09
Work is still ongoing on The Wave in Muscat, being developed
by UAE-based Majid Al Futtaim Group of Companies. When
complete, the US$4 billion project will include four hotels,
beachfront villas, condominium towers, retail facilities,
restaurants and a conference centre, spread over a development
area of 2.5 million square metres. The Wave welcomed its first
homeowners in October 2008.
Another project underway in Muscat is Tilal Al Khuwair, which
will feature integrated residential, commercial and tourism
elements. The US$1 billion project, by Al Madina Real Estate, will
include the 61,000-cubic-metre Muscat Grand Mall, five floors
of offices, the 180-unit Tilal Residences, four hotel apartments
and a health club. Construction started in August 2007 and is
due for completion in Q4 2009. The capital will also gain a luxury
township development, Qaryat Qurum, which was launched
in November 2008 by Qurum Properties LLC, a joint venture
between ETA Properties and OHI Group. The US$1 billion project
will include 1,000 residential apartments, offices and retail space
on a 500,000-square-metre site, and will take an estimated 30
months to complete. According to an announcement in March,
the project is making progress despite the economic downturn.
Oman Maqbool Hameed Al Saleh, chairman, OHI Group of Companies,
Currently under construction is the US$20 billion Al Madina Al believes that the situation in Oman will improve: “While the
Zarqa (Blue City), being developed by Al-Sawadi Investment current scenario is certainly not ideal, there is no doubt that the
& Tourism Company. The project involves the construction of economy will bounce back. We reviewed the various operational
five beach resorts with a total of 2,000 guest rooms, as well as aspects of Qaryat Qurum and are confident that the unique
1,000 residential units, a signature golf course, golf community location and attractive product mix will help it to do well in the
and a state-of-the-art aquarium. Also within the 8.5-square- medium term. I’m sure the real estate sector will quickly get back
kilometre development will be educational and training facilities, a on even keel and realise its full potential.”
healthcare centre, sports venues, a sports academy, a cruise ship
harbour and marina developments. Blue City will be located along In fact, the global downturn has created benefits for developers,
the Al-Sawadi seafront, 100 kilometres northwest of Muscat. according to Abid Junaid, executive director, ETA Star
Construction work on phase one is ongoing and is expected to be Properties. He says: “Though there has been a slowdown in the
completed by the end of 2012. market which has affected the progress of several projects,
our evaluation tells us that there have also been positive
Baraka Resort, a US$1.1 billion mixed-use development, is being developments with regards to the reduction of construction
planned by Alargan International Real Estate and Alargan Towell. costs as well as availability of construction materials.”
Covering an area of 620,000 square metres, the project consists
of a number of hotels, a marina, a commercial component and
high-end residential units, as well as a large amount of greenery
and waterways. In December 2008, Alargan Towell appointed
BankMuscat as its exclusive financial adviser.
Plans for a US$1 billion healthcare city in Muscat have been put on
hold. If built, the one-million-square-metre development will include
medical colleges, hospitals, conference halls, hotels and shopping
malls. Construction on the US$2 billion Salalah beach complex is
underway, with a completion date of February 2015. Developed
by Orascom Hotels & Development (OHD) and Muriya Tourism
Development Company, the 9.5 million-square-metre development
is aimed at tourists, with five luxury hotels, 550 villas and 600
apartments, an 18-hole golf course and a 200-berth marina.
PREVIEW Cityscape Dubai
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