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February 8, 2011

Tiger Woods’ signature golf estate in Dubai put on hold

DUBAI, UAE

Plans for a Tiger Woods signature golf estate, including a boutique hotel and sheik-style palaces, have been shelved as Dubai’s financial downturn claimed another major project launched during the eye-popping boom years.

A statement by the golf course developer — part of a conglomerate controlled by Dubai’s debt-squeezed ruler — said “market conditions” were behind the decision to suspend work on The Tiger Woods Dubai on the city’s desert outskirts.

The announcement shows that Dubai’s property market is still wobbling from the severe credit crunch that hit last year and stalled many headline-grabbing projects, including an even larger version of the man-made palm-shaped island that helped put Dubai on the map.

The golf course developer, part of Dubai Properties Group, left open the possibly that work could someday resume.

“These conditions will continue to be monitored,” said a statement to the AP after questions about the status of the long-delayed golf complex.

“A decision will be made in the future when to restart the project.”

Only a few holes have been completed on the UW$1 billion course, planned as the centrepiece for a complex of 100 villas, 75 mansions, 22 palaces, a boutique hotel, a golf academy and 30,000 full-grown imported trees.

Associated Press

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