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.”
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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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