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Real Estate News Releases
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(EMAILWIRE.COM, June 12, 2009 ) Dubai - 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 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.
For more information on Dubai property and the market in general, please visit http://dubai.themovechannel.com/
-ENDS-
Notes to editors:
TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.
For further information as well as images and interview possibilities, please contact:
Dan Johnson
Managing Director
www.themovechannel.com
0207 952 7650
TheMoveChannel.com
Dan Johnson
020 7952 7650
dj@themovechannel.com 
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