Dubai Marina project Eden Blue gets green light

Haiti News.Net
Friday 31st July, 2009

Construction will commence later this month on the Eden Blue Tower at Dubai Marina.

Developer Dujan Properties has signed an agreement with Goldline Contracting to construct the 28-storey tower. Piling and shoring was completed earlier this year. According to Dujan the final building plan will be issued by Dubai Marina next week. Mobilization on the site is expected to commence in two weeks, while full-scale construction is scheduled to be underway by the end of of the month.

The 308 apartments in the building have been sold off the plan, some as early as January 2007. For investors in the project the announcement of the awarding of the main construction contract will come as a relief as many projects in the emirate, the UAE, and indeed the Gulf, have been indefinitely delayed or shelved altogether. Dujan has consistently maintained the Eden Blue project would go ahead. The company is believed to have relaxed some payment plans by investors during the contract negotiations which became protracted. As per the law in Dubai, instalment monies handed over by investors are held in an escrow account and are released only for construction work. The Eden Blue escrow account is administered by Amlak Finance and is held at Dubai Islamic Bank. Dujan has written to investors asking them to keep their payments up to date.

For Goldline it is the second major contract it has been awarded in the past month. In early July the contractor was brought in by Al Attar Properties to build its three-tower Vue De Lac project in Jumeirah Lake Towers. Goldline replaced the original contractor who Attar Properties said was not up to the task.

Goldline has committed to a 20-month timeframe for the construction of Eden Blue, with completion scheduled for April 2011.

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