Kuwait Times had the chance to interview Abdulla Al – Shidi, Deputy CEO of The Wave, Muscat where he talked about the importance and the special location that the project is offering. With The Wave, is Muscat eyeing positioning itself as a tourist destination?
Muscat is a beautiful city with a unique landscape. The beaches, mountains, oases and subtle blend of Islamic architecture and world-class modern infrastructure combined with a rich cultural heritage to make up Muscat – a destination which is unmatched anywhere else in the region. Muscat is, and rightly so, the 2012 Tourism Capital of the Arab World. Furthermore, the new Muscat International Airport, the expansion of the Oman Air network, the Government’s emphasis on infrastructure and tourism projects will position Muscat and Oman as a genuine tourism destination in the region and the world.
The Wave, Muscat is the most successful tourism infrastructure project in Oman. With facilities including the 18 hole PGA standard links golf course, Almouj Golf, and Almouj Marina, which is set to become Muscat’s largest private marina, the development has spectacular facilities. Almouj Golf is Oman’s only signature course; designed by Greg Norman, it is already attracting the attention of the major tournaments. The international standard marina, Almouj Marina, will be able to berth 400 yachts of up to 65m. The Wave, Muscat is already hosting international water sports events including the Extreme 40 Sailing Series. Including the construction of the three 5 and one 4 star hotels, the project will become a tourist destination in its own right as well as a multicultural residential community.
What was the main objective behind this spectacular project?
The Wave, Muscat is part of the overall Vision 2020 of the Government of the Sultanate of Oman, which aims to diversify sources of revenue for the country. The project has a number of important components such residential units, five and four star hotels, an 18 hole PGA Standard signature golf course, a 400+ berth marina, diverse retail opportunities and entertainment options. While supporting the growth of the project as a tourism destination, these components also provide fantastic facilities for The Wave, Muscat’s community. As an Integrated Tourism Complex, The Wave, Muscat was the first development to provide government-approved investment opportunity for foreigners to own freehold properties.
How did The Wave manage to balance state-of-the-art infrastructure with ecological challenges?
Thankfully modern technology has helped minimize the impact on the environment when building the necessary infrastructure to support a project like The Wave, Muscat. From the state-of-the-art centralized cooling systems for apartment buildings and hotels to cross-flow ventilation designs in the villas, world-class management systems for marina controls and storm water drainage and computer-controlled irrigation systems on the Almouj Golf course which ensure that all areas receive the right amount of irrigation to promote natural landscaping growth without wasting water, The Wave, Muscat is setting new benchmarks for the development industry in Oman.
Keeping the needs of Omani residents and expatriates in mind, what special amenities will The Wave offer?
Residents of The Wave, Muscat enjoy a modern lifestyle, supported by world-class amenities, all within the new heart of Muscat. The development offers residents a complete lifestyle: from drycleaning and laundry services to buying a book, having a meal out, playing a round of golf or spending the day at the beach, buying at The Wave, Muscat means more than just buying a property.
What new releases the Waves Muscat is preparing?
The Wave, Muscat always has a selection of product types available from apartments, townhouses, and villas across different price ranges and amenities.
Later this year The Wave, Muscat will release for the first time at the development the marina front apartments, providing waterfront living within the marina village. Already we are receiving enormous enquiries for this product from within the GCC region as well as Oman.
Most recently we have launched Reehan Gardens, a new area of the development which includes a selection of our most popular villa designs and introduces a new twin villa product. The villas provide a modern interpretation of Arabic designs and are surrounded by parklands and pedestrian links to the beach. With more green public areas and walkways, the area will be one of the ‘greenest’ within The Wave, Muscat.
What is the percentage of Kuwaiti investors in the project out of the total number of investors?
In 2011 almost 20% of buyers came from Kuwait which is not unexpected for our first year of marketing there. This year we will continue our presence in Kuwait and we are hoping to increase this percentage. The Kuwaitis are known to be shrewd investors and are professionals in their approach; we are happy to deal with them on a similar professional level.
Did the recession have any impact on sales?
The recession had an impact on sales regardless of property market, but The Wave, Muscat rode the storm well. We reviewed our product offering, in line with customer comments and market movements, and made our products more efficient which resulted in lower build cost and therefore lower prices to the market.
Our ability to deliver and handover the units which were sold before the financial crisis to their owners made us more credible in the market and positioned The Wave, Muscat as real, credible developer who is able to deliver even during tough times.
I am proud to say that The Wave, Muscat was able to withstand the test of time. The market is now very much about deliverable certainty, for which The Wave, Muscat has a strong track record, which provides great amount of confidence to investors. Today it is critical that developers deliver key public infrastructure like golf courses, hotels, marinas, retail and F&B if they want to achieve strong sales success.
What differentiates the project from others similar to it?
Location, location, location. The project is in the new heart of Muscat, on 6km of beach front, close to the airport, with easy access to major road networks.
The project has strong backing from its shareholders being the Government of the Sultanate of Oman, Majid Al Futtaim Properties and National Investment Funds Company. Their clear vision and continuous support to the company provides buyers with a true confidence in Oman and The Wave, Muscat project.
What facilities the project provides that would attract investors?
The Wave, Muscat has its own in-house leasing team providing a one-stop shop for investors including property management services. This onsite services ensure investors’ properties and their tenants are always looked after. Property owners are given freehold title and are eligible for a two year renewable residency in the Sultanate.
How do you evaluate the real-estate market in the region? Oman?
The Middle East property market has witnessed growth and maturity in the last ten years and is now considered an important international destination for property investors. New cities and tourism facilities are attracting people to the region and driving investment growth from the private sector. The emerging strength of the UAE property market is an evidence of the maturity of the values of properties and this is having a flow on effect in emerging markets such as Oman.
Oman’s economy managed to escape the worst of the global financial crisis and its banks enjoy significant liquidity. This economic stability and strength has been driven by well planned government investment in infrastructure such as ports and airports, roads, water and electricity which is also driving population growth throughout the country. Of course with population growth comes demand for property, and Oman has positioned itself well through projects such as The Wave, Muscat to ensure strong yields and value for money for property investors.
What is the percentage of sales in the project so far?
Around 30% of all the residential units have been sold.
Kuwait Times
4 June
