The Wave, Muscat sells off 60pc units
Muscat, March 23, 2010
The Wave, Muscat, the first 100 per cent freehold development in Oman, has achieved a new milestone by selling 60 per cent of the 160 properties on offer within the first two days of its seventh property release.
A unique public-private venture valued at $2.5 billion, the Wave, Muscat is a world-class mixed-use community spread along six kilometres of natural beach.
The project comprises Oman’s first 18 hole green links golf course, designed by Greg Norman; a 400-berth marina; modern and spacious apartments and townhouses; water, beach and garden-view villas; and three 5-star luxury hotels.
The Wave, Muscat has become the only real estate development to sell properties off-plan in the Sultanate for a considerable time, which bears testimony to the strength of the project and the investor confidence it enjoys both locally and internationally.
The fully master-planned community offered a number of apartment and townhouse options at Al Marsa Village for immediate sale during its 7th property release, said a company official.
Michael Lenarduzzi, CEO of The Wave, Muscat stated, “Our diverse property offerings continuously appeal to growing markets and the number of sales to date is a testament to the market’s confidence in our world-class mixed use project, which has appealed to a large spectrum of local and international buyers and investors, giving the real estate sector added stability and grounding.”
“Through our strategic partnership with UAE-based Majid Al Futtaim Investment and the Omani Government, we have managed to uphold the highest standards of excellence to distinguish ourselves as a premier development and ensure the delivery of a reliable and fully-fledged community in the heart of the capital,” he noted.
Lenarduzzi pointed out that despite the current global market climate, The Wave, Muscat has continued to present sound property investment opportunities through in-depth understanding of the industry and market sensibilities.
To date, 50 per cent of buyers are Omani nationals with the remaining buyer demographic comprising expatriates from the Indian sub-continent and Europe, he added.
With a growing economy, tax freedom and increasing population fueling demand for homes, The Wave, Muscat’s off-plan sales strategy is providing added benefits from potential capital gains during construction, proving to be a popular means for investment in residential property.-TradeArabia News Service