Real Estate Sales Booming at Three Greg Norman Golf Course Projects

The negative effect of the global economic downturn on new residential golf developments throughout the world is a well known reality in the golf industry. But, after returning to his West Palm Beach headquarters from golf course design visits to the Middle East, Africa and Mexico, Greg Norman had a very different report. Norman visited three projects on three different continents that have experienced tremendous real estate sales success in the face of the current economic struggles.

Greg Norman poses with the development team at The Wave.

According to Norman, his first stop at The Wave Muscat in Oman was a refreshing change from all the doom and gloom that plagues news reports around the globe. "It was a real breath of fresh air" said Norman, "It's been a while since we've seen that level of enthusiasm and positive energy and their success only proves that there are still certain markets out there with good viability". The developers of The Wave, Majid Al Futtaim Investment and the Omani Government, have assembled the world's leading professionals and most reputable brands to offer a unique lifestyle community which features a marina, four luxury hotels, villas, restaurants, retail outlets and an 18-hole Greg Norman Signature Course. To date, The Wave Muscat has sold 100% of its real estate offerings through seven property releases. It was reported that in the most recent property release, just prior to Norman's visit, 170 of 200 properties were sold in just two days.

Michael Lenarduzzi, CEO of The Wave, Muscat stated, "Our diverse property offerings continuously appeal to growing markets and the number of sales to date is a testament to the market's confidence in our world-class mixed use project which has appealed to a large spectrum of local and international buyers and investors, giving the real estate sector added stability and grounding." An equally impressive statistic is that 50% of buyers at The Wave are Omani nationals with the remaining buyer demographic comprised of expatriates from the Indian Sub-Continent and Europe.

The 14th hole at The Wave undergoes bunker construction and shaping.

The Wave's deputy CEO, Abdulla Al Shidi credits their successful real estate sales thus far to "Oman's growing economy, tax freedom and increasing population fueling demand for homes." Al Shidi also added "We are very focused on developing the game of golf and the golf lifestyle in Oman. Greg Norman's personal involvement has been instrumental to our success with those programs, in addition to the tremendous value he brings to the golf and real estate." The value that Norman's name brings to a residential project is unsurpassed in the industry. The projects are getting more than just a signature golf course, they are buying into the Greg Norman brand and lifestyle.

Next stop, Egypt, where a Greg Norman designed golf course will form the centerpiece at Allegria, which is located in Sheikh Zayed City in west Cairo. The villas and townhouses on the project have stunning views of the 18-hole golf course with the well known Pyramids of Giza in the background. This is Greg Norman's first project in Egypt and Cairo's first Signature course. "Our decision to proceed with SODIC as a partner for Egypt's first Signature course was based on the good impression that we had of the SODIC team and the master plan they presented to us. The attention to detail and the high concentration of green areas gave us the confidence that this is a company that applies the highest standards in its real estate planning and is a suitable choice for our first Signature course in Cairo" commented Greg Norman. Those comments were validated as SODIC sold approximately 90% of the 1400 available lot offering to date.

The 16th hole at Allegria undergoes grassing stage of construction in west Cairo, Egypt.

Now turn your attention across the globe, to Vera Cruz, Mexico, where the Norman designed Punta Tiburon was launched with an inaugural golf event attended by Norman himself on Thursday June 10, 2010. Norman gave a brief address and mingled with members and VIP guests at a cocktail function arranged by the Nurban Group, developers of the luxury residential golf development. Punta Tiburon is a private residential community offering its residents a marina, shopping, schools and an 18-hole Greg Norman Signature Course. The entire 1.4 square mile development was designed to showcase the natural beauty of the Vera Cruz landscape and provides a very unique, eco- friendly setting for the community.

Greg Norman tees it up at the grand opening of Punta Tiburon.

Much like The Wave Muscat and Allegria, Punta Tiburon's success is being fueled by a large percentage of local buyers looking to be a part of a first class lifestyle community. On the night of the cocktail event, Nurban's director, Pablo Martinez, stated, "We are very fortunate to have achieved over 800 residential sales to date and, in fact, we sold another 17 lots just tonight. We're ecstatic!"

As Norman reflected on his visits, he concluded, "There is still a lot of room for growth in this world and plenty of people looking to improve their quality of life. It's important to circulate success stories such as The Wave and Punta Tiburon during such difficult times and hopefully these projects will serve as development models for emerging regions with similar demographics in the years to come."