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Codes can be generated for independent model project. Once codes are generated, "Navigate to Source" is also available.
"Generate Code..." menu item exists from contextual menus on UML Project node and element nodes from project tree and diagram.
This is now by design. Now that we have customizable based code generation. The user can want to design an application that uses non-java constructs (like multiple inheritance) and still be able to generate code. Since the user can create there own templates, this should be possible.