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Sri Lanka’s Odel in US$106mn property project

Jul 12, 2017 07:42 AM GMT+0530 | 0 Comment(s)

ECONOMYNEXT – Sri Lankan retailer Odel Plc said it plans to do a mixed developed property project with an investment of $105.7 million, where its main outlet is located at Ward Place in the capital Colombo.

The company said, in a stock exchange filing, that it had entered into an agreement with the Board of Investment for the project that is to be completed in three years.

In a separate announcement, Odel said it has entered into a deal with Shangri-La Hotels Lanka to lease 52,454 square feet of retail space in ‘The Mall at One Galle Face’, which is currently under construction.

The lease is initially for five years with an option to renew it for another five years.

Odel earlier announced that it has leased up to 39,560 square feet of space in Colombo City Centre Mall, part of a mixed-use development project being built in the capital by Abans Group in a joint venture with Singapore’s Silver Needle Hospitality.
(COLOMBO, July 12, 2017)


 

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