In a move to ensure market transparency and quell ongoing speculation, ODEL PLC has released a formal corporate disclosure regarding the current status of its flagship "Odel Mall Project" located in the heart of Colombo 07.

The mixed-use development, which was originally designed to encompass two distinct zones, has undergone a strategic revision. According to the announcement made to the Colombo Stock Exchange on July 27, 2026, the company’s primary focus has been narrowed to the completion of Zone 1.

The Board of Directors confirmed that construction work on Zone 1 has officially re-commenced and is currently progressing. Under the revised timeline, ODEL PLC expects this primary phase of the project to be completed within the next 1 1/2 to 2 years.

While the immediate priority remains the delivery of Zone 1, the company provided an update on the secondary portion of the project. Zone 2, described as a significant 100-perch block of land, is being held for future development rather than being part of the current immediate construction push.

The company stated that this disclosure was necessary to "mitigate speculative and/or inaccurate representations" regarding the progress and scale of the project. By providing a clear roadmap for the next 24 months, ODEL PLC aims to provide shareholders and the public with a realistic outlook for the landmark development.