Whilst sitting by the pool in Muscat, a friend Kobus Havemann, MD of the Driver Group, called me and said he was with a client who was unhappy with the design of their development in Muscat, Oman and could I have a look at it. I said ‘Yes, when do you want me to meet with him?’. He said ‘Now’. I said ‘I’m in my shorts!’ He said ‘That’s okay’ and so started an amazing project for Douglas Wallace Consultants ….
The project is called ‘The Waterfront’, Muscat, Oman it is a 350,000 sqft new build in the Embassy area of Muscat adjacent to the Shatti Beach.
Our role was to advise on financial asset management of the development through the design process to ensure financial viability and stability as the project progressed.
Douglas Wallace Consultants are working with Waqas Al Adawi Vice Chairman of Sernt Trade Real Estate ( STRE ) a division of the S&T Group which employs 4,000 people over 14 countries in 3 continent’s.
We initiated the delivery of the quantitative and qualitative analysis of the retail and office sector requirements in the Oman market there by producing solutions based on knowledge and experience – the result being the doubling of the asset value of the project despite the built floor area not increased at all.
We brought to the table, not just a design solution but the added value of sound financial insight and experience.
The scheme comprises of 35,000 sq m of retail, restaurants, and premier office space with 360 three level basement carparking.
The development includes extensive external landscaping which will be managed by STRE under a commercial long lease from the Municipality allowing over 1,300 sq m of external seating area which enhances the costumer experience of this great development on the beach front. This form of long lease was a “first “in Oman and insisted by DWC.
The construction is well under way with three level car parking basement complete. Work on the upper levels to roof will be topped out in Oct 2016 with the completion of all build, landlord and tenant fit outs by September 2017 follow by the opening to the residents of Muscat in October
Douglas Wallace Consultants have been working in the Middle East for the past 3 years and have proven that we can identify and show that our approach to client has added real long lasting asset value and with it financial sustainability and growth for all of our clients and enjoy the journey along the way.