Dubai halts Woods resort work

Work on a Tiger Woods branded golf resort in Dubai has been halted by developer Dubai Properties Group, which cited a struggling luxury property market.

"The decision was based on current market conditions that do not support high-end luxury real estate," Dubai Properties, a unit of Dubai Holding, said yesterday. "These conditions will continue to be monitored and a decision will be made in the future when to restart the project."

Hundreds of developments in Dubai have been cancelled or suspended after the financial crisis drove away speculators and dried up lending.

In October, Dubai Properties said it was reviewing the 5.1 million sq m Tiger Woods Dubai "in line with market dynamics and demand".

The resort was to include a golf course designed by the former world No 1 golfer himself, as well as 287 luxury villas and mansions, a boutique hotel and a clubhouse.

Woods' agent, Mark Steinberg, called the decision to halt the project "very simple. High-end real estate is not moving in Dubai right now."

- BLOOMBERG