Initial Property Portfolio

Aseana Properties Limited 15 May 2007 Date: 15 May 2007 On behalf of: Aseana Properties Limited ('Aseana' or 'the Company') For immediate release Aseana Properties Limited • First investment in property portfolio • Total investment of $63.4m in four properties in Malaysia Aseana Properties Limited (LSE: ASPL), an Asian property developer investing in Malaysia and Vietnam, today announces it has completed its first acquisition since listing on the London Stock Exchange in April 2007. The acquisition consists of four properties in Malaysia offering a mix of residential and commercial projects in various stages of development. The projects are: • i-Zen@Kiara 1 (Kuala Lumpur, Malaysia) - a 35-storey luxury condominium tower with 302 residences that has a total Gross Development Value of approximately $38 million. The project is currently around 75% pre-sold. • Tiffani by i-Zen (Kuala Lumpur, Malaysia) - a luxury condominium development comprising three adjacent blocks - two 36 storey blocks and a 28 storey block - with a total of 399 residences and a Gross Development Value of approximately $96 million. The project is currently around 75% pre-sold. • One Mont' Kiara by i-Zen (Kuala Lumpur, Malaysia) - a mixed commercial development comprising a 17 storey office tower, a 33 storey office suite block and a 5 storey retail complex which has a total Gross Development Value of approximately $132 million. The office suite units have been offered to the public and, to-date, around 90% of the units released are sold. • Sandakan Harbour Square, (Sandakan, Sabah, East Malaysia) - an urban redevelopment project in four phases with a total Gross Development Value of $136 million. Phase 1 consists of 61 shop units and has been completed. Phase 2, consisting of 68 shop units and is expected to be launched in June 2007. Phases 3 & 4, comprising a retail and hotel development, respectively, are expected to commence before the end of the year. The Company acquired the properties from Ireka Corporation Berhad ('Ireka') for a consideration of $63.4 million (RM218.75 million), which is made up of approximately $48.9 million (RM168.74 million) in Aseana shares and $14.5 million (RM50.01 million) in cash, which will come from the Company's existing funds. The properties were the subject of an Acquisition Agreement between Ireka and the Company prior to flotation, full details of which are also contained in the Prospectus published by the Company. The development of the properties will be managed by Ireka Development Management Sdn. Bhd., a wholly owned subsidiary of Ireka Corporation Berhad, a company listed on Bursa Malaysia. Commenting on the Company's acquisitions, Dato' Mohammed Azlan bin Hashim, Chairman of Aseana Properties Limited, said: 'Following the success of our flotation on the London Stock Exchange in April, it is pleasing to move on to the next stage of our business plan and to start the investment process. ASPL is pleased to acquire a portfolio of property projects which are at different stages of development. These initial properties perfectly illustrate the kind of opportunities Aseana will target and provide a solid foundation as we build our portfolio and aim to become fully invested over the next eleven months'. Enquiries: Aseana Properties Limited Contactable via Redleaf Redleaf Communications Tel: 020 7822 0200 Emma Kane / Samantha Robbins / Paul Dulieu Email: sr@redleafpr.com Fairfax I.S. PLC Tel: 020 7598 5368 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: • 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 This information is provided by RNS The company news service from the London Stock Exchange