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Trump 'delays' golf resort houses Trump golf houses 'not on hold'
(about 14 hours later)
US billionaire Donald Trump's plans to build 500 new homes in Aberdeenshire are being put on hold because of the slowdown in the property market. Donald Trump's plans to build 500 homes at his Aberdeenshire golf resort have not been affected by the slowdown in the property market, his lawyer said.
The tycoon's lawyer said the golf courses at the Menie Estate, north of Aberdeen, remained "full speed ahead". George Sorial, who helped to steer the tycoon's resort at the Menie Estate through the planning process, said the housing would be the final phase.
George Sorial, who helped steer the resort through a two-year planning process, said the housing could take several years. Mr Sorial said the golf course and hotel remained "full speed ahead".
The plans were finally approved in November after a public inquiry. But he denied reports that the housing had been put on hold saying they were always going to be years off.
They were originally rejected by an Aberdeenshire Council committee before being "called in" by the Scottish Government. The US billionaire's golf resort plans were originally rejected by an Aberdeenshire Council committee before being "called in" by the Scottish Government.
We have to sell them, so we're not going to build anything until it feels right George Sorial Two years ago you couldn't find contractors to do the work. Now for the work we're doing we had 10 different offers George Sorial
Mr Sorial said: "The way we envisage it is that the golf course is full speed ahead. They were finally approved in November after a public inquiry.
"With the golf comes a club house and maintenance facilities, then the hotel. Mr Sorial, who is Mr Trump's managing director of international development, said: "The way we envisage it is that the golf course is full speed ahead.
"The homes could take several years. We can't help but acknowledge the slow-down in the market. "With the golf comes a club house and maintenance facilities, then the hotel."
"We have to sell them, so we're not going to build anything until it feels right. He said the homes were always going to be the final phase of the development and the schedule had "not been impacted" by the slowdown in the housing market.
"Markets will change. Whenever we have a cycle like this, a bad real estate market is followed by a period of rapid, aggressive growth. Mr Sorial said it was always going to be four or five years before the homes could be built, with more negotiations needed with council planning authorities and the dualling of a section of the A90 required.
He said: "Markets will change. Whenever we have a cycle like this, a bad real estate market is followed by a period of rapid, aggressive growth.
"There is, and will be, a demand for homes.""There is, and will be, a demand for homes."
Interest in membership of the golf resort and the future homes has been "overwhelming", Mr Sorial said. The economic downturn has had other effects on the proposed project, Mr Sorial said.
He suggested there could be more projects to come. He said the change in exchange rates between sterling and the US dollar had cut costs to the Trump Organisation.
"I wouldn't be surprised if we made some announcements in 2009 all over the world," he said. "When the project started, £1 was worth almost two dollars", he said.
"When we have a market like today, there's a lot of opportunity for a developer with cash. Now Mr Sorial predicts about 500,000 US dollars has been wiped off construction costs.
"We could be talking about Scotland and the UK. People will be pleasantly surprised. This time next year, there will be no doubt about our intentions to Scotland." "Oil has plummeted. The price of raw materials has plummeted," he said.
"Two years ago you couldn't find contractors to do the work. Now for the work we're doing we had 10 different offers."