The Wave, Muscat is in full sail

It was around seven years back that Oman conceptualised its first freehold property development. Living up to its name, The Wave, Muscat did indeed create more than mere ripples at that time, attracting massive investor interest. So when an opportunity to visit the project site came up recently, I did not want to miss it — not just because I had been covering this waterfront development during the course of last year, but more significantly to see for myself the extent to which The Wave, Muscat has managed to sustain the development process while many others of its kind have been stalled or delayed.

The $3.5 billion project stands within a freehold location, identified locally as an ITC or an Integrated Tourism Complex. Designed to include 4,000 freehold residential units, the developer claims 1,000 homes have been sold already with over 600 properties handed over to date.

Another 350 homes are scheduled to be completed by the end of the year. The advantage of getting a two-year residential visa upon purchasing a property has definitely been beneficial in attracting demand from expats and boosting sales.

On reaching the site, expectations were high considering that I would be viewing one of Oman's prominent and active freehold projects. Scale wise, it wasn't much of a disappointment when The Wave, Muscat came into view with its fantastic collection of apartments, villas and townhouses stretching over 6km and overlooking pristine waters of the Gulf of Oman.

The CEO, Michael Lenarduzzi, seemed to know what I had in mind when he explained how the project rode the downturn without much setbacks. "Originally built to cater to high-end homes the master plan saw changes when the downturn hit. Now we have something for everyone. The beauty of this project is that we only construct after we sell," he explained. While its excellent location and pricing contributed in attracting families, young couples and retirees, The Wave, Muscat has definitely seen stable demand in recent times.

Mathew Green, head of research and consultancy, CBRE confirms, "The Wave, Muscat is managing to attract quite a diverse sub-section of end-users with the quality of offering appealing to both locals and expatriates."

Indeed, there was concrete evidence of phased development. Michael was keen to allay concerns as other similar developments had been put on hold and delivery schedules were seeing delays.

"For all our products, we have a sunset rule of three-year contract basis. We have a consistent track record of delivering anything that we have sold within an 18-month or two-year period," he assured. 

Design and interiors

The homes feature apartments ranging from one- and two-bedroom units as well as villas and townhouses in two- and three-bedroom formats. The show homes displayed the finest imported finishes and fittings, en suite bathrooms with Rocker fixtures, fully-fitted modern kitchens complemented with AEG and Miele (for beach villas) appliances, flooring by RAK Ceramics and spacious balconies ready for entertaining.

Paul Callaghan has been a homeowner at the community since December 2008. Like anyone else who loves the sun, sand and surf, Paul, a director - audit at KPMG Oman, is happy with his home, which he claims has exceeded his expectations. For many such homeowners, looking beyond the congested areas of Ruwi and central Muscat, The Wave, Muscat definitely stands out because of its unique architecture, spacious properties, scenic views and the facilities that are being delivered. "What is unique about The Wave is given the [fact] that the project is a joint venture between the Oman Government, National Funds Company and Majid Al Futtaim, I felt it would be the best in Oman. Also, the townhouse built by Carillion and Al Turki [have] a great reputation for quality," says Paul.

In terms of maintenance, the developer claims that the homes come under a one-year developer warranty and a ten-year warranty by the contractor. For the white goods installed in the kitchen, the appliances are as per the supplier warranty. "Service charge rates for villas start from 3 to 3.4 riyals per square foot," confirms the developer. However, in Paul's opinion the service charges are not yet reasonable considering that facilities are still taking shape. 

Living on The Wave

As for security, we did find security guards posted at entry and exit points. However, Paul adds that though there are car patrols patrolling the neighbourhood, there are incidents when outsiders "drive around" at night. But given the fact The Wave, Muscat is not a gated community, restricting entry to outsiders would be difficult, as the project is set to become a recreational destination for residents and visitors on completion.

On the brighter side, a key attraction of this unique development is the internationally acclaimed, 18-hole Greg Norman championship golf course designed against the backdrop of the mountain range, which will also house a golf academy. "There are plans to open nine holes by September this year," confirms St John Kelliher, general manager - golf at The Wave, Muscat.

Additionally, the two hotels — Kempinski and Fairmont — will open their doors by 2013 and 2014 to meet leisure and recreational needs of residents and visitors. Also, the development will boast an eclectic mix including retail shops, a community centre, a Sailing Academy and a 400-berth marina among other things. The first phase of the retail precinct opened last month, while the marina's phase one opening is scheduled for September this year. With the current airport expansion and the upcoming CBD, there has been talk of The Wave, Muscat being transformed as the ‘The New heart of Muscat' when completed in 2018. 

Convenience

While the development may be just a ten-minute drive from the airport, it is still a relatively long commute from central Muscat or the city's business areas, unless you work at the airport or if you don't mind travelling that extra distance. Also, for schooling, parents will have to look at schools in the surrounding areas such as Seeb and Al Athaibah as there are no plans yet to accommodate a school within the community, though the developer is in talks with preschool and day care providers.

For shopping needs, residents can head to Al Fair supermarket, Sultan Centre or Muscat City Centre that includes Carrefour just a ten-minute drive away. Additionally, within the development there is Kwik Klean and WH Smith Store, with a few more shops to open that will add convenience to those living there. However, for many such residents including Paul, the freshness of the sea breeze, the beach and marina and the upcoming golf course are some of the best things about life on The Wave. We agree. What more could one ask for? Not much really.

Price watch 

Sales

Apartments: 74,000 to 120,000 Omani riyals
Villas: 279,000 to 1.7 million Omani riyals
Town houses: 120,000 to 180,000 Omani riyals 

Rentals

Apartments
One-bed: 600 to700 Omani riyals
Two-bed: 800 to 900 Omani riyals
Three-bed: 900 to1,500 Omani riyals

Town houses
Two-bed: 800 Omani riyals
Three-bed: 1,000 Omani riyals