Aug 05, 2022

First duty-free shopping mall in the South Asian region to Sri Lanka! Featured

The necessary infrastructure for the region's first 'Downtown Duty-Free' shopping mall has been completed in the Colombo Port City and the Colombo Port City Economic Commission has announced that the internal construction work will begin soon.

It is said that the duty-free regulation of the Colombo Port City has been drafted, and it is expected to be approved by the cabinet.

 The shopping complex will be operated by two of the world's leading duty-free companies, and will establish Colombo Port City as a shopping destination in the region.

In order to enable customers to get food and drinks of different culinary traditions of the world, negotiations are currently underway to enter into a contract with the world's top food and beverage company, and the duty-free mall will have an experience similar to the 'Watering Hole' concept, and Colombo will gain a reputation as an outstanding food destination in the world, the Commission noted.

 In order to further improve the shopping experience, plans are currently underway to introduce a remote 'check-in' process and a 'checked-in baggage hauling' process for foreign tourists.

The Commission has now received 42 out of the 74 plots technically completed by the Project Company, for which Completion Certificates have been issued to the Project Company.

Out of the 34 Project Company marketable land plots granted to the Project Company on a 99-year lease basis, 6 plots were released back to the Commission by the Project Company and the Commission granted 6 fresh Indenture of leases for a 99-year period to the investors valued at approximately USD 200 million. The Investors have projected a collective investment commitment of USD 600 million.

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