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About this update from Aseana Properties Limited
[{"type":"text","content":"\n Aseana Properties Limited\n13 August 2007\n\nDate: 13 August 2007\nOn behalf of: Aseana Properties Limited ('Aseana' or 'the Company')\n\n\n\n\n\nAseana Properties Limited\n\n• To purchase development land in Mont Kiara area of Kuala Lumpur, Malaysia \n for US$3.13 million\n\n\n\nAseana Properties Limited (LSE: ASPL), an Asian property developer investing in\nMalaysia and Vietnam, today announces it has entered into an agreement to\npurchase plot of development land of approximately 54,000 square foot in the\nMont' Kiara area of Kuala Lumpur, Malaysia.\n\n\n\nShortly before the listing of Aseana on the Main List of the London Stock\nExchange, an opportunity arose to take part in a competitive tender to acquire\nplot of development land of approximately 54,000 square foot from Telekom\nMalaysia Berhad (TMB). As Aseana was in the final process of listing, Ireka\nEngineering & Construction Sdn. Bhd. (IECSB) undertook to tender on Aseana's\nbehalf via a wholly owned subsidiary, United Time Development Sdn. Bhd. (UTD).\n\n\n\nIn order to comply with the terms of the agreement with TMB, UTD will complete\nthe process of obtaining the necessary approvals from the relevant authorities,\nincluding a development order approval from the City Hall of Kuala Lumpur, at\nwhich point Aseana will acquire UTD, the owner of the development land for a\ntotal cash consideration of approximately RM10.8 million (US$3.13 million),\nwhich is equivalent to RM200 per square foot.\n\n\n\nThe development land is situated in the Mont Kiara area, an exclusive\nresidential and commercial area in Kuala Lumpur. Ireka Development Management,\nthe Manager of Aseana, is currently in the process of finalising the development\nplans for the land, which is envisaged to include an investment grade office\ntower and an integrated commercial area.\n\n\n\nThe Company is in detailed discussions regarding a number of potential\nacquisitions in both Vietnam and Malaysia.\n\n\n\nThe Company expects to announce the Net Asset Value (NAV) figure as at 30 June\n2007 on 22 August.\n\n\n\n\n\nEnquiries:\n\nAseana Properties Limited Contactable via Redleaf\n\nRedleaf Communications Tel: 020 7822 0200\nEmma Kane / Samantha Robbins Email: [email protected]\n\nFairfax I.S. PLC Tel: 020 7598 5368\nJames King\n\n\n\n\n\nNotes to Editors\n\n• Ireka Development Management, the Ma...