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Riding the Wave of Success

Article - July 11, 2012
Oman may not be first in mind for Americans seeking luxury, beauty and a truly comfortable lifestyle in the Middle East, yet Muscat is home to one of the region’s most successful and beautiful tourism developments: The Wave, Muscat

The Wave, Muscat is the premier lifestyle destination in the Sultanate of Oman and enjoys 100% freehold status. It was developed through a joint venture between the Government of Oman and U.A.E-based developer Majid Al Futtaim Properties, one of the most successful retail and hospitality developers in the region. A unique multinational and mixed-use community, once complete The Wave, Muscat will comprise 1,000 villas, 3,000 apartments, three five-star hotels and one four-star hotel, Oman’s largest private marina and Oman’s first Greg Norman designed 18 hole PGA Standard championship golf course.

“People have confidence in Oman; it is becoming a haven for investors due to its stability in the Gulf. The Wave, Muscat is now seen as one of the most successful real estate projects in the whole of the Gulf region,” says CEO Michael Lenarduzzi.

Apart from acquiring their own piece of the beauty and tranquility of Oman, foreign buyers and their direct relatives also enjoy a full two-year renewable residency permit and as it is a freehold project tenants receive a lifetime, inheritable ownership title. And it is a lifetime that residents will undoubtedly want to spend here: with four miles of fine sand beaches that cool the evenings and make for magnificent sunrises, The Wave, Muscat’s location couldn’t be more beautiful. This is no secret to Omanis, who comprise nearly half of the buyers. The rest are British, Indians “and then a smattering of Europeans – mainly Germans and Dutch – and of course the GCC region, the strongest being Kuwait,” says Mr. Lenarduzzi.

Construction at The Wave, Muscat began in 2006 and is due to be fully complete around 2020. To date, more than 1100 properties already been sold. When a new product offering of 160 apartments was launched in 2010, 90% were sold on the very first day. Some 900 units are now occupied.

The golf course – already fully completed and operational – is a major draw at The Wave, Muscat. Inspired by Oman and designed by the legendary Greg Norman, the 18-hole links course affords golfers breathtaking views of sea and mountains. A golf academy, equipped with the latest fully computerized training and teaching equipment, is dedicated to helping newcomers to the sport – especially Omanis, for whom golf is still new – learn the ropes.

“We have a similar approach with Almouj Marina, where Oman Sail is doing a wonderful job in promoting sailing for the country,” says Mr. Lenarduzzi. “They are reaching out, training youngsters and making sailing accessible for all. We work very closely with them to hold international events, such as the Extreme 40 Sailing Series event, which we host once a year. This is considered to be the Formula 1 in sailing and is very prestigious.”

The 126 berths of the first phase of the marina – located in a section called Al Marsa Village, which will be The Wave, Muscat’s social and cultural epicenter complete with dining, shopping and leisure facilities – are due to go on sale in August or September.

Since breaking ground in 2006, The Wave, Muscat has garnered several major international and national design awards, including the Homes Overseas and International Property Awards for the Best Luxury Development, Best Development Design, Best Marina Design, Best Apartment Design and Best Golf Course Design.

The demand for properties is high, and the wide range of price points available at the development provide a home for every sort of buyer. Prices for the beautifully appointed apartments in the marina village, the next residential offering from The Wave, Muscat to go on sale in June, will start around $210000.