UPDATE 1-Dubai Holding unit suspends Tiger Woods golf resort

* Dubai Properties cites poor market condition for luxury

* Company says to keep commercial agreement with Tiger Woods

DUBAI, Jan 31 (Reuters) - 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 developer, a unit of Dubahi Holding [DUBAHC.UL], had planned the resort with Woods, a former world number one, who was to have designed the golf course.

"Tiger Woods Dubai can confirm it has suspended the project," Dubai Properties said in a statement on Monday.

"This 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." 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. (Reporting by Praveen Menon; Editing by Amran Abocar)