Golf: Construction of Tiger Woods Dubai Resort put to halt
Construction of Tiger Woods Dubai Resort has been put to a halt owing to the financial crisis prevailing in the real estate market of luxury projects.
The delay was confirmed by Dubai Properties in a press conference on Monday. A spokesperson of the real estate giant said, “This decision was based on current market conditions that do not support high-end luxury real estate. These conditions will continue
to be monitored and a decision will be made in the future when to restart the project.”
The multimillion-dollar project started in 2006 when Tiger Woods Design collaborated with Tatweer, a member of Dubai Holding, to design a luxury project. The project was scheduled to be completed in September 2009 but a review of its progress in October
led the developer’s Chief Executive Officer Khalid Al Malik saying that the project would be sidelined.
The current trend shows that the authorities are reluctant in taking a risk in the real estate market, which is already facing an economic recession. The funds are limited and several development projects falling in the same category have been suspended
due to financial stress. As a result, the investors have left the market making the situation more vulnerable.
Despite the suspension, Dubai Properties has not cancelled its commercial agreement with Tiger Woods and his organisation despite the fact that many global brands opted to end their deals with the former world number one due to his infidelity scandal.
Woods’ agent Mark Steinberg said that the deal was still on and it was just a minor setback owing to the financial conditions prevailing in the real estate sector of Middle East.
Tiger Woods Golf Resort (Al Ruwaya) is said to have 292 residential plots for palaces, a golf academy, a 60,000-square-foot clubhouse, an 80-suite boutique hotel for VIP guests, 300 luxury villas, 20 mansions and a market.
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