Business
Joint Venture
Joint Venture.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n Aseana Properties Limited\n16 August 2007\n\nDate: 16 August 2007\n\nOn behalf of: Aseana Properties Limited ('Aseana' or 'the Company')\n\n\n\n\n\nAseana Properties Limited\n\n • Aseana Properties Limited and MRCB form joint-venture for Office Towers\n and Hotel development\n\n\n\nAseana Properties Limited (LSE: ASPL), an Asian property developer investing in\nMalaysia and Vietnam, announces it has entered into a joint venture with\nMalaysian Resources Corporation Berhad, a leading property and construction\ncompany in Malaysia, to acquire 95,131 square feet of land in Kuala Lumpur\nSentral's Lot G ('the Land') from Kuala Lumpur Sentral Sdn. Bhd. (KLSSB) for a\ntotal consideration of approximately US$29 million.\n\n\n\nA Sale and Purchase Agreement was signed earlier today between KLSSB and\nExcellent Bonanza Sdn. Bhd, a company incorporated in Malaysia. Its\nshareholders are Malaysian Resources Corporation Berhad, with 60% of the shares,\nand Aseana Properties Limited, which holds the remaining 40% of the shares.\n\n\n\nThe development plan for the Land is for a boutique business hotel and two\noffice towers with a combined floor area of approximately 1,146,000 square feet\nand a gross development value of approximately US$180million.\n\n\n\nKuala Lumpur Sentral is an exclusive urban centre built around Malaysia's\nlargest transit hub, supporting six rail networks, namely the exclusive Kuala\nLumpur International Airport Express Rail Link, Light Rail Transit, Monorail,\nCommuter and intercity services. It is close to Kuala Lumpur's Central Business\nDistrict with direct connections to the major arterial roads of Kuala Lumpur and\na number of major highways. The whole development is well-placed for access,\nwithin an integrated, self contained environment. Many multinational companies\nhave offices in the area, including General Electric, Cisco Systems and\nPricewaterhouseCoopers, as well as The Hilton Kuala Lumpur and Le Meridien.\n\n\n\nCommenting on the latest acquisition, Dato' Mohammed Azlan bin Hashim, Chairman\nof Aseana Properties Limited, said:\n\n\n\n'We believe this to be a sound investment as Kuala Lumpur Sentral is fast\nemerging as a premier development in Malaysia due to its location and successful\ninfrastructure. Aseana Properties will typically invest in development projects\nat the pre-construction stage...