The Government today defended a decision to give the management of Arcade Independence Square to Odel PLC (Company).
State Minister of Urban Development Dr. Nalaka Godahewa told Parliament that the due process was followed when Odel PLC (Company) was picked to manage and operate Arcade Independence Square.
Godahewa said that of the 42 shops that were operating at the Arcade in 2014 around 11 shops had closed down by 2019.
The Minister said that since Arcade was operating at a loss it was decided to give the property to a private company on lease.
He said that newspaper advertisements were published and Odel and Abans had met the final criteria to be cindered.
Eventually, he said that Odel PLC was picked by a technical committee as it had met all the requirements in the tender process.
Odel PLC will pay the Government Rs. 10 million a month to operate an manage Arcade.
The Company entered into a lease agreement with the Urban Development Authority of Sri Lanka via which the Company has been granted the rights to lease, operate and manage the premises known as Arcade Independence Square for a period of 10 years, commencing from April 1, 2021 with the option to renew for a further period of 10 years subject to the terms and conditions of the lease agreement.
The Company intends to operate and manage the said Arcade Independence Square premises as a luxury boutique experience destination, adding to its cluster of operating and managing high-end shopping malls in the country. (Colombo Gazette)