Sale of non-core asset

Aseana Properties Limited
14 December 2007

Date:           14 December 2007
On behalf of:   Aseana Properties Limited ('Aseana' or 'the Company')



For immediate release



Aseana Properties Limited

-    Sale of non-core asset


Aseana Properties Limited (LSE: ASPL), an Asian property developer investing in
Malaysia and Vietnam, today announces that it has completed the transfer of
shares in Sandakan Harbour Square Sdn Bhd ('SHSSB') owned by ICSD Ventures Sdn
Bhd ('ICSD'), a subsidiary of Aseana at a nominal value of RM10 (US$3) to Ireka
Corporation Berhad ('Ireka') and Geo Fusion Resources Sdn Bhd on a 60:40 basis.
SHSSB operates a seafood restaurant in Sandakan Harbour Square.



SHSSB was excluded from the assets acquired by Aseana at the time of its
acquisition of ICSD from Ireka.



Aseana's holding in Sandakan Harbour Square development remain unchanged through
60 per cent ownership in ICSD Ventures Sdn Bhd.





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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