Odel plans USD106mn mixed development project in Sri Lanka

ODEL Wattala

July 12, 2017 (LBO) – Odel Properties One (Private) Limited, a fully owned subsidiary of Odel, has entered into an agreement with Sri Lanka’s Board of Investment to set up a mixed development project.

Odel said in a stock exchange filing that as per the agreement signed on 30th June 2017, the envisaged investment will be 105.7 million US dollars.

The company said the project will be developed in a land situated at Ward Place, Colombo 07 and will be completed in three years.

Odel has also signed an agreement with Shangri-La Hotels Lanka to take on lease a total area of 52,454 square feet in “The Mall at One Galle Face”.

The lease is for a period of five years with an option to renew the agreement for another five year period based on the terms and conditions the parties may then mutually agree.