As Adam points out the main money is in the housing 160 houses equals quite a lot of 100 million, houses are half the price in Scotland they are in the south. As Ben points out costs have risen dramatically and there is no longer the cream involved in just gaining the planning. Also The labour and material costs are not significantly cheaper north of the wall. That all adds up to Scottish housing projects being less tasty than in the South.
Darren Clarke would probably sell more housing with his name than TD.
ANGUS looks like paper talk. You can buy Turnberry for £100,000,000 at the moment, it has some development land with it so I am not sure of the values attributed to the golf courses and the hotel. DT paid and has spent close to a quarter of a billion if you include the huge losses (if you can believe the press), so if he takes £100M his face will be even yellower! Somebody who I respect on values reckons Turnberry might only be worth £30M.
A few years ago somebody asked me what Celtic Manor was worth. I said I did not really know but ballpark kinda guessed £30M. The chap replied I was miles out and they wanted £1B.
There are just not the values in these types of developments unless you can extract the housing then do the rest as a multiple of profits. You can probably say 20 times (A 5% yield) profit is a fair valuation, though most big players would want 7%.
It will be a rough few years for the high end courses whose profits will have turned to big losses with the lack of international visitors. Rather than develop NEW, most clever buyers will simply mop of the OLD trusted cash cows at a % of what they were worth pre pandemic.
Resorts that would work involve multiple courses where you can stay and play for 3 days, have great hospitality (get drunk each night and eat well). That type of resort can work well at any level.
There is still another half finished project a few miles out from St Andrews, why is everyone giving that the shoulder? The answer is probably in the mathematics.