Latest news with #golfcourse
Zawya
6 days ago
- Business
- Zawya
Influx of global investors to Dubai pushes Condor Golf Links 18 sales to nearly 70%
Luxury developer, Condor Developers, anticipate early completion of its fifth AED 300 million premium golf course facing project at Dubai Sports City before Q1 2026 DUBAI: The homegrown luxury residential property developer, Condor Developers, today said that with the influx of new global investors, particularly from Europe to Dubai, demand for its premium Golf Links 18 project at Dubai Sports City has been surging and nearly 70 per cent of the golf facing development has been sold out. "The sharp rise in European investors entering Dubai's property market over the past year, driven by relocation to the UAE's tax-friendly environment, has created a ripple effect in the real estate sector, providing strong tailwinds to the country's growing economy," said Vidhyadharan Sivaprasad, Chairman and CEO of Condor Developers. He said construction of the project is also moving ahead at a rapid pace with a milestone of nearly 70 per cent of the AED 300 million Golf Links 18 now complete. 'We are looking at early completion of the development before the first quarter of 2026, in line with our reputation of delivering projects even before the scheduled timelines.' Condor Golf Links 18, coming up on a plot area of 47,000 square feet, offering an array of diverse amenities for premium residential living, will have a total of over 250 luxury residential units. The project's range of 18 amenities span a Sky Retreat, two Infinity pools, a rooftop Yoga deck, outdoor cinema, indoor gymnasium, sun and float lounges, jacuzzi, picnic areas, BBQ stations and open cabanas, among others. The property will also have a viewing area, outdoor fitness box, sauna and steam rooms. Investor diversity Sivaprasad said the demographic mix of investors in Dubai's real estate market as well as across its own developments has seen a marked shift with the inflow of new high net worth investors from across Europe, bringing in more diversity to the market. 'These shifts of a large number of people moving from tax-stringent countries of Europe, combined with Dubai's strategic and persistent vision to make the Emirate a global investment destination is amply reflected in the sharp growth of asset values and rental yields in the property market,' Sivaprasad said. According to him, property asset values have increased by 20 to 30 per cent in tandem with the increase in land prices, while rental yields is in the range of 10 per cent respectively depending on the location. A majority of the buyers of the Golf Links 18 residential apartments so far is from the UK, followed by Russia, France, Slovakia and the UAE. Sivaprasad said that for many High-Net-Worth (HNW) families and non-HNW professionals, the UAE real estate market offers an attractive destination of low-tax jurisdiction without the rigors of complex and cumbersome tax machinery, attracting new European investors from across the UK, Germany, Belgium and the Netherlands. It is estimated that 6,700 millionaires moved to Dubai last year as per Henley & Partners' 2024 Wealth Migration Report, which is the highest for any country in the world. The influx is also expected to grow with a New World Wealth report projecting a 39% increase in the number of HNWIs in the UAE by 2026, bringing the total to over 100,000 individuals. Condor which has a pipeline of AED 2.5 billion worth of projects in the next couple of years across Dubai Islands, Al Majan and Jumeirah Village is well-positioned to reap the dividends of the new investor surge, Sivaprasad added.
Yahoo
26-05-2025
- Business
- Yahoo
Closed for a decade, this Vegas golf course sold at auction for $2.8 million
A long-ago closed golf course in Las Vegas was sold at auction for $2.8 million to an undisclosed buyer, according to a story in the Las Vegas Review-Journal. The report states Silverstone Golf Course was sold at a Clark County, Nevada, treasurer's office trustee auction on May 8. It went for the minimum bid. County officials did not name the buyer but said it was not the previous owner. The outgoing owner, who bought the course in 2015 but never reopened it, called the saga a nightmore and the recent history shows a series of problems. The Review-Journal reports: All told, the sale marks a new chapter for a golf course that has been closed for nearly a decade, saw its boarded-up clubhouse destroyed in a fire by suspected arsonists, and whose now-outgoing owner pushed the property into bankruptcy protection twice and battled in court with the surrounding homeowners' association. Silverstone is the far northwest part of the city on the fringes of the desert. This article originally appeared on Golfweek: Closed for decade, Vegas golf course sold at auction for $2.8 million
CBC
22-05-2025
- Business
- CBC
Golf course plan has P.E.I. Watershed Alliance calling for more protection for wetlands
Social Sharing An environmental group is raising concerns about how some wetlands are being filled in while a new golf course is being built in Summerside, but a spokesperson for the developer says everything is being done with proper authorization. The golf course is part of the Ocean View Resort project, which involves infilling 27 acres of wetland. Heather Laiskonis, the executive director of the P.E.I. Watershed Alliance, said she found out about the development permit from a member of the public. "A concerned citizen called us. They weren't sure who to direct their question to so they called us and I did a little digging," she said. "The citizen called because they seen a huge amount of red silt flowing into the estuary, and there was a functioning little pond where all the local waterfowl were gathering and the silt filled in so much in this little area that the waterfowl had to leave. "They actually paid over $400,000 to infill a wetland, 27 acres of wetland, which is a very productive