Donald Trump is hoping it will be second time lucky for his property development plans in Dubai after the 66-year-old entrepreneur agreed to front a scheme of 100 luxury mansions as part of Damac's planned Akoya golf course in the city.
Speaking at the Cityscape exhibition in Dubai yesterday, Lawrence Glick, the executive vice president of strategic development for The Trump Organization, said that the company was back as Dubai real estate was "on the up."
Back in 2008, Trump announced plans to partner with Nakheel to build a 300-room hotel tower on the Palm Jumeirah at a glitzy gala event attended by celebrities such as the supermodel Heidi Klum and the actresses Demi Moore and Naomi Watts.
Three years later, Nakheel scrapped the project. And last month the monorail station on the Palm named after the tower was changed after the Dubai property market tanked.
“Actually we had the highest price per square foot when we were here last. Unfortunately the world changed and the economy changed,” Mr Glick said. “It’s very different, it’s like comparing apples and oranges because before we were talking about a vertical tower and now it’s a horizontal residential development.”
Mr Glick, the man responsible for acquiring, developing and overseeing the Trump Golf global portfolio, said that Mr Trump’s daughter Ivanka would design the interiors of the homes, which are to overlook the second, third, fourth and eighth holes of the 28 million sq ft master development currently under construction off Umm Sequim Road on the outskirts of Dubai.
He said that the Trump-endorsed homes would be aimed at the international jet set.
“When you take a look at our database, which is millions of customers that buy two-plus homes all over the world, one of the places they want to come to is Dubai,” Mr Glick added. “It’s kind of like a Beverly Hills meets Las Vegas.”
“If you look at Damac’s database and intertwine them, we have a core customer who wants what we call the white glove service and the Trump standards,” he added.
Mr Glick said that Trump would not be investing in the real estate scheme but would be branding the project through a licensing agreement for an undisclosed sum.
However, he added that Mr Trump’s role in fronting the project would amount to “much more than just lending the project”.
“The Trumps, whether it’s Donald or his children. are very hands-on,” he said. “They want to be involved in every decision. I’m usually on the phone to Donald about 15 times a day.”
In May, Mr Trump said that he would be fronting Damac's 7,205 yard par-71 Trump International Golf Course next to Dubai Properties Group's Mudon project.
Under an agreement with Damac, Mr Trump is to supply branding to the course, provide technical services and manage and operate the course for a 25-year lease.
He will not own a stake in the project.
The new course is to be located close to the stalled par-72 Tiger Woods-designed golf course that was planned by the Dubai Holding subsidiary Tatweer and Tiger Woods Design for Dubailand and was originally scheduled to open in September 2009.
Trump’s course is part of a 28 million sq ft project set to be developed by Damac that is to include hundreds of villas, town houses and apartments as well as a 30,000 sq ft state-of-the-art clubhouse including a luxurious spa and a high-tech training centre where body sensors analyse golfers’ swings.
Damac has said the project would have an estimated development value of Dh9 billion and that it intends to finance half of the scheme through off-plan property sales. It previously stated that it could also possibly seek bank loans to finance the project because of its size.
lbarnard@thenational.ae
