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Roadshow for 'The Wave' in Oman sets off

DUBAI — Oman's first leisure and beachfront mega-development is well underway and its management has embarked on a roadshow across the UAE, Kuwait, Bahrain and Doha, to raise awareness of the project.

The Wave is billed as the premier freehold property development in Oman and is due for completion in 2013. Current projections put its development cost at $2.4 billion "but it is a growing target," said The Wave's deputy CEO, Wael Al Lawati in Dubai yesterday.

The huge demand for the 221 residential units that were released in May 2006 and the fact there is no comparable property in Oman against which to benchmark price, has meant that The Wave's management has decided to hold a public auction for its 12 "unique" beachfront villas. It will be held on 1 December, said Al Lawati.

An auction is the most "fair and open" way to sell the properties, he said. "As it is the first project of its type in Oman we are without any competition, Dubai was the closest comparison", he added. The first release of residential units generated sales touching $100 million and will be handed over to occupants in the early part of 2008.

The Wave, situated on the beachfront in Muscat, is being developed through a joint venture comprising Oman's Waterfront Investments.