Acquisition

Aseana Properties Limited
26 November 2007

Date:                   26 November 2007
On behalf of:           Aseana Properties Limited ('Aseana' or 'the Company')
Embargoed:              0700hrs

Aseana Properties Limited

•  First acquisition in Vietnam
•  To develop luxury resort hotel and residences on China Beach, Danang

Aseana Properties Limited (LSE: ASPL), an Asian property developer investing in
Malaysia and Vietnam, today announces it has made its first acquisition in
Vietnam by entering into an agreement with The Nam Khang Company Corporation 
('The Nam Khang'), a property development company incorporated in Vietnam, to
acquire 202,800 square metres of sea-front development land ('Land') on Duong
ven bien Son Tra, Dien Ngoc, Danang. The estimated total development value of
the project is US$150 million (£72.78 million).

An agreement was signed between Aseana and The Nam Khang, enabling Aseana to
acquire a 60% stake in the development project for US$18 million (£8.73
million). The remaining 40% stake is owned by The Nam Khang.

The development land is situated on a 30-kilometre beach front known as The
China Beach.  The China Beach was voted by the Forbes magazine in June 2007 as
one of the top ten most beautiful beaches in the world. The development plan for
the Land consists of a luxury resort hotel and resort-themed residences. The
luxury resort hotel comprises of a 3-storey hotel block as well as individual
garden and beach resort villas with walled compound, lush garden and private
pool.

The resort-themed residences comprise of a high rise luxurious condominium
tower. The development will also be equipped with supporting facilities such as
a conference centre, spa village, retail village, two swimming pools, sports and
recreational club and a beach club.  It is envisaged that this development will
be co-branded with and managed by a leading international resort and hotel
operator.  Construction is expected to commence in second quarter of 2008.

About Danang

Danang is the fourth largest city in Vietnam and is one of the five cities under
direct government management. It has enjoyed double digit GDP growth for the
past five years fuelled by rapid foreign direct investments.  It has the third
busiest airport in Vietnam, with direct flights from other Asian cities such as
Singapore and Bangkok, and offers easy connection from Ho Chi Minh City and
Hanoi.

Danang has established itself as a top tourist destination in Vietnam due to its
pristine beaches and its central location close to four UNESCO designated world
heritage sites.  In line with the Government's master plan to further develop
Danang into a premier resort destination, Danang has attracted new investments
that will see it having, in the near future, international hotels such as
Raffles, JW Marriot, Hyatt, Sofitel and Crowne Plaza, complemented by
championship standard golf courses such as a 36-hole Greg Norman designed course
and an 18-hole golf course designed by Colin Montgomery.

Commenting on the latest acquisition, Dato' Mohammed Azlan bin Hashim, Chairman
of Aseana Properties Limited said:

'We are delighted to announce our first acquisition in Vietnam, which we believe
is in one of the most exciting resort destinations in the world  This
investment, coupled with the rapid growth of Vietnam as one of the top tourist
destinations and holiday homes in South East Asia, will provide Aseana with a
unique opportunity to develop a world class project, which will complement the
Company's portfolio of high-end developments as well as provide a foothold to
further develop its portfolio in Vietnam.'


Enquiries:


Aseana Properties Limited                             Contactable via Redleaf

Redleaf Communications                                Tel: [phone]
Adam Leviton / 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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