The Tiger Woods Dubai, a US$ 1.1 billion golf course and luxury house development created by Tiger Woods, has been suspended indefinitely, according to an announcement by the property developer Dubai Properties.

The Tiger Woods Dubai was scheduled to open in late 2009 but ran into difficulties when the international economic crisis struck in 2008 house rates in Dubai crashed and, as a result, the opening of the Tiger Woods golf resort was pushed back on several occasions.

In November final year it was revealed that construction work on the two hundred and ninety two residential properties had in no way started and that most of the staff employed by Dubai Properties had been laid off months earlier.

In an official report, Dubai Properties released a statement with regards to the suspension of the project “This choice was based on present marketplace situations that do not support high-finish luxury true estate.

These circumstances will continue to be monitored and a decision will be produced in the future when to restart the project”.

There are, nevertheless, robust doubts that The Tiger Woods Dubai will ever be completed, due to the big number of high-finish home developments abandoned in Dubai final year. In spite of this, Dubai Properties said it will continue its commercial agreement with Tiger Woods and his organisation.

Tiger Woods is reported to have received a US$ 10 million fee for designing the golf course, as nicely as receiving royalties on home sales and his selection of mansion on the development, as soon as completed.

In an interview with the Associated Press, Tiger Woods commented “It’s been place on hold for correct now. A lot of projects are out there. It is nevertheless there. We’ve got six completed holes and a couple of that had been about to be grassed prior to construction was halted. Every little thing is on hold.”

Even by Dubai’s requirements the Tiger Woods Dubai was opulent, with mansions and palaces for sale, some priced as high as US$ 25 million. The project was also to feature

a boutique hotel and a Michelin-starred restaurant.

Thirty percent of the properties at The Tiger Woods Dubai have currently been sold and, at this time, it is not clear no matter whether investors will have their deposits returned.

In the fourteen months because his infamous car crash outdoors his Florida property, Tiger Woods has endured the 1st season of his golfing career with no a win. In the wake of the vehicle crash scandal he lost several of his biggest commercial sponsors including American telecoms business AT&ampT, monetary firm Accenture and Gillette.

Now it appears the Tiger Woods brand is suffering additional setbacks.

Report source…

Rebecca Smith
Ocean Villas Group

Rebecca Smith is investment and real estate journalist for Ocean Villas Group, based in Singapore.

Ocean Villas Group are specialists in life-style and investment home globally and are committed to supporting investors in each the emerging and established house markets across the globe.

Go to our blog for additional house and investment news globally…. http://weblog.oceanvillasgroup.com

 

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