The delayed residential project by Deyaar Development, the Flamingo Creek, will commence construction within few weeks.
The project will be the first to be completed at The Lagoon, a development, including seven artificial islands, along the Dubai Creek, launched by the master developer Sama Dubai in 2006.
Deyaar undertook Flamingo Creek project from a subsidiary of the National Bond Corporation last July. The Chief Executive of Deyaar, Markus Giebel, said that the fencing contract has been awarded and the work would begin soon.
However, the confusion still remains about whether management of The Lagoons will be done by Dubai Properties or Sama Dubai, both of whom are a part of Dubai Holding Group. Currently, Deyaar is carrying on talks with RTA and DEWA for the infrastructure of the project.
Deyaar recently announced a Dh.54.4mn profit for the first quarter of this year, although it is a decline of 73 percent from the same period of last year. Deyaar also plans to sign deals for overseas projects this year in India, Libya, Saudi Arabia and Kazakhstan.