A two acre land high in commercial value located on Muttaiah Road in Slave Island has been given to Abans Investments Private Limited for a 99 year lease on a Presidential directive.

The Urban Development Authority (UDA) has assigned an agreement with Abans on July 5, 2012 to assign the plot of land that is under the National Housing Development Authority.

The UDA had been given 25% of the value of the agreement which is Rs. 640 million on the day the agreement was signed.

The final installment of the transaction is to be made by March 15, 2013.

The Cabinet memorandum on the agreement has been signed by the President in his capacity as the Minister of Defence and Urban Development.