Muscat – Muscat Bay unveiled its latest residential development, Luma Residences, under the patronage of H E Dr Khalfan bin Saeed al Shueili, Minister of Housing and Urban Planning, on Monday marking a significant milestone in the evolution of one of Oman’s leading mixed-use residential and tourism destinations. With an investment of approximately RO20mn, the […]
Muscat – Muscat Bay unveiled its latest residential development, Luma Residences, under the patronage of H E Dr Khalfan bin Saeed al Shueili, Minister of Housing and Urban Planning, on Monday marking a significant milestone in the evolution of one of Oman’s leading mixed-use residential and tourism destinations. With an investment of approximately RO20mn, the project reflects Muscat Bay’s continued commitment to creating integrated, sustainable communities that enhance quality of life.
Luma Residences will comprise 240 freehold units, including a mix of apartments, townhouses and villas, developed across a built-up area of 37,000sqm. The project has been designed to blend harmoniously with its natural surroundings, while meeting modern standards of urban planning, sustainability and lifestyle-oriented living.
The launch builds on Muscat Bay’s strong development momentum, following the success of its earlier residential projects within the resort village. Most notably, the Zen project, inaugurated in 2024, achieved a 90% sales rate and is currently in the handover phase, reinforcing investor and buyer confidence in Muscat Bay’s long-term vision.
At the inauguration ceremony, Muscat Bay signed a financing agreement with Ahli Bank to support the development of Luma Residences. A second agreement was also concluded to offer housing finance solutions for buyers of various nationalities, enhancing accessibility and broadening the project’s appeal to both homeowners and investors.
H E Shueili noted that the project reflects the core principles of Oman Vision 2040, particularly the development of integrated and sustainable urban communities through effective public-private partnerships. He emphasised that such initiatives play a key role in achieving balanced development and improving living standards across the sultanate.
Saif Sulaiman al Yarubi, Acting CEO of OMRAN Group, said, “Luma Residences forms part of ongoing efforts to develop integrated tourism and residential destinations that enhance Oman’s attractiveness, support the national tourism strategy and generate sustainable long-term economic value.”
Sheikh Hamood bin Sultan al Hosni, CEO of Muscat Bay, added that confirmed preliminary bookings for Luma Residences already exceed 50%, reflecting strong market demand and trust in the project’s quality and execution.
Derived from the Arabic word for ‘light’ and ‘radiance’, Luma symbolises the project’s philosophy, inspired by the interplay of sunlight, mountains and sea. Aligned with Oman Vision 2040, the development incorporates energy-efficient design, integrated water and waste management systems and expanded green spaces, reinforcing the sultanate’s commitment to sustainability and carbon neutrality by 2050.
RAFO performs critical medical airlift for Omani child
Minister of Royal Office receives US ambassador
Over 4,000 units of prohibited tobacco seized: by CPA
CPA issues urgent safety warning over Xiaomi portable chargers
Phuket Roadshow highlights growing Oman-Thailand tourism ties
Making wellbeing at work a measurable strategic priority