Oman's property market is on a strong footing, and Integrated Tourism Complexes (ITCs) provide a sustainable model to encourage and regulate foreign investment in Oman's property market. The experience at The Wave Muscat is a very positive one for the market, which is evolving with the demand, said David Stafford, vice-president of sales and marketing at The Wave, Muscat .
Speaking at the launch of Marsa Two apartments at Al Marsa Village, which will add 121 deluxe residential spaces to Muscat's first waterfront address, Stafford observed, "The ITCs designation for property development in Oman is providing a positive platform for sustainable growth for Oman's property market by introducing a mix of foreign and local investment. At The Wave, Muscat , supply is meeting demand, and the ITC designation has been an important part of our success. It is a good sign of the health of the property market in Oman that the government is announcing new ITC projects to deliver important infrastructure to meet the country's tourism and housing needs."
Marsa Two apartments, the latest complex of waterfront residences at The Wave, Muscat , was launched ahead of schedule following the success of the launch of the first phase of marina apartments in fourth quarter of 2012. Stafford added, "Potential buyers are now able to find out more about investment opportunities in the newest phase of the marina development."
Stafford noted, "We had record sales last year, and even though we have only finished three months of this year, sales have increased still further. Fifty per cent of The Wave buyers are Omanis, while the other 50 per cent are foreigners. The Wave in Muscat is a great place for Europeans who wish to retire. Currently, 3,000 people, representing 38 nationalities, live at The Wave ."
Comprising 121 apartments, the Marsa Two residences will be spread over three marina-front buildings, giving the apartments a panoramic view of the water and marina village. With striking modern designs that optimise the use of light, the residences provide the spacious feel of a villa, coupled with the ease of living in an apartment.
The apartments are designed in 12 configurations, ranging from 89 square metres to 325 square metres in one-, two-, and three-bedroom arrangements. Marsa Two will also include the first penthouse apartments in the complex, with four bedrooms and a maid's quarters as well as three-bedroom duplex apartments; these will be located in Marsa Village, at the heart of the development. Commenting on the launch of Marsa Two, Michael Lenarduzzi, CEO of The Wave, Muscat , said, "Launching Marsa Two apartments only five months after launching Marsa One reflects the great demand for these unique properties in the city.
"This also shows the trust of investors in The Wave Muscat 's products, which are built in accordance with high international standards. Located in Marsa Village, at the heart of the development, the project aims to attract not only purchasers and investors within Oman but many from around the world."
Stafford said, "Eighty per cent of the Marsa One apartments were sold about six months after the launch, which demonstrates the appetite for new luxury living in Muscat. These were the first apartments of their kind in the Muscat market, and we are certain that the strong demand for Marsa One is just the beginning of what we will see for the Marsa Two apartments."
Times of Oman