By Shane McGinley
Future of multi-million-dollar real estate project unclear, says former world No.1
Former world No.1 golfer Tiger Woods said he will meet this week with Dubai Properties Group to discuss the future of the stalled Dubai golf development bearing his name.
Woods, who is in the emirate for the start of the 2011 Dubai Desert Classic tournament, said the future of the multi-billion dollar project remained unclear.
“A lot of it depends on what Dubai Properties want to do going forward. And we have a few meetings set up this week,” he told reporters.
DPG, a unit of debt-hit Dubai Holding, confirmed last week it had suspended work on the 55 million sq ft Tiger Woods Dubai in light of the emirate’s real estate slump.
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.
“This decision was based on current market conditions that do not support high-end luxury real estate. A decision will be made in the future when to restart the project,” DPG said.
Original plans for the course included 287 luxury villas and mansions, a boutique hotel and a clubhouse. The course, designed by Woods, was 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.
Is it a diplomatic meeting? What is Tiger Woods going to do? The developer does not have the money. The only way out is giving visas and rights to expats living in the region.
Really!! Developers are looking for you Paolo, throw yr money to find yr visa cut short to 6 months one fine morning... Of course, you can enjoy yr property on timesharing basis like sterling resort...