Update on the Divestment of the Portfolio

RNS Number : 7567C

Aseana Properties Limited

03 October 2018

 

3 October 2018

Aseana Properties Limited

("Aseana" or the "Company")

Update on Progress of the Divestment of the Portfolio

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam listed on the Main Market of the London Stock Exchange, announces an update on the progress of divestment of the Company's assets.

SENI Mont' Kiara, Kuala Lumpur

The Development Manager has successfully sold the final unit of SENI Mont' Kiara with the sale and purchase agreement signed on 26 September 2018. Owned 100.0% by Aseana, SENI is a completed upmarket condominium development situated on one of the highest points in Mont' Kiara with a Gross Development Value of approximately US$324 million. The project consists of two 12-storey blocks and two 40-storey blocks, comprising 605 residential units. The majority of units command impressive views of the city skyline including the 88-storey Petronas Twin Towers and the KL Tower. The Realisable Net Asset Value ("RNAV") of SENI as at 31 Dec 2017 was US$9.75 million and the RNAV of SENI at the point of exiting the project is approximately US$9.85 million.

The RuMa Hotel and Residences, Kuala Lumpur

In addition, The RuMa Hotel and Residences, Kuala Lumpur, received its Certificate of Completion and Compliance ("CCC") on 28 September 2018 and the handover of the hotel suites and residences to their purchasers is in progress.

The Development Manager is continuing to use its best effort to dispose of the other remaining assets of the Company within the schedule outlined in the previous announcement, with the target prices for these asset sales being at or around the published RNAV levels.

Further announcements will be made as soon as there is more clarity on the progress and timing of these disposals.

For further information:

Aseana Properties Limited		Tel: [phone]
Chan Chee Kian		Email: [e-mail]
N+1 Singer		Tel: [phone]
James Maxwell / James Moat (Corporate Finance) Sam Greatrex (Sales)
Tavistock Communications		Tel: [phone]
Jeremy Carey / James Verstringhe / Kirsty Allan		Email: [e-mail]

Notes to Editors:

London-listed Aseana Properties Limited (LSE: ASPL) is a property developer investing in Malaysia and Vietnam.

Ireka Development Management Sdn Bhd ("IDM") is the exclusive Development Manager for Aseana. It is a wholly-owned subsidiary of Ireka Corporation Berhad, a company listed on the Bursa Malaysia since 1993, which has over 51 years of experience in construction and property development. IDM is responsible for the day-to-day management of Aseana's property portfolio and the divestment of existing properties.

 

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