Aseana Wins 4 Stars in Asia P

RNS Number : 7713V

Aseana Properties Limited

16 July 2009

 



Date:                   16 July 2009

On behalf of:        Aseana Properties Limited ('Aseana' or 'the Company')

For Immediate Release

Aseana Properties Limited

• Aseana is awarded four stars in the Asia Pacific Property Awards 2009, in association with CNBC Arabiya

Aseana Properties Ltd (LSE: ASPL), a leading Asian property developer on the Official List of the London Stock Exchange, is delighted to announce that its seafront urban renewal project, Sandakan Harbour Square (www.sandakanharboursquare.com.my) is one of only two projects awarded four stars in the Commercial Redevelopment / Renovation category in the Asia Pacific Property Awards 2009. 

Chairman of Aseana Properties Ltd, Dato' Mohammed Azlan bin Hashim was presented with the award in a ceremony at the Marina Mandarin in Singapore today. The event marked the end of this section of the International Property Awards, the world's most prestigious competition dedicated to finding the best real estate professionals across the globe. 

The Sandakan Harbour Square project is located within the Central Business District of Sandakan (in Sabah), an increasingly popular tourist destination in Malaysia which also boasts the Country's highest income per capita. The project has an estimated Gross Development Value of US$141 million (or approximately RM500 million).

Sandakan Harbour Square, which launched in early 2003, embraces 3 main objectives: 

• Growth (to provide a catalyst for the modernisation of Sandakan)

• Tourism (to enhance Sandakan as a tourist destination) 

• Urban regeneration (to redevelop Sandakan into a bustling commercial centre)

Chairman of Aseana Properties Ltd, Dato' Mohammed Azlan bin Hashim said; 

'We are honoured that the Sandakan Harbour Square project has been so highly recognised at the CNBC-Asia Pacific Property Awards 2009. Being at the heart of the Sandakan Central Business District, Sandakan Harbour Square will certainly be pivotal in the revitalisation of the town, bringing sustained growth and prosperity. 

'In addition to providing international standards in retail and leisure facilities, Sandakan Harbour Square also represents the revival of Sandakan as a new hub for commerce and tourism in the state of Sabah.'

- Ends -

  Enquiries:

Aseana Properties Limited	Contactable via Redleaf Communications
Redleaf Communications	Tel: [phone]
Adam Leviton / Samantha Robbins / Kathryn Hurford	Email: [e-mail]
Fairfax I.S. PLC	Tel: [phone]
James King / Gillian McCarthy

Notes to editors

Aseana Properties

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

• Aseana Properties Limited typically invests in development projects at pre-construction stage, with a primary focus on locations within the major cities of Malaysia and Vietnam.  

• Investment is 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.

• The Directors believe the following factors should provide sustainable growth in the real estate sectors of both Malaysia and Vietnam:

  • An increasing standard of living and urbanisation driven by a burgeoning young and middle class population

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

  • Improving availability of mortgages to encourage property ownership

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

Sandakan Harbour Square

• Phase 1 of Sandakan Harbour Square was completed in August 2006, and consists of a 3-storey Central Market building (a Central Market and Fish Jetty), a City Harbour Square for community activities, a 1.5 km waterfront esplanade, a boutique hotel named Swiss Inn Waterfront and 61 units of 3 and 4-storey shop offices.

• The new Central Market is now the shining icon of Sandakan, providing the modern conveniences, comfort and hygienic environment to the communities in Sandakan. In recent years, it has become one of the popular tourist attractions with its famous seafood from the Sulu Sea and the various unique Sabahan and Philippinos' handicrafts. Numerous successful events have been held since the beginning of this project at the City Harbour Square, which has now become the focal point to the people of Sandakan for public functions, social events and celebrations.  

• Currently under construction is the Phase 2 which consists of 68 units of 3 and 4-storey shop offices, targeted for completion by the first half of 2009.

• Construction works for Phase 3 and 4 is currently ongoing, which comprises a 5-storey shopping mall, a 240-room hotel and a Convention Centre within a 26-storey block - all of which is targeted for completion by the end of 2010. The developer, ICSD Ventures Sdn Bhd, has entered into an agreement with Starwood Hotels & Resorts Worldwide Inc., a leading hospitality and leisure group, where Starwood will manage the proposed hotel at Sandakan Harbour Square under the 'Four Points by Sheraton' brand.

Asia Pacific Property Awards 2009

• The inaugural International Property Awards (www.propertyawards.net) were presented in 1995. To date, the International Property Awards had established themselves as the premier programme recognising excellence in the real estate field. 

• Entries were judged by a panel of professionals whose collective knowledge of the property industry is second to none and unsurpassed by any other property awards. Chaired by Eric Pickles, Chairman of the Conservative Party, this year's Judges included Ben Wood, Industry Head, Property Markets of Google UK; Peter Bolton King, Group Chief Executive of the National Federation of Property Professionals; Imtiaz Farookhi, Chief Executive of the National House Building Council; Christopher Hall, President Elect of FIABCI; Wilhelm Harnish, Master Builders of Australia (MBA); Thijis Stoffer, International Consortium of Real Estate Agents Association (ICREA); Helen Shield, Editor-in-Chief of International Homes magazine and Gillian Farr, Head of Design of Laura Ashley Home.

• The Award criteria are based on the development's location, concept and finishing, security, sustainability, innovations as well as marketing.

• There are up to 3 winners in the Commercial Redevelopment category. During the Awards Presentation ceremony in July 2009, the Awards Organiser will announce the 5-star award (highest scoring company, above 75 per cent of the total score) while the remaining 2 winners will be eligible for 4-star awards (scored above 60 per cent of the total score).

 

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