Acquisition

Aseana Properties Limited
29 August 2007

                    
Date:             29 August 2007
On behalf of:     Aseana Properties Limited ('Aseana' or 'the Company')


Aseana Properties Limited
     
•    To purchase sea-front development land in Kota Kinabalu, Sabah, Malaysia 
     for US$11.67 million

Aseana Properties Limited (LSE: ASPL), an Asian property developer investing in
Malaysia and Vietnam, today announces it has entered into agreements to purchase
three contiguous plots of sea-front development land of approximately 79.55
acres in Kota Kinabalu, Sabah, Malaysia for a total cash consideration of
US$11.67 million (RM 40.85 million) .

These three plots of land were acquired from Mangrove Paradise Resort (Sabah)
Sdn. Bhd., a Malaysian company based in Sabah, with business interests in
golf-course operations and property development in Sabah.  ASPL has entered into
an agreement to jointly develop one of the development plots of approximately
44.50 acres with Mr. Tseng Chin-I, a director and major shareholder of Mangrove
Paradise Resort.  A joint venture company will be formed between ASPL and Mr.
Tseng to develop luxurious resort villas, where shareholdings between the
parties will be on a 50:50 basis.

The two remaining plots of land of 17.47 acres and 17.58 acres will be
respectively developed into an international boutique resort hotel and an
integrated exclusive resort homes.

The development land is situated in Tuaran, Kota Kinabalu. Kota Kinabalu is the
capital city for the state of Sabah in Malaysia.  The location is approximately
30 kilometres from the city centre of Kota Kinabalu and fronts the South China
Sea.  Kota Kinabalu has long been a popular tourist destination amongst
Malaysians and tourists.  It has direct flight links with major cities in Asia
such as Singapore, Hong Kong and Taipei.  In 2006, approximately 2.1 million
tourists visited Sabah, on the back of record tourist arrivals to Malaysia of
approximately 17.55 million.

Enquiries:


Aseana Properties Limited                        Contactable via Redleaf

Redleaf Communications                           Tel: [phone]
Emma Kane / Samantha Robbins                     Email: [e-mail]

Fairfax I.S. PLC                                 Tel: [phone]
James King


Notes to Editors

•    Ireka Development Management, the Manager, is a wholly-owned subsidiary of 
     Ireka Corporation Berhad, a company listed on the Bursa Malaysia since 
     1993, which has 40 years of experience in construction and property 
     development.

•    The Company will typically invest in development projects at the 
     pre-construction stage, with a primary focus on location within the major 
     cities of Malaysia and Vietnam.

•    Investment will be made in projects where it is believed there will be a 
     minimum 30% annualised return on equity ('ROE') on investments in Vietnam
     and a minimum 20% ROE on investments in Malaysia.

•    No one underlying single asset will account for more than 30% of the gross 
     assets of the Company at the time of investment.

•    It is the intention that the Net Proceeds of the Placing will be fully 
     invested in accordance with the investment policy within 12 months of
     Admission.

•    The Directors believe the following factors should provide sustainable 
     growth in the real estate sectors of both Malaysia and Vietnam:
          
     o    An increasing standard of living and urbanisation driven by a
          burgeoning young and middle class population

     o    Clear Government role in encouraging participation of private sectors
          in real estate development, as well as encouraging and promoting land 
          and property ownership

     o    Improving availability of mortgages to encourage property ownership

     o    Favoured Foreign Direct Investment (FDI) destinations driving demand
          for commercial and industrial properties



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