MUSCAT, MARCH 18 - A first of its kind in the Sultanate, a home loan payment plan with zero per cent interest has been unveiled by Muscat Bay. The unique plan allows potential homeowners to move into select residences in Muscat Bay, one of the exclusive integrated tourism complexes in Oman, with an initial payment of 40 per cent of the total cost of the home. The remaining 60 per cent of the payment will be covered over a period of five years with no interest. Launching the plan before the media on Monday by Shaikh Hamood bin Sultan al Hosni, CEO of Muscat Bay, said that 90 per cent of Phase 1 of the Muscat Bay project is now complete.
“We are proud to reveal our five-year payment plan. This opens up new opportunities for a larger number of residents to join the Muscat Bay community and to move into their completed dream home,” the CEO said. Muscat Bay is a joint venture between Saraya Holdings Oman (SAOG) and Omran, established by the government mandate in line with the vision to strengthen and diversify the economy, by growing the capacity, scope and potential of the tourism sector in Oman.
“When selecting a property to purchase, homeowners are either attracted to the location, the development, or the price. The uniqueness of the Muscat Bay project is that we are able to satisfy our customers by meeting all these required qualities in our residences,” Al Hosni said. Commenting on the Muscat Bay properties, Vice-President of Sales and Marketing, Robert Bselis, said, “With the launch of the interest-free, five-year plan, Muscat Bay is the destination for all nationalities to buy their dream home”.
It is also an opportunity for potential investors looking for a stable long-term investment in real estate, and seeking the security of their returns in the short and long term, he said.
Shaikh Hamood bin Sultan al Hosni, CEO of Muscat Bay[/caption]
Bselis said that Muscat Bay is different from most ITCs in Oman and in the region due to the exclusivity of the limited residences. The luxury estates are located alongside two five-star resorts, which are also a part of the project.
Muscat Bay enjoys a balance in its location, by holding a close proximity to the centre of the city, yet offering the quiet and privacy brought by the surrounding Al Hajar Mountains.
The location brings in sites of the unique rock formation from the mountains, as well as a panoramic view of the clear blue sea of Oman.
Earlier, media personnel were taken on a tour of the the Wajd properties, which include 22 highly-exclusive villas situated on a private elevated hill-area at Muscat Bay.
The visit included a view of the Nameer properties, which offer a unique waterfront view in the centre of the ITC. The 33 Nameer villas are surrounded by one of the largest man-made lagoons in the Sultanate.
The tour also included a visit to Zaha residences, where the largest number of residences is found at Muscat Bay. Zaha includes 200 residences ranging from 1-2 bedroom apartments, 3-bedroom penthouse apartments, and duplexes with swimming pools.
Muscat Bay is a fully-fledged tourism complex covering 2.2 million square metres facing the waterfront of the sea of Oman, surrounded by mountains, and offers a premium level of privacy in its residences.
Upon its completion, the project will include 435 residences spread across five free-holding residential areas, offering its residency to all nationalities. It will also include two five-star hotels run by the globally renowned luxury hotel chain, Jumeirah Group.
The project will bring together world-class restaurants, cafes, a supermarket and gym for the residents, and retail shops at the heart of Muscat Bay.
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