03/05/2010
The Wave, Muscat showcases at Shorex forum in Singapore
Muscat, April 2010 – The Wave, Muscat’s undisputed position as one of the leading Integrated Tourism Complexes in the region and Oman’s steady emergence as the destination of choice for business and travel was recently showcased by Chief Executive Officer, Michael Lenarduzzi, at the Shorex Wealth Management Forum in Singapore. Addressing long-term housing demand, Lenarduzzi explained that integrated tourism complexes have given rise to limited freehold real estate opportunities in emerging markets such as Oman supported by residency permit laws, no income and capital gains tax.
“Homes are not merely investment vehicles, but always places to live, therefore real estate projects with strong fundamentals will prosper in the long-run,” said Lenarduzzi. “As one of the first major developments in Oman to be granted ITC status and the first to deliver, our sound planning strategy and market versatility has centered on value creation by combining unmatched development expertise of the Omani government and the Majid Al Futtaim Properties with world-class amenities in the heart of Muscat. This has placed us significantly ahead of the competition both in Oman and the region.”
During his presentation, Lenarduzzi highlighted that the economic slowdown in 2009 has emphasized the long-term value of The Wave, Muscat, emerging stronger than ever due to its ability to review and update the master plan and design products, such as Al Marsa Village, which are tailored to market demand. The latest property release witnessed 60% sales of the 168 units within a two day period, attesting to the market confidence in the Project.
To date, more than 970 properties of the award-winning development have been sold with a value exceeding US$ 625 million with 450 residential units completed and 300 residents of 40 nationalities brining the development to life. The first 9 holes of the 18-hole signature Greg Norman Links golf course is scheduled to open for play by the end of 2010 and the first retail and food and beverage units in Al Marsa Village are expected to open at the same time. The designs of the Fairmont and Kempinski 5 star hotels are also now finalized and expected to open in the first quarter of 2013.
Lenarduzzi went on to say that while most Gulf countries adopted reactionary policies in 2009, Oman remained steadfast with its long-term vision of sustainable development underlined in His Majesty’s Vision 2020 which laid the foundations of a diversified economy, away from oil dependence. Oman has charted its own course given its rich tradition, history and culture with picturesque landscapes and wildlife, distinct from other countries. The Ministry of Tourism’s commendable promotion efforts abroad have resulted in an 8% increase in air travel to and via Muscat in 2009 over the previous year. With quality tourism infrastructure in place and the multi-billion dollar expansion of Muscat International Airport to accommodate 12 million passengers annually by 2012, these figures are only expected to rise in the coming years.
The Shorex Wealth Management Forum in Singapore is a leading annual event that addresses the growing needs of the Asian market for private banking, asset management and international tax planning solutions and services. The event offers a credible platform where professionals can network to explore new services, products and ideas in wealth management, attracting more than 1,000 participants from across the globe. This was The Wave, Muscat’s second consecutive participation.
TWM Shorex Singapore - Arabic.pdf
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