Muscat Bay announced the launch of a five-year payment plan with zero per cent interest at the premier resort village during a press conference on Monday.

The first of its kind in the Sultanate, the payment plan allows for potential homeowners to purchase select residences by covering 40 per cent of the cost of the home. The residences are ready to move into, and the remaining 60 per cent of the payment will be covered over a period of five years with no interest.

Sheikh Hamood bin Sultan Al Hosni, CEO of Muscat Bay, said, “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.”

Addressing the media, Al Hosni added, “With 90 percent of Phase 1 of the Muscat Bay project 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. I am confident that the new payment plan will appeal to potential homeowners looking to invest in the limited real estate at one of the most exclusive ITCs in the region.”

Media officials toured the project, visiting 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 center 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 are found at Muscat Bay. Zaha includes 200 residences ranging from 1-2 bedroom apartments, 3-bedroom penthouse apartments, and duplexes with swimming pools. In addition, the visit included a look into model villas which showcase the interior of the properties, the modern finishing the homes, and the exterior, which reflects the natural landscape of the unique resort village.

Commenting on the Muscat Bay properties, vice president of sales and marketing, Robert Bselis, said, “Muscat Bay is different from most ITCs in Oman and in the region due to the exclusivity of the limited residences. Our 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 Gulf of Oman. I believe that the project offers an exceptional kind of exclusivity and privacy that cannot be found in other ITC projects in the region.”

Bselis added, “With the launch of the interest-free, five-year plan, Muscat Bay is the destination for new homeowners of all nationalities to commit to 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.”

Muscat Bay is a fully-fledged tourism complex covering 2.2 million square meters facing the waterfront of the Gulf of Oman, surrounded by the tall mountains capes, and offering a premium level of privacy in its residences. The project is developed in partnership with the Oman Tourism Development Company (OMRAN) and Saraya Holdings Oman (SAOG). 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.