Dubai Properties, part of a conglomerate owned by the ruler of Dubai, has suspended its Tiger Woods residential and golf course project, citing poor market conditions for luxury developments.
The 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." a company statement indicated today. The golf resort was slated to have 292 residential plots for palaces, mansions, luxury villas and golf villas, according to the development’s website. It also includes an 18 hole golf course.
Dubai Properties said it would maintain the commercial agreement with Tiger Woods and his organisation. The once-booming property market in Dubai was hit hard by the economic crises, causing a collapse of the real estate market in the emirate.
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