Quarterly Investor Update

RNS Number : 7488N

Aseana Properties Limited

17 June 2010

 



Aseana Properties Limited

("Aseana")

Quarterly Investor Update

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam, reports it has today issued its Quarterly Investor Update for the period to 31 March 2010. The full update can be obtained on Aseana's website at: http://www.aseanaproperties.com/quarterly.htm

Highlights:

·      Net Asset Value at 31 March 2010 of US$201.49 million (31 December 2009: US$205.07 million) - reduction mainly attributed to unrealised foreign exchange loss of US$2.0 million. 

·      Realisable Net Asset Value at 31 March 2010 of US$270.07 million (31 December 2009: US$264.60 million) - gains attributed to translation gains from its Malaysian subsidiaries. The market value of all projects in its respective local currency remained unchanged.

·      Obtained construction license for the first phase of the International Hi-Tech Healthcare Park in Ho Chi Minh City, Vietnam. Piling work commenced in early May.

For further information:

Aseana Properties Limited	Tel: [phone]
Tan May Lee	Email: [e-mail]
Tavistock Communications	Tel: [phone]
Jeremy Carey / Simon Hudson / Amy Walker	Email: [e-mail]
Fairfax I.S. PLC	Tel: [phone]
James King

Notes to Editors:

London-listed Aseana Properties Limited (LSE: ASPL) ("Aseana" or "the Company"), is a property developer in Malaysia and Vietnam.

Aseana typically invests in development projects at pre-construction stage.  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.

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 40 years experience in construction and property development. IDM is responsible for the day-to-day management of Aseana's property portfolio and the introduction and facilitation of new investment opportunities.

Fundamentals of Malaysia and Vietnam remain strong for future growth, especially with indications pointing to strong growth in emerging markets this year. In particular, the real estate sectors are likely to flourish due to:

·      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 or mortgages to encourage property ownership

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

 

END

 

 

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