Tiger Woods-Branded Luxury Golf Development in Dubai Halted
byJan 31st 2011 5:07PM
Construction of Tiger Woods Dubai, a high-end residential complex that was to be built around a championship-caliber golf course, has been halted because of poor market conditions in the Middle Eastern emirate, Bloomberg News reported, citing developer Dubai Properties.
The developer, which will maintain a commercial agreement with the golfer, suspended construction of the 55 million square-foot project because of lack of demand, the wire service said. Tiger Woods Dubai was planned to include almost 300 residential plots for luxury homes, USA Today said. So far, only the irrigation system and six holes of the course have been constructed.
Construction in Dubai of resort properties, commercial buildings and other developments has slowed markedly from the boom pace it enjoyed prior to the global financial crisis.
Woods, formerly the world's top-ranked golfer, has lost sponsorship agreements with companies such as AT&T and Procter & Gamble since admitting to extramarital affairs, which led to his divorce last year, Bloomberg said. Woods hasn't won a major title since 2008.