Abdullah Fareed Al Gurg, Project Director, The Tiger Woods Dubai, believes that it is not all doom and gloom on the property front here.
Although The Tiger Woods Dubai has always been a rather ambitious project, it remains right on track despite the current situation, and there are certainly no signs of any cutbacks.
Al Gurg explains, “Construction has been progressing as per the initial plan.
We are full steam ahead, and work is progressing on site. No single aspect of the project has been cut, and we have been able to maintain our high standards.
The sub-structure of the clubhouse, including foundation, etaining walls and columns for its basement levels are now omplete. We have also completed grassing of three holes,
the construction of the main stream and one lake.''
Al Gurg, who manages all operational, business, and strategic aspects of The Tiger Woods Dubai, adds, “The
priority for us is developing the golf course in a manner
that upholds our standards of quality, whilst keeping in
mind the current market conditions.'' When complete, The
Tiger Woods Dubai will include Al Ruwaya, the world's
first golf course designed by leading golfer, Tiger Woods.
It will be a par 72, 18-hole championship course.
The project also includes a club house, golf
academy, a boutique hotel designed by the
renowned Elie Saab, and luxury residential
units including 22 palaces, 75 mansions, 100
large villas and 95 golf villas.
As more investors look for cut-price properties, will we possibly see a decrease in prices for the impressive homes that are being built on The Tiger Woods Dubai? “No, prices will remain the same,'' Al Gurg insists. “We firmly believe that
our product is one which will hold its value for the long term and therefore we have not made any short-term price cuts.''
So does this mean that perhaps golf developments are more recession-proof than ordinary residential projects? “Absolutely,'' claims Al Gurg.
“With golf projects you are delivering a product that has a lot more value added than a residential project, which allows
the prices to remain at a premium over mere residential projects.
“For this project, we have spent a lot of time and resources creating an environment that will be one of the most sought after destinations for golfers and residents; an oasis of tranquillity.
The association with the world's best golfer is a relationship that is truly unique and highly sought-after as a brand. On the
physical side, by the time we have completed the project, we will have moved millions of cubic feet of earth, creating a dynamic landscape where we will have planted 30,000 trees and 440,000 shrubs, imported from five countries.
This is all value that we pass on to our investors, and, as a consequence, we fare much better in a recession than many other developers do.''
Although Al Gurg cautions that nothing is entirely recession-proof, for those who are interested in buying a home on a golf development, the financial returns could prove lucrative.
Al Gurg suggests, “There are many estimates out there about what sort of value is created by anchoring a real estate development around a golf course. Regardless of the designer, the value of the real estate should increase anywhere from five per cent to 30 per cent.
With a branded golf name, particularly that of a top player, the premium then increases exponentially.
A study done in 2006 in the US showed that the net present value of a course designed by a top 40 player is typically
three to four times that of an unbranded Above: The imposing Tiger Woods Dubai club house course. That value, in turn, passes through to the real estate linked to the course.''
While such projects do prove profitable they are, of course, more expensive from the outset.
“We do charge a premium,'' admits Al Gurg. “What is important to remember is that the villas at The Tiger Woods Dubai really don't have any benchmarks within Dubai due to
their size and land density. There is no other development built today where only 20 to 30 cent of the land is for building. The rest is set aside for green spaces. So our premium doesn't only come in through the brand, but also through the nature of the development itself.''
The Tiger Woods Dubai project will, most certainly, become yet another victorious accomplishment for Dubai and add to the changing face of the city.
But, while this project may well change the local landscape,
there are some things that don't change in Dubai, according to Al Gurg.
“As a lifelong resident of Dubai, I have seen many changes. What never changes about Dubai is the energy, the optimism, and the feeling that anything can be achieved. And
I still feel that way. In my opinion, Dubai's prospects for the future are very strong."
