UAE-based developer Eagle Hills’ flagship project, the $3bn Belgrade Waterfront, in Serbia, recently faced street protests in the capital.
Prime Minister Aleksandar Vucic was criticised of secretive midnight demolitions to clear part of the site, carried out by masked men while the nation’s attention was distracted by a parliamentary election.
Thousands of Belgraders have staged street protests against the project, as a way to transform the city into the unofficial capital of the Balkan countries.
The protests, being staged every two weeks, pose the first major challenge to Vucic’s authority since he became prime minister in 2014.
Vucic, who backed the scheme from its inception, told a news conference in June that police would determine any criminal responsibility for the demolitions and he would deal with any politicians involved.
He accused protesters of “opening a space for a political assault on the government and me. This is a political issue par excellence”, reported Reuters.
When approached by Construction Week, Nikola Nedeljkovic, general manager of Belgrade Waterfront said that the construction of the project is currently on schedule.
“From the beginning, Belgrade Waterfront has placed strong emphasis on creating outdoor spaces and complementing the natural beauty of the City of Belgrade for the benefit of its citizens and visitors. The development is enhanced by the River Sava and draws upon the City’s park, historic urban forms and dense urban planning to create the first step in a new dynamic waterfront neighbourhood.
“Construction is progressing according to schedule. The Sava Promenada – an 800m stretch of landscaped waterfront in the heart of the city – was opened recently. We also celebrated the ground-breaking of Kula Belgrade, the highest building in the region, which will include The St. Regis Belgrade hotel and The Residences at The St. Regis Belgrade.
He added: “Construction is also ongoing on BW Residences, due to complete in 2018; and the design phase of the BW retail district and the W Belgrade hotel is now in progress.”
The Serbian government inked the deal with Eagle Hills to transform a section of disused riverfront in Belgrade into a $3bn business and shopping hub.
Belgrade Waterfront is Eagle Hills’ first project in central and eastern Europe, and will develop an enormous area of wasteland on the banks of the River Sava into a 200ha centre for business, hotels, shopping and accommodation.
The agreement stipulates that construction will take a maximum of 30 years, and that half must be finished within two decades.
The Republic of Serbia will own 32% equity in the development, while Belgrade Waterfront Capital Investment LLC, owned by the UAE-based Eagle Hills company, will own the majority stake.
