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WAVE Pioneering the freehold property boom
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Nick Smith
CEO of The Wave, |
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Creating
Waves
Nick Smith, CEO of The Wave, Muscat, has played
a pioneering role for a quarter of a century in
the real estate business in the United Kingdom.
Needless to mention, he has brought with him a wealth
of knowledge of the industry.
Smith’s experience in the UK real estate includes
both large (Beazer Homes, the third in size), and
smaller, niche organisations, such as CDC2020 and
Charles Church. He has been involved with developing
sizeable mixed-use communities and water-front schemes.
A qualified urban designer and town planner, Smith
is a driving force behind The Wave project. In an
interview with Oman Vistas, he elaborates on the
new plans and the uniqueness of The Wave.
Excerpts from the interview:
How have you helped take
the project to new heights?
I joined the team here in February 2006 just before
the first sales release of residential properties.
The sales team was mostly in place, but we needed
to add substantially to the personnel of The Wave
to be able to deliver the development as we wished
to – to make it a great place to live in, visit
or do business. We have recruited a positive mix
of very experienced campaigners with many younger
eager people, to create the critical dynamic of
a team committed to the project. In addition, the
management here has worked hard to refine elements
of the development and to make our business as customer
friendly as we can – these aspects will continue
to evolve but I believe we are ahead in the field.
We are very confident The Wave will be a great success.
What is the ratio of foreign
and local investment?
Of the residential properties sold so far, 35% are
to Omanis, 24% to British, and 16% to Indians. There
are 31 other nationalities so we are creating a
very cosmopolitan place, which should add to the
excitement. 74% of our buyers are currently resident
in Oman.
What are the new plans?
We have announced that Fairmont will be the operator
of our first hotel, and the second will be confirmed
soon. Our Greg Norman Golf Course is now designed,
with construction starting later this year. The
heart of the scheme, the marina village, is being
designed in detail now, and we have some talented
professionals ensuring that the waterside dining,
shopping and leisure uses will combine to create
a unique experience. With construction work now
started in earnest, we are not selling a dream,
it is now reality.
Was The Wave project been able to generate considerable
employment opportunities for Omani nationals? What
are your future goals in terms of local employment
generation?
The Wave is really the first major tourism development
in Oman following the freehold law 12/2006. There
is not an extensive pool of expertise in Oman that
we can tap into readily, as there would be in a
mature market. So we have recruited both Omani’s
and others who are looking for the challenge, understand
the need to think “through the customer’s eyes”,
and have a healthy work ethic. Our Omani percentage
is over 60% and we believe there are rewarding careers
here for people in new subject areas. With tourism
developments on the increase, there are some very
valuable opportunities and careers available.
What are the major/unique
features of the different phases of the project?
The Wave is a masterplanned community but we are
keen to ensure there is variety within this overall
theme. Each sector is therefore planned slightly
differently, we look at the relationships of the
roads, to the parks, to the landscaping, to the
designs of the buildings themselves. We have a range
of architects from Italy, Greece, Oman, and the
USA to add to the flavour. We will be creating streets
and squares to generate interest and places to rest
and watch the world go by. Parts of the marina will
be lively and colourful too. There will also be
some more rural landscaped walkways around the site.
What are the environment-friendly
measures you have adopted?
We are building in line with best standards so all
our work in the ocean and on the land is environmentally
approved. We have some natural water and beach features
we will be enhancing and our buildings will be using
modern techniques. The inland waterways will be
fed from the sea and will be kept clean through
natural methods.
Do you think that The Wave
will help fuel a boom in high quality construction
in the Sultanate?
I think of The Wave as being pioneering to some
extent, it’s the first big project here and in a
way we are in the spotlight. It is not for me to
say whether the other projects will happen, I think
some of them have great locations, some better than
others. I am sure our project will be constructed
to a quality Oman will be proud of. This is down
to the vision of the shareholders – the Government,
Majid Al Futtaim, and NIFCO – and the abilities
of management. The contractors we have appointed
are all in line with this philosophy and I know
will do their best.
When is the first lot of
residents expected to move in?
We hope to have our first Wave residents living
at the project in early 2008. Construction of these
homes has begun, and we are building in an even
sequence, no peaks and troughs, so as to complete
the properties day-by-day, week-by-week, to help
quality of delivery and customer service. I am really
looking forward to welcoming our first residents
to The Wave, to live.
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