Commercial real estate construction, prolific over the past 10 years is slowing dramatically. Why? Inflation (and supply issues) has driven costs up while rents (the price for space over time) are a function of supply and demand (which is slowing with the economy) won’t rise in lockstep if at all. Accordingly, new development isn’t financially feasible - the return on cost is less than the yield on the 10 years treasury.
I know nothing about the Te Arai project for example but doubt it’s based on ROI. More likely fun, love of the game, ego (in a good way)or a super-abundance of capital. Such projects will continue to pop up, but I suspect the development of bread and butter core golf courses is done.
Also my understanding is that the game isn’t growing.