The Wave, a housing project in Oman’s capital that includes a golf course designed by Greg Norman, will be completed later than planned “to control cash flows”, its chief development officer said on Tuesday.
The project, designed to include 4,000 homes, hotels and a marina, experienced a “quiet period” following strong sales in 2007 and 2008, Stuart Ingram said in an interview in Muscat on Tuesday. “But we’re still trying to deliver what we have originally promised.”
The developer will hand over the keys of 200 homes after they’re finished in the third quarter, he said. More than 600 residences have been delivered to buyers so far. Ingram did not say what the original completion date was.
Demand for properties in Oman waned after the global financial crisis battered neighbouring markets in Dubai and around the Gulf. Tighter lending also reduced sales for Oman property developments, which were mainly geared toward foreign investors and retirees.
Ingram said work on the 18-hole golf course at the Wave will finish this year, as well as the first phase of a marina. He said designs for two hotels, to be managed by Fairmont and Kempinski, were also completed.
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