By Staff writer
Former World No.1 was paid $55m in 2008 to design and promote a golf project which was later abandoned amidst the property crash
Tiger Woods has completed the designs for a new championship golf course in Dubai, just a few years after the first golf resort he was paid $55 million to design and promote was abandoned amidst the impact of the property crash of 2008.
The Trump World Golf Club, an 18-hole championship golf course, is being built by real estate developer Damac Properties alongside the Akoya Oxygen master development, which includes 1,500 homes and a retail, entertainment and dining hub.
A spokesperson for Damac Properties said Woods' designs for the new course, which will be managed by the Trump Organisation, will be released in the coming weeks, once it issues the tender for construction.
Preliminary work is already underway on the 18-hole, par 72, 7,400 yard championship standard Trump World Golf Club at Dubailand.
The course will be located on the same land where the previous Tiger Woods Dubai project was planned in 2008, then owned by property developer Tatweer (since submerged into Dubai Properties Group, a division of Dubai Holding).
Dubai Properties Group, a unit of Dubai Holding, announced in January 2010 it had suspended work on the luxury Tiger Woods Dubai golf course and residential units but said at the time it would “continue to be monitored and a decision will be made in the future when to restart the project.” However, Woods deal was officially dissolved in mid 2013.
In February 2011 Arabian Business revealed Woods received $55.4 million to design and promote the golf resort. Under a revised contract drawn up in 2008 between Woods' company ETW (Eldrick Tiger Woods) and Dubai developer Tatweer, which is now part of Dubai Holding, the golfer was paid $26.25m upfront and an additional $29,166,667 ten days after signing the contract.
As part of the deal, Woods was to be paid $14,583,333 when the finished resort was officially opened and agreed a fee of $28.8 million to put his name to a second branded golf resort developed by Tatweer.
The $1.1 billion Tiger Woods Dubai project was announced in 2006 and originally scheduled to open in September 2009. Original plans for the project included 287 luxury villas and mansions, a boutique hotel and a clubhouse.
The 55 million sq ft plot was bought by Damac Properties in 2003, where it subsequently launched its Akoya Oxygen master community project and the ‘Trump World Golf Club, Dubai’. The new course will have a completely different design to the original plan, according to Damac Properties.
The Akoya Oxygen development will also include a central entertainment district that will run alongside a scenic canal in the heart of the project, which will feature a self-contained rainforest.
“In AKOYA Oxygen you don’t just live, you experience living,” said Niall McLoughlin, senior vice president, Damac Properties. “There is so much more to the development than luxury homes. Owners will reside next to the only Tiger Woods-designed golf course in the Middle East and be able to walk along the canal to see the Dubai Rainforest.”
The first and second phases of villas sold out in record time when it was launched in August last year. The first residents are expected to move in to the villas and townhouses in 2017, with the full development set to be completed in time for the World Expo being hosted in Dubai in 2020.