The Wave, a bellwether development in Oman, continues to post sales by targeting budget-minded buyers, the CEO says - with video.
Tide turns for sales at Oman's The Wave development
The developer of The Wave, the bellwether master-planned project in Oman, is reworking the sales strategy, the company's chief executive said.
Going forward the development is focusing on two-bedroom apartments of about 100 square metres, rather than larger villas, said Michael Lenarduzzi, chief executive of The Wave. The price point of about OMR100,000 (Dh950,000) is the "bread and butter" of the The Wave's sales, attracting the most interest from buyers, he said.
"What we've done is broaden our product offering," Mr Lenarduzzi said. "When we first launched most of the product was skewed toward the top end."
Plans for The Wave, one of the most closely watched projects in Oman, call for 4,000 residential units, a marina and a golf course designed by Greg Norman. It is the first freehold development within newly created tourist zones known as Integrated Tourism Complexes, Oman's first fray into creating international tourist destinations.
The project has sold 1,000 units since launching in 2007, Mr Lenarduzzi said. About 600 units have been built with another 350 scheduled for completion in 2011.
The first nine holes of the golf course should open at the end of the summer, along with the first phase of the marina, he said.
Although the market slowed, he said the project sold 300 units in 2010, primarily apartments.
"They've been very sensible in targeting specific segments," said Philip Paul, head of the Oman office for Cluttons, the property agency.
Ninety-five per cent of the buyers have been locals, about 50 per cent Omanis and 50 per cent expatriates living in Oman, Mr Lenarduzzi said.