The Wave, Muscat beachfront villa auction sets new benchmark with RO30m sales

The crème de la crème of the Omani society, GCC nationals, Indians, Europeans, and others witnessed the excitement of the auction room as they waited in anticipation for the bidding of the exclusive beachfront villas to begin.

To introduce the auction procedure and help raise money for The Dar Al Ata'a charitable organization, an authentic 19th century mandoos was first auctioned and was purchased with generosity by Mr. Kanksi Gokuldas Khimji.

Having set the mood for over 160 participants present in the room, the atmosphere in the room was electric. Excitement and anticipation among the bidders reached its pinnacle, urging Paul Cavanagh to begin the proceedings of the day. Without further delay and in total transparency the details of the first villa were presented, and bidders were urged to procure the home of their dreams.

The excitement in the room reached a feverish pitch as the bidding moved from property to property with results exceeding all expectations as participants bid against each other, continually raising the stakes in order to secure one of the absolute beachfront villas at The Wave, Muscat.

With the most premier price for a beachfront villa touching RO2.550m, the successful proceedings and immense demand for beachfront properties drove The Wave, Muscat management to release four more beachfront properties to be included in the auction. The move was well appreciated by the audiences, who continued to bid and the bidding tide did not abate till all 16 properties were sold under the auctioneers hammer.

HE Abdulla Bin Abbas Bin Ahmed, Chairman of Muscat Municipality and Chairman of The Wave, Muscat said: "We were thrilled with today's auction. There was a tremendous amount of energy in the room which resulted in selling all the properties and generating RO30m. This certainly sets a new benchmark in the country. It also bodes well for the faith and point of interest that the region has in our development which will offer a spectacular living ambience to the residents who have chosen to buy property along the natural beachfront at The Wave, Muscat."

The Wave, Muscat, is being developed through a joint venture comprising Oman's Waterfront Investments (representing the Government of the Sultanate of Oman), National Investment funds Company (representing the Omani Pension Funds), and the UAE-based Majid Al Futtaim Group.