Tiger Woods signature course hits snag
The development of the Tiger Woods signature golf course in Dubai has been suspended due to a decrease in the demand for luxury properties. According to the developer of the project, the project’s halt is evident of how the economic crises affected the region.
Since nothing is going his way, 2011 isn’t really a new year for Woods.
It seems Woods was wrong to invest in Dubai’s market since it is not very stable after the economic downturn that occurred a year ago. The economic crisis caused the collapse of the real estate market in the emirate. The developer, part of Dubai Properties
Group, said that the decision to put the project on hold was all due to financial problems. Of course, Woods’ company won’t leave him in the lurch unlike many of his sponsors. The developer told to a news agency that the project will be surely resumed once
the conditions get better. Till now, only a few holes have been completed.
“Tiger Woods Dubai can confirm it has suspended the project," Dubai Properties said in a statement on Monday. "The decision was based on the 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.”
Working in collaboration with Dubai Holding (DUBAH.UL), the former number one has designed the golf course himself. His Dubai project comprised high-end villas and, of course, the 18-hole luxurious golf course. The golf resort was planned to have 292 residential
plots for palaces, mansions, luxury and golf villas.
Woods has been quite through a lot ever since November 2009 when the news of his infidelity came out. His family life, reputation and career all have been greatly affected. The fourteen times major championship winner also lost sponsors like Gatorade, AT&T
and Accenture. As the year 2010 ended, so did Wood’s contracts with Gillette and Golf Digest. Furthermore, the Electronic Arts has refused to put his face on the cover of his own game. In 2010, not only did Woods lost his number one rank to European Lee Westwood,
he also stayed winless through the year. Starting his season at Torrey Pines last weekend, Woods didn’t manage to use his charm at the Farmers Insurance Open, finishing tied for the 44th place.
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