ODF and Port City Colombo Enter Agreement to Operate Sri Lanka’s First Downtown Duty Free Store
Singapore-owned One World Duty Free and Port City Colombo
Enter Agreement to Operate Sri Lanka’s First Downtown Duty Free Store
Pictured L-R: Dr Priyath B. Wickrama (Director General of the Commission and Commission Member), Ms Keira Zhang (Founder & CEO of ODF) at the Authorised Person Agreement Signing Ceremony.
FOR IMMEDIATE RELEASE
24 May 2023, Singapore – Marking a major step in one of South Asia’s most transformative development projects, Singapore-owned omnichannel retailer, One World Duty Free, and Port City Colombo have signed two agreements to operate Sri Lanka’s first-ever downtown duty-free store.
One World Duty Free (ODF) and the Colombo Port City Economic Commission (Commission) have taken a pivotal step in their alliance this week. At a ceremony held at the Colombo Port City Economic Commission’s office, ODF’s Founder and CEO Ms Keira Zhang and Dr Priyath B. Wickrama, Director General & Commission Member of the Colombo Port City Economic Commission (Commission), ratified their commitment to a strategic partnership aimed at shaping Port City Colombo’s global trajectory.
The partnership was underscored with the formalisation of two critical agreements: an Authorised Person Agreement between ODF and the Commission on 23 May 2023; and a lease agreement between ODF and CHEC Port City Colombo Pvt Ltd (CPCC) on 22 May 2023. These agreements, embodying their shared vision, lay the groundwork for ODF to transform Port City Colombo into an eminent global duty-free retail hub.
Keira Zhang, Founder & CEO of One World Duty Free, commented: “In our partners at Port City Colombo, we recognise a level of ambition which is perfectly aligned with One World Duty Free’s game-changing approach to duty-free retail. The opportunity to showcase our credentials on the world stage and contribute to the creation of a landmark destination in Asia is a key milestone in One World Duty Free’s journey of progressive expansion across Asia.”
Pictured L-R: Mr. Dimantha Kinigama (Director, Commercial and Operations of the Commission),
Dr Priyath B. Wickrama (Director General of the Commission and Commission Member ), Ms Keira Zhang (Founder & CEO of ODF), Mr Yang Lu (Managing Director CHEC Port City Colombo) & Mr Eric Ou (Deputy Manging Director, CHEC Port City Colombo (Pvt) Ltd) at the Lease Agreement Signing Ceremony.
One World Duty Free (ODF) – Singapore-owned omnichannel duty-free operator – is set to develop and operate a 1,250 square metre duty free store at Port City Colombo, offering a curated mix of international brands spanning Beauty, Wellness, Spirits & Wines and Fashion. ODF’s first retail store outside of Singapore will be nestled within a 7,000 square metre shopping oasis, Port City Duty Free Mall, primely positioned amidst a throng of international prestige hotels and casinos that promise a diverse and affluent customer base of tourists, expatriates, and locals. Construction of the ODF store is slated to commence from mid-2023, with trading planned to kick off by year's end. ODF Port City Colombo will offer travellers a purpose-built shopping environment enhanced by the company’s innovative approach to smart retail.
Dr Priyath B. Wickrama, Director General of the Commission and Commission Member of the Colombo Port City Economic Commission, commented: “In order to make our vision for Port City Colombo a reality, we have sought out best-in-class partners that can bring fresh thinking and innovation. One World Duty Free’s technology-led ethos and commitment to delivering memorable consumer experiences will play a critical role in ensuring we deliver a compelling retail offer to travellers from across the world and thus the Commission’s vision of creating Port City Colombo as a world-class touristic shopping destination.”
Anticipating a sustained resurgence in tourist arrivals following the COVID crisis, Port City Colombo is set to accelerate Sri Lanka’s economic development by creating a new gateway to South Asia through a range of state-of-the-art infrastructure, including commercial and residential buildings, recreational facilities, a financial district, and a modern transportation network. Developed in collaboration with the Government of Sri Lanka, and CHEC Port City Colombo (Pvt) Ltd (CPCC) as a public-private partnership, Port City Colombo is Sri Lanka's biggest FDI-funded development project to date. With major investment plans for travel retail, entertainment, and leisure facilities in partnership with renowned international players, such as Singapore’s ODF, Port City Colombo is slated to become a prime tourism and shopping choice on par with landmark destinations such as Singapore and Dubai.
Together, ODF and the Commission are charting a bold and innovative course for the future, reinforcing their shared vision of driving Port City Colombo's ascent on the global stage. Both parties stand poised to redefine the economic future of Port City Colombo, taking it from a burgeoning commercial nucleus to a premier duty-free retail hotspot.
About One World Duty Free (ODF)
One World Duty Free (ODF) is Singapore’s first home-grown omnichannel duty-free brand with a reach across Asia. The brand’s concept is built on a robust framework with an emphasis on innovation and cutting-edge technology that delivers unparalleled and seamless shopping experiences to international travellers.
ODF’s international stores offer a curated range of product offerings, featuring some of the world’s largest brands in the Beauty, Wellness, Spirits & Wines segments.
ODF is made up of a growing team of dedicated and experienced professionals from diverse backgrounds, who are passionate about making a difference in the travel retail industry. As we continue to expand our global footprint, the team remains committed to revolutionising the industry through experience-based retail, anchored by smart solutions.
With a commitment to providing exceptional value and a unique shopping experience, ODF has set itself apart as a leading player. As we continue to grow, we will remain focused on delivering innovative solutions that surpass expectations and set new industry benchmarks.
About Port City Colombo
Port City Colombo is a master-planned development project that is capturing the attention of investors, globally. Located in the heart of Colombo, the project promises to transform business and lifestyles in Sri Lanka, providing world-class facilities and attracting a range of multinational companies and global businesses. Port City Colombo is set to act as a gateway to South Asia and the rest of the world.
The proposed and approved facilities for Port City Colombo are extensive and impressive, designed to cater to a range of industries and sectors with sustainability at the core. Approved facilities include a financial city, a marina, hotels and residential complexes and world-class social infrastructure. Once complete, it is expected to have 6.3 million m2 of built-up space and an estimated population of 273,000.
The development has also been promoted extensively as the best place to do business in South Asia as the region’s first multi-currency, service-export Special Economic Zone. Port City Colombo has generated significant global interest with the project ready to enter its commercialization phase.
Developed in collaboration with the Government of Sri Lanka, and CHEC Port City Colombo (Pvt) Ltd as a public-private partnership, Port City Colombo is Sri Lanka's biggest FDI-funded development project. With infrastructure development slated for completion in Q3 of 2023, of the USD 1.4 billion committed by the project company, USD 1.2 billion has already been invested into Port City Colombo, and a further USD 1.5 billion is expected to be invested during the vertical development phase, which is to commence shortly.
About Colombo Port City Economic Commission
The Commission is the sole Government of Sri Lanka entity, which is entrusted and authorised, by way of the COLOMBO PORT CITY ECONOMIC COMMISSION ACT NO. 11 OF 2021, with the administration, regulation and control of, all matters connected with businesses and other operations, in and from the Area of Authority of Port City Colombo - as the Single Window Investment facilitator for the promotion of ease of doing business within Port City Colombo and is responsible for the granting of incentives or exemptions to the investor for the promotion of Businesses of Strategic Importance within the SEZ.
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