Dubai Properties suspends Tiger Woods Dubai golf complex

Monday, 31 January 2011 5:19 PM

The Tiger Woods Dubai and Al Ruwaya Golf Club were scheduled to open in 2010.

Dubai Properties Group, a unit of debt-hit Dubai Holding, has suspended work on the luxury Tiger Woods Dubai golf course and residential unit because of unfavourable market conditions.

The government-owned firm took the decision in light of Dubai’s real estate collapse, it told Middle East Golfer in a text statement on Monday.

“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.”

A property boom in Dubai collapsed at the end of 2008 when it was hit by the global financial crisis and the Gulf state's debt crisis.

The development is a partnership between Tiger Woods Design and Tatweer, which is now a part of Dubai Properties Group. Tiger Woods has a minority stake in the project.

Original plans for the 55 million sq ft Tiger Woods Dubai included 287 luxury villas and mansions, a boutique hotel and a clubhouse. The course, designed by Woods, was originally due to be completed by September 2009.

The last update, issued by Dubai Properties in February last year, said construction had stalled at the eighth hole.

The developer said in November 2007 that Woods planned to build a 16,500 sq ft mansion overlooking the golf course that would include a gym, theater, library and pool.

At the time, villas on the luxury project were selling for between $12m and $23m.

Dubai Properties said it may revisit the project in the future and would retain its deal with the golfer.

“We maintain a good relationship with Tiger Woods and his organisation and will retain our commercial agreement together,” the company said.

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Posted by: Saim Monday, 14 February 2011 2:00 PM[UAE] - Pakistan

What is interesting is the excuse given by DP for suspension of this project. They expect people to accept and live with the fact that market conditions are bad and can be blamed for scrapping a project. On the other hand the same reason when given as an excuse by an investor for being unable to continue with a project is ridiculed and considered 'not acceptable'. How does one define such a phenomenon?

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Posted by: Thas Saturday, 5 February 2011 6:02 PM[UAE] - Pakistan

Tiger woods gets paid $ 1oM for what!

What about the other ordinary commoner stake holders in Dubai properties projects? Are they not concerned to reimburse poor us for not delivering on time the comitted infra structures, lakes, parks etc to their delayed projects.

Mizin and Tatweer do not even have a website now. No body knows what is DP doing about Liwan etc

This is real life..

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Posted by: No Name Wednesday, 2 February 2011 10:49 AM[UAE] - UAE

So if all the people made profit on their investments, they would surely say it was due to their smart investing, now that it's a loss it's easier to blame the government. Come on people, you should've done your research, you tried to make a quick profit and it backfired, don't blame the government. Real estate is known for it's ups and downs, it's down now, who knows it might go back up again... Someday. Anyway, someones loss is anothers gain, i'm looking to buy but I'll wait it out a little longer until banks foreclose.

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Posted by: mad Tuesday, 1 February 2011 2:47 PM[UAE] - turkey

@sax....what about the people who invested in government-linked projects. I mean after all, if you read earlier press releases they were all too confusing for once they claim companies like Tatweer, Sama Dubai.etc....are either government owned or privately owned....it just depended on the message they wanted to send across. So those people have the right to ask for what is rightfully theirs after projects are scrapped or delayed and there is a breach of contract.

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Posted by: sonnydubai Tuesday, 1 February 2011 2:46 PM[UAE] - uae

What is very worrying in my opinion is that on paper this looked like a surefire success. At the time the number 1 golfer in the world putting his name to his first ever golf course design. The fact it has failed so spectacularly fills me with dread on other projects which aren't as well backed....more bad news to come I reckon

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