Deal signed for massive Muscat residential project

A construction contract has been awarded for part of a $3.5 billion state-backed real estate project in Oman which includes a golf course designed by Greg Norman.

The Wave, Muscat has awarded a $42 million contract to Al Turki Enterprises for the construction of 99 villas known as Reehan Residences.

Reehan Residences is a component of the Muscat project, which includes 4,000 residential units, hotels and the golf course, was the first in the sultanate to allow 100% foreign ownership of freehold property.

The agreement was signed by Hawazen Esber, CEO at The Wave, Muscat and Devki Khimji, executive director at Al Turki Enterprises.

Esber said: “Reehan Residences is one of our greenest precincts in the master plan and with 90 percent sold out following the launch in June 2014. We are now ready to award the delivery of this precinct.”

He added: “We have noticed growing demand for luxury product in the market and we have responded by launching Reehan Residences last year and Marsa Gardens this month and there are a number of other new releases planned throughout the year.”

Al Turki Enterprises has already been responsible for key projects in the Wave project including over 600 villas and townhouses and 550 apartments.

Khimji said: “We have been entrusted by The Wave, Muscat to construct one of their most popular residential offerings and we are excited to be a construction partner throughout this leading development.”

The first stage of construction will include a four villa display village to showcase the new designs which will also be part of future villa releases at The Wave, Muscat, he added.

Last week, Bank Muscat agreed to buy 230 apartments at The Wave in a deal  worth $77.9 million.

Project officials said the deal is part of a memorandum of understanding with Bank Muscat to develop a mixed portfolio of real estate assets for a new OR75 million property fund to be managed by the bank.

In the first tranche of a number of transactions planned at The Wave, Bank Muscat will purchase the apartments in four blocks to be known as Marsa Parklands located between the marina and new Kempinski Hotel.