Business | Property
Tatweer's expansion plans depend on Tiger Woods project
Tatweer, the company behind the Dh4 billion Tiger Woods project in Dubailand, may look at developing similar projects in other countries in partnership with the top golf star, a senior official said.
- By Suzanne Fenton, Staff Reporter
- Published: 22:59 September 12, 2008
Dubai: Tatweer, the company behind the Dh4 billion Tiger Woods project in Dubailand, may look at developing similar projects in other countries in partnership with the top golf star, a senior official said.
Project director Abdullah Al Gurg said Tatweer, which is part of Dubai Holding, has future international plans with Tiger Woods but the company is "not looking into it yet."
He said any new projects will depend on the Dubai development's success.
Of the partnership between Woods and Tatweer, Al Gurg said, "It's a mutual consent between both parties. Dubai offers a platform and an open, white canvas for creative design."
It is the golf star's first foray into real estate and will own a property within the development.
The Tiger Woods Dubai is a massive 55 million square feet development in Dubailand, with the 18-hole golf course alone being 13 million square feet.
The key part of the development is the golf course, designed by Woods himself. Only members or hotel guests will be able to use the course as the developers want to protect the project's exclusivity and privacy of residents.
Membership
Only 200 memberships will be given out worldwide and a night in the hotel will cost at least Dh8,000. Memberships to the golf course will be over a cool $250,000 per year.
Al Gurg said Dubai will be seeing a lot more golf courses springing up in the future.
"Probably there will be people doing more golf courses. There are is a total of approximately 1,500 golf players in the emirate of Dubai, without visitors or tourists. That could go up to approximately 7,500," Al Gurg said.
There will be three different styles of houses on offer, including palaces, mansions and signature villas.
Palaces are 100,000 square feet, mansions are 50,000 square feet and the villas are 30,000 square feet.
Out of the 197 properties, only 77 have been sold to date. The remaining 120 will sell like "hotcakes" within the next three years to chosen people, Al Gurg said.
Prices for palaces start at Dh90 million just for land to a constructed villa at the very-palatial-price of Dh180 million.
Mansions will cost Dh45 million for the plot and then Dh60 million for the mansion itself.
Signature villas will be priced at Dh28 million for the land and a much-more-affordable Dh52 million for the villa when constructed.
Al Gurg said people are attracted because of the uniqueness of the project although of course the name Tiger Woods alone "adds a few notches of value."
Every property will also have a private driveway.
A clubhouse is also being built, and construction has been completed on level two the basement.
There will also be an 80-suite hotel within the development, spread over 360,000 square feet, with prices ranging from Dh8,000 to Dh15,000 a night.
Al Gurg said the operator of the hotel "could be" announced during Cityscape Dubai in October.
The total development will also have 30,000 trees, with 200 already planted and 6,000 in the nursery.
Around 400,000 shrubs are being brought in from South Africa, Australia, India, Thailand and the US.
In the development, 7 million square feet will be reserved just for lakes.
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
