After trumped plans, Donald Trump is back in Dubai to build golf course, mansions
Donald Trump, the New York real-estate mogul, is back in Dubai with plans for a golf course and 104 mansions three years after a plan to build a hotel tower bearing his name was scrapped in the emirate.
Trump was involved in conceiving the 18-hole course, designed by Gil Hanse, while his daughter Ivanka oversaw the design of the houses, the star of TV’s “The Apprentice” said last week in Dubai. Damac Real Estate Development, a Dubai developer listed in London, is building the project as part of the city’s Akoya development, chairman Hussein Sajwani said at the same event.
Nakheel in 2011 cancelled plans for a Trump project designed to include 368 hotel rooms and 388 apartments. The split tower was halted after Dubai’s real estate crash starting in 2008 forced the developer to write off about $21bn.
“We were fortunate that the project in Dubai didn’t start and nobody got hurt,” Trump said. He said developers are much more conservative this time around and safeguards installed since the crash help the market.
“I always wanted to get back and we never forgot Dubai,” Trump said at the project site. “Dubai has become very conservative. This is a much different and smarter time.”
Trump is making an investment in the project and not just lending his name for a fee, he said without being more specific. The project is set for completion in 2017 and several holes have already been landscaped.
Damac collected 3bn dirhams ($816mn) from advance sales of properties in the first quarter, Sajwani said. The company has more than $1.3bn in cash and all its development land is paid for, he said.
- Unholy spending? Luxury leasing options on the rise in Mecca
- Ajman: a viable, more affordable property market?
- Putting things in perspective: how many apartments in the Middle East can Ronaldo buy with his World Cup salary?
- Sorry Dubai: why London's pricy property is still number one for ME investors
- Hubris and greed: the toxic combination that drove the rise and fall of Arabtec?