What is current status of Muscat Golf project?

The current status is excellent! We are absolutely on schedule, and we are working round the clock. The nine holes of the Golf course will be open for play by February 2009.  Phase 1 houses we will hand over between August  and October 2009. Phase 2 we will start work on by December 2008  and it will finish by first quarter of 2010. The club house we are expecting to complete by end of 2009 and the hotel by 2010. Commercial land will take longer.

How would you differentiate your Muscat Golf Project from others?

Of all the real estate project in and around Muscat, we are the only one up on the Hills; secondly we have the lowest density of development of any project. Also,. We are primarily a golf course with little bit of real estate and others are real estate with little bit golf course. So there is difference in perception. The topography is of course different. This will be a world class championship golf course. We are also best located in terms of the airport and the convention centre.

Are people buying property from investment point of view or to stay?

We have gone out of our way to discourage speculators. We are a small community, we will be a small community, and we are trying hard to sell to only those people who are actually going to live here. We could have made lot of money through speculations, but we want a living community so we are discouraging it. So most of the people who have bought are going to live here.
It’s a very international community. The buyers are mostly Omanis, Indians, Europeans, North Americans.

How favorable are Government policies as far as Real Estate market is concerned?

In terms of policies government is extremely favorable to all the ITCs. We are extremely happy with the progress.

How is Tourism Real estate market different in Oman as compared to any other Gulf countries?

If you see tourism per se,  there is no other country in Arabian peninsula, which has more to offer than Oman. Oman has extraordinary geography; it has heritage and culture to offer. Dubai has built very fantastic city, but again it has come from nothing, its all artificial, whereas Oman has natural beauty. The city  is not so much crowded. We have all the modern facilities here. The cost of living here is still affordable. So, in short Oman is like a haven, we have both modern facilities as well as natural beauty. In fact have got some enquires from companies who are planning to relocate in Oman from Dubai.

Is Muscat Hills insulated from calamities like Gonu?

We had absolutely no damage from Gonu, since we are up on the Hills, so there is tremendous natural drainage. If can pass the test of Gonu, I think we can survive.

Do you have any environment protection plan in place at Muscat Hills?

Yes, for us protection of the environment is a  very important consideration. Out of the total 1.2million square meters of area, 8600 sq.meters area is golf course, which is green. Secondly, the landscape we have tried to keep it as natural as possible, we have not tried to put millions of palm trees, which is not natural. We have used natural rocks as landscape, etc. We are investigating  the possibility of putting solar street lamps here also planning to grow such environmental friendly trees which will consume less water.

How are these properties priced?

Since it started the value has appreciated to about 400% + today. We do not having a single villa left. We are having  only about  8 apartments left.  We are selling a  2 bed room apartment for about  OMR 200, 000. The second phase will be different. We will having around 60 villas in that, with very different design. Those villas will be offered by invitation. They won’t be available on market. They will be around OMR 2 million a piece.

Does the global meltdown have any effect on Muscat Hills Project?

I don’t think so, as this part of the world is quiet safe. Most of the people who have bought are salaried people and since their jobs are secured, I don think it  will have any effect.