Investment

Aseana Properties Limited
13 August 2007

Date:              13 August 2007
On behalf of:      Aseana Properties Limited ('Aseana' or 'the Company')





Aseana Properties Limited

•  To purchase development land in Mont Kiara area of Kuala Lumpur, Malaysia 
   for US$3.13 million



Aseana Properties Limited (LSE: ASPL), an Asian property developer investing in
Malaysia and Vietnam, today announces it has entered into an agreement to
purchase plot of development land of approximately 54,000 square foot in the
Mont' Kiara area of Kuala Lumpur, Malaysia.



Shortly before the listing of Aseana on the Main List of the London Stock
Exchange, an opportunity arose to take part in a competitive tender to acquire
plot of development land of approximately 54,000 square foot from Telekom
Malaysia Berhad (TMB).  As Aseana was in the final process of listing, Ireka
Engineering & Construction Sdn. Bhd. (IECSB) undertook to tender on Aseana's
behalf via a wholly owned subsidiary, United Time Development Sdn. Bhd. (UTD).



In order to comply with the terms of the agreement with TMB, UTD will complete
the process of obtaining the necessary approvals from the relevant authorities,
including a development order approval from the City Hall of Kuala Lumpur, at
which point Aseana will acquire UTD, the owner of the development land for a
total cash consideration of approximately RM10.8 million (US$3.13 million),
which is equivalent to RM200 per square foot.



The development land is situated in the Mont Kiara area, an exclusive
residential and commercial area in Kuala Lumpur. Ireka Development Management,
the Manager of Aseana, is currently in the process of finalising the development
plans for the land, which is envisaged to include an investment grade office
tower and an integrated commercial area.



The Company is in detailed discussions regarding a number of potential
acquisitions in both Vietnam and Malaysia.



The Company expects to announce the Net Asset Value (NAV) figure as at 30 June
2007 on 22 August.





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








                      This information is provided by RNS
            The company news service from the London Stock Exchange