Dubai’s Damac Properties, which has listed Dh48 billion worth of real estate developments till end-June 2014, is building its latest master development - Akoya Oxygen - on the plot of land that was previously called Tiger Woods Dubai, a top company executive confirmed toEmirates24|7. “The land used to be called Tiger Woods Dubai. It is the same land, but we have unveiled a new master plan,” Ziad El Chaar, Managing Director, Damac Properties, told this website during an interview at Cityscape Global 2014.
Work has already started on the Trump World Golf Club Dubai, a 18-hole championship course in Akoya Oxygen, and is slated to open by end-2017.
Akoya Oxygen, spread over 55 million square feet, will include residential home, retail and hotel options surrounding a championship golf course.
The developer has not disclosed the value of the project, which it plans to do soon.
The $1.1 billion Tiger Woods Dubai, 55-million-square-feet development, was being built in partnership between Tatweer, a subsidiary of Dubai Holding, and Tiger Woods Design. It was suspended “indefinitely” in 2011.
Damac is already building 18-hole PGA Championship Golf Course, in Akoya, Dubailand, through a joint venture with The Trump Organisation. So why two golf courses next to each other?
“If you go to Scotland or Ireland, you have 50 golf courses next to each other. The proximity of golf courses is not a problem because golfers love to play at every course… they want to try work of every designer,” says El Chaar.
“But from a real estate development perspective, if you are an able developer who can deliver a world-class golf course it adds more ‘premium’ to a development; gives residents a better scenery, greenery and water, and most importantly they don’t have to bear the cost of maintaining the golf course as golf supports itself, from golfers and users of the club house.”
He adds: ‘If we remove that golf course and we build for you a massive lake… who pays for the lake? When you are living there, your community fee will go through the roof because you have to support the lake.
This is why golf is ‘the intelligent option’ if you are able to develop a world-class championship course.”