Work on Damodar City Labasa to recommence
November 30, 2020 12:51 pm
The Damodar North Limited has secured refinancing of Phase 2 of the Damodar City Labasa project with documentation now underway.
The second phase will house mainly the cinema, food court, and additional retail shops.
The construction site has been closed for two months while the company sorted out it’s refinancing.
Meanwhile, completion work on Phase One of the project will re-commence in the next few weeks.
The Phase 1 Supermarket wing is expected to be completed by mid-2021.
The company says the delay in construction has not been all bad news.
It says this delay in construction was welcomed by the tenants who have signed up for the complex.
The company says as the COVID-19 impact has slowed down business and the economy this year, the tenants prefer to defer their major capital expenditure to the New Year.