The Wave, Muscat completes sector one
Muscat, August 5, 2009
The Wave, Muscat has announced the completion of sector one, comprising 133 villas and 130 townhouses.
The homes are already occupied or are ready to move in, it said.
“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,” said Nick Smith, CEO of The Wave, Muscat.
“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 per cent.”
Work on The Wave began in April 2007.
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 organisation 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.-TradeArabia News Service