ecosystem here on P.E.I." Laiskonis said she thinks it was a "huge error" to let this permit go through. "Our wetlands should only ever be considered to be infilled if it's saving critical infrastructure, [or] it concerns the safety of Islanders," she said. "That's not what we're seeing. We're seeing they're getting permits not as a last resort, but for resorts. So permits are being issued for development, for golf courses, and we have so few wetlands on the Island, we have to preserve them." P.E.I. Watershed Alliance says permits to develop wetlands must be 'a last resort, not for resorts' 5 hours ago Duration 2:24 The P.E.I. Watershed Alliance says it's disappointed that the province granted a permit to fill in a wetland as part of a golf course development in Summerside. The government received $406,500 compensation for the 27.1 acres of wetland involved. A spokesperson for the developer says they will be adding new lakes and enhanced wetland systems. CBC's Nancy Russell has more. Laiskonis is calling for P.E.I. legislation to be changed to protect wetlands. "It hasn't been changed since 2007, and we are living in a very different world now, with storms coming at us, like post-tropical storm Fiona, Dorian," she said. "We need that legislation to not allow wetlands to be infilled — period." Wetlands are useful for mitigating flooding in areas near the shore, as well as offsetting carbon output by acting as a carbon sink. The U.S. Environmental Protection Agency has said wetlands are considered "the most productive ecosystems in the world, comparable to rain forests and coral reefs." No community consultation? On another note, Laiskonis said the community should have been consulted about the decision to let wetlands be filled in for a recreation purpose. "Is a golf course and a luxury resort and condominiums giving back to the community? No," she said. "There should have been a consultation process with the community to see if they valued those 27 acres of wetland. And to my knowledge, there was no such process, and no such process exists." Another concern she mentioned was the $406,500 the Ocean View developer paid the province as part of obtaining the permit to do the infill work. "The compensation won't serve us down the road. This is not the legacy we should be leaving. Our ecosystem services should not be transactional; we need to protect our Island so that generations to come can enjoy it," she said. "We are literally cannibalizing our Island for meagre, meagre profits." Developer's response A representative for the Ocean View Resort developer, Nicolle Morrison, sent CBC News a statement saying the work is being carried out with "full regulatory [oversight] and in compliance with all provincial environmental standards." She also said the company is not completely getting rid of wetlands. "Importantly, we are not eliminating wetlands without replacement. The final design of the golf course includes the creation of several new lakes and enhanced wetland systems, designed to improve storm water management, support wildlife habitat, and increase ecological resilience." Morrison also said the project will have a new "modern underground irrigation system and a comprehensive drainage system throughout the course." Developer of Summerside's 'gamechanger' Ocean View Resort is planning to finally open it in 2027 9 days ago Duration 2:23 The owner of a long-unfinished resort in Summerside has big plans for the property. An application has been submitted to the city to build condos and make additions to the golf course on site. But some fear that after sitting dormant so long, the property might stay that way. CBC's Connor Lamont has the story. Following up on Laiskonis's interview, the P.E.I. Watershed Alliance sent CBC News a statement outlining concerns not addressed by the developer's reply. "We must emphasize that our concerns lie not just with the implementation, but the policy that enabled this permit to be granted in the first place," it read. The alliance urged a re-examination of the permitting process, saying "some systems simply cannot be recreated once lost." The $406,500 contribution will be used to support future wetland creation/restoration projects that seek to offset the functional impacts of the wetland alteration. An official from the provincial Environment, Energy and Climate Action Department said in an email that a complaint regarding the project has been investigated and they are satisfied with the work done to prevent runoff. In addition, the email pointed out that the compensation from Ocean View will go to a good cause.
CBC
21-05-2025
- Business
- CBC
P.E.I. Watershed Alliance says permits to develop wetlands must be 'a last resort, not for resorts'
The P.E.I. Watershed Alliance says it's disappointed that the province granted a permit to fill in a wetland as part of a golf course development in Summerside. The government received $406,500 compensation for the 27.1 acres of wetland involved. A spokesperson for the developer says they will be adding new lakes and enhanced wetland systems. CBC's Nancy Russell has more.
Bloomberg
20-05-2025
- Business
- Bloomberg
Hong Kong Tycoons, Hony Capital Seek Loan to Build Golf Course
A consortium comprising private equity firm Hony Capital Ltd. and Hong Kong property tycoons is seeking to raise a loan of about HK$2.3 billion ($294 million) to back the ongoing construction of a golf course in the city, according to people familiar with the matter. Proceeds of the five-year loan will be used to transform a restored landfill into an 18-hole, par-71 championship course in Tai Po district, located in Hong Kong's New Territories, the people said, asking not to be identified discussing private matters. The funds will also be for refinancing purposes, they added. Hony Capital is teaming up with Hong Kong's Lai Sun Development Co. and the billionaire family controlling Far East Consortium International Ltd. on the project, the people said.
