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It's a win for investors at The Wave Muscat
The first residents have already moved into an oasis of The Wave, despite construction activity taking place across other phases.
- Nicole Walter, Features Editor
- Published: 14:52 December 18, 2008
- Image Credit: Supplied
- The one-, two- and three-bedroom luxury apartments are set in traditionally styled buildings
What could probably be described as Muscat's hottest property to date, is taking shape on its coastline. The first residents have already moved into an oasis of The Wave, despite construction activity taking place across other phases.
The progress is fast-paced, but it does not mean cutting corners when it comes to this development. The philosophy of its developer is to deliver what is said on the box — or rather can be seen when visiting the show-homes.
Having invested time in the design phase, the developer is translating the drawings into actual buildings through an equally meticulous construction process.
Consistent finish
“We get contractors to buy into our philosophy of quality and participate with the consultant's expert inputs to achieve consistent finishing,'' comments Iain Liversage, The Wave's Senior Projects Manager.
During these times of a deepening global financial crisis, the question of viability is unavoidable. The Wave's ownership brings together Omani government agencies and the UAE's Majid Al Futtaim Group.
It represents a secure base and bank lending has been kept to a minimum, affirms Nick Smith, The Wave's CEO. ‘Only marina needs bank finance'
“We do some financing with Bank Muscat, but the scheme uses the staged payments from customers to build the property,'' he says. “So, we don't have a great deal of borrowing — it's pretty well self-funding.
“As a buyer there is no risk. We send a photo of the progress of the property with every invoice. The marina will be the only component, which will need some financing next year. It is a fairly small amount and not of any consequence.''
Add to that the development's status of being an ITC — Integrated Tourism Complex — and with the freehold status, investors are entitled to a residency visa, it's a sure-shot winning formula. Not least because Oman is not overdoing development and local demand remains strong, crisis or no crisis.
Adherence to local styles
Major banks, local and international, are also still happy to lend against a ‘Wave' property. But, what does The Wave have to offer apart from being a secure investment? Its whole design is seamlessly adapted to conform to Omani culture and style.
The masterplan and architectural design have already bagged it a couple of awards. To get a picture of what is taking shape, think of a coastal village or cities in the Mediterranean. Does Almeria ring a bell?
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