As Oman's residential segment continues to experience robust demand for quality homes, property bellwether, The Wave, Muscat has moved in to consolidate its position with the recent launch of its first new villa product in two years, a design that was not previously offered in the project. The latest launch goes well with the increasing prominence of end-users in Oman's ITC (integrated tourism complex) locations, where foreigners are allowed to own property.
"There has been significant interest in the new designs from the local market, but we are also seeing a number of new buyers from outside of Oman," says David Stafford, vice president — sales and marketing, The Wave, Muscat.
With an emphasis on efficient living spaces, the new Al Mowj homes will comprise 70 villas in three- to seven- bedrooms configuration and in sizes from 223 sqm to 459sqm, while the 36 townhouses will range from two- to four-bedrooms in areas of 125sqm to 195sqm. Prices for villas start from 200,000 Omani riyals; while townhouses will be sold from 120,000 riyals," according to the developer.
Leasing demand
Furthermore, sensing a strong demand in the rental market, The Wave, Muscat has also launched its own specialised leasing department. "There has been an increased demand for residential leasing over the last two years, and by leasing directly from the developer, tenants will be assured of the widest selection of premium properties," adds Stafford.
According to a recent report by Cluttons Oman, rental values are holding on strong at The Wave, Muscat as tenants look for quality homes. "Properties at The Wave, Muscat in particular, are proving to be extremely popular despite the fact that they command a premium in comparison to the rental values for similar sized properties in the surrounding area," the report stated.
With the development on track, the multi-billion dollar project is garnering the rewards of the government's favourable policy towards foreign ownership, additional liquidity due to government's controlled spending strategy and a prudent approach adopted by the development itself. Michael Lenarduzzi, CEO of The Wave, Muscat confirms, "The Wave, Muscat is making excellent progress on its developmental and expansion plans. In terms of properties, over 1,000 units have been completed and sold, while 340 units are currently under construction and will be completed and ready to welcome additional residents by the end of 2010. To date, more than 550 properties have already been handed over to their respective owners and more than 300 families have moved in."
With an objective to create a multi-cultural community, the developer confirms that most properties at the development have been booked bya mix of nationalities comprising Omani nationals (around 50 per cent), while UK investors constitute 15 per cent, Indians 14 per cent and 19 per cent belong to other nationalities.
A 100 per cent freehold master-planned community, the project will also include several international retail offerings comprising restaurants and shops. "The majority of these outlets will be located within the retail precinct of Al Marsa waterfront village, the largest phase and a cosmopolitan hub expected to open in January 2011," says Lenarduzzi. While retail elements take shape, the developer has gone ahead and signed its first retail agreement with Asha Enterprises, a renowned sub-division of the Ajit Khimji Group, to manage a number of outlets within the project.
The Wave, Muscat will also include hospitality elements in four- and five-star hotel options aiming to cater to Oman's growing tourism sector. While hotel chains such as Kempinski and Fairmont have already confirmed their presence, recent figures by the World Travel and Tourism Council have predicted that Oman is poised to be the largest growth market for tourism in the Middle East and number three globally. "The Kempinski Hotels will break ground early next year and will be completed and ready to welcome guests in 2013. Our second property, Fairmont Hotels and Resorts, is at its final design stage, [while] another luxury and hospitality development will manage a resort-style hotel located close to the Greg Norman golf course," says Lenarduzzi. The Wave, Muscat will also feature Oman's first sea-facing PGA Links 18-hole golf course designed by the legendary Greg Norman and scheduled to open in 2011, while the first stage of the 400-berth marina is expected to be completed by 2011.
Realising realities in demand on the global scale and the return of investor confidence, Harry Buitelaar, general manager, Better Homes feels that Oman has bucked up regional trends as reflected in ongoing projects across the country.
"Experts believe that it is a very exciting time for the sector with excellent prospects and opportunities for both residential developments and ITC projects. Oman offers some of the best property options in the GCC," he predicts.
Scheduled to be completed by 2018, The Wave, Muscat is expected to build about 4,000 freehold residential properties.
Accolades won
The Wave, Muscat won the ‘Blue Ribbon' title for the Best Development in Arabia at the recently held 2010 Bloomberg Arabian Property Awards in Dubai. With over 100 entries from the region, The Wave also won three five-star awards for the Best Marina, Best Golf project and the Best Development in Oman.
