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Author Topic: Tiger Woods’s Dubai Golf Resort Will Be Completed, Builder Says  (Read 1805 times)
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sunjiangyao
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« on: February 02, 2010, 09:44:09 PM »
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Feb. 2 (Bloomberg) -- The Tiger Woods Dubai golf course and luxury-home complex will be completed as planned after being pushed months behind schedule by the sheikhdom’s property slump, its developer said.
    Residential projects worth $15 billion were either canceled or put on hold in Dubai last year as developers tried to restrict supply to stem price declines, Jones Lang LaSalle Inc. said on Jan. 25. Dubai went from being the best-performing property market of the 46 monitored by Knight Frank LLP to the worst within a year after the global credit crisis hurt investment and speculators left the market.

    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, which he visits two or three times a year, the CEO said in the interview last week. Representatives from his Windermere, Florida-based design firm visit more frequently, Al Malik said.
    Dubai Properties Group, which recently merged with Tatweer Dubai LLC and Sama Dubai LLC, holds the emirate’s biggest land bank. The developer has 5 billion-square-feet of land, 3 billion of which are for Dubailand, a $7.5 billion attraction twice the size of Walt Disney World in Florida.

    The three real-estate units of Dubai Holding LLC were combined ahead of plans to merge with the United Arab Emirates’ biggest developer, Emaar Properties PJSC. Emaar said on Dec. 10 that it abandoned the merger because the transaction was no longer “economically viable.”

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