Wave villa auction fetches $78m
Muscat, December 3, 2007
The first public auction of beachfront properties at The Wave, Muscat recorded sales of OR30 million ($78 million).
The Wave, Muscat is a master planned community overlooking the Gulf of Oman occupying a total area of 2,500,000 sq m along 6km of natural beach.
The world-renowned auctioneer Paul Cavanagh conducted the auction at the Grand Hyatt for an audience comprising the crème de la crème of the Omani society, GCC nationals, Indians, Europeans and others.
To introduce the auction procedure and help raise money for The Dar Al Ata’a charitable organisation, an authentic 19th century mandoos was first auctioned and was purchased by Kanksi Gokuldas Khimji.
As one of the beachfront villas touched the highest price at OR2.550 million, the proceedings and demand for beachfront properties drove The Wave, Muscat management to release four more beachfront properties to be included in the auction. The move was well appreciated by the audience, who continued to bid and the bidding tide did not abate till all 16 properties were sold under the auctioneers hammer.
Abdulla Bin Abbas Bin Ahmed, chairman of Muscat Municipality and chairman of The Wave, Muscat said: “We were thrilled with today’s auction. There was a tremendous amount of energy in the room, which resulted in selling all the properties and generating OR30 million. This certainly sets a new benchmark in the country. It also bodes well for the faith and point of interest that the region has in our development which will offer a spectacular living ambience to the residents who have chosen to buy property along the natural beachfront at The Wave, Muscat,”
The Wave, Muscat, 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 Group.--TradeArabia News Service