It takes a lot to hold back a tiger – but the economic crisis seems to have achieved it – Tiger Woods’ first property project – the Al Ruwaya Golf Course in Dubai – has been put on hold as the credit crunch continues to bite…
Failure is not a word golf supremo Tiger Woods is used to – and he is determined his first Dubai property venture will not become one.
But, the large scale ‘Tiger Woods Dubai’ project, which includes 100 villas, 75 mansions, 22 palaces and a 360,000-square-foot boutique hotel, has been pushed back by six months in light of the downturn in the once seemingly infallible Dubai construction market.
The World Number One golfer said, “It’s six months as of right now.
“It’s going to be behind schedule. Obviously, the economy has turned over there and they’ve slowed down construction because of it,” he added. His course in Dubai had only three holes under construction when work was suspended.
The project also boasts a 139,000-square-foot clubhouse and – of course – a luxury golf academy.
Originally, the course was due to open this autumn, but now it could be delayed until summer 2010. The residential section of the project looks as if it could be delayed indefinitely.
Woods added, “It all depends. The economy needs to turn around. If it gets stimulated, we can pick up to the point where we might open earlier, but who knows? It’s out of my hands.”
Tatweer, the Government-owned company behind the development, has long denied rumours of problems with the project. “When the course is actually ready you will be able to find and live the value of why the Tiger Woods Dubai is such a special project,” Abdullah Al Gurg, the project’s Manager, said earlier this week.
Buying into the first Tiger Woods Dubai development won’t come cheap – construction of the hotel is slated to cost more than £100 million and property purchasers will have to splash out around £7 million for a villa and up to £25 million for a palace.
Membership of the golf club will be by invitation only and initially limited to 50 people, according to the club’s website.
Tiger Woods’ other planned courses, which are currently in construction in North Carolina and Mexico are awaiting various permits, but otherwise are on schedule. It is thought they will both be finished by late 2010, whilst the Dubai development languishes in the ‘to do’ pile.
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