* Dubai Properties cites poor market condition for luxury
* Company says to keep commercial agreement with Tiger Woods
DUBAI, Jan 31 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
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)