The Wave. It has its own community, a feeling of exclusivity, an extremely high standard of design and development and a great quality of life. It’s a wonderful feeling that we have been instrumental in providing this sort of lifestyle,” he said.
“Of course, it’s also a great chance for us to show that there is still a market for high end Middle East residential development. We have handed over more than 200 homes to date and have an occupancy of well over 70%. Without a doubt, for the right developers and the right developments, there is still an extremely bright future. We’re very happy to help play the role of ambassadors to the region’s quality construction sector.”
Work on The Wave began in April 2007 in an official inauguration ceremony held under the auspices of Sayyid Al-Mutasim bin Hamoud Al-Busaidi, Minister of State and Govenor of Muscat.
The properties are among the first to be available for sale on a freehold basis following a royal decree issued specifically for the The Wave, Muscat in September 2006. The development is a fusion of Omani and European styles, and has earned 18 regional and international property awards. Sales of more than 800 units have raised over $500 million.
The development was also accepted as the first Omani member of the Association of International Property Professionals (AIPP), a non-profit organization dedicated to improving professionalism in the international property industry.
The project 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 Omani Pension Funds), and the UAE-based Majid Al Futtaim Group.