Business
Sale of Tower 2 at KL Sentral
Sale of Tower 2 at KL Sentral.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n RNS Number : 2041D Aseana Properties Limited 27 November 2009 \n \nDate: 27 November 2009\nOn behalf of: Aseana Properties Limited (\"Aseana\" or \"the Company\")\n\nAseana Properties Limited\n - Sale of Tower 2 at KL Sentral development\n - Refund of deposit for Wall Street Project\n - Net Asset Value\n\nAseana Properties Limited (LSE: ASPL), a leading Asian property developer investing in Malaysia and Vietnam listed on the Official List of the London Stock Exchange, is pleased to announce that the project company in respect of the KL Sentral development in Kuala Lumpur, in which it owns a 40 per cent. stake, has successfully sold Tower 2 to an international real estate fund. The sale price achieved is RM458.4 million and is subject to certain deferred payment terms and other conditions. \n\nCommenting on the development, Dato' Mohammed Azlan bin Hashim, Chairman of Aseana Properties Limited, said: \n\n\"We are extremely pleased that we have successfully pre-sold Tower 2 (with 500,000sf floor area) despite a challenging economic environment. This is testament to the hard work that has gone into this project, and the high quality of the development. The sale of the Tower at this time ensures that the funding is in place to complete the project.\"\n\nAseana is also pleased to announce that it has been successful in retrieving the deposit (plus interest) relating to the Wall Street project from the People's Committee of District 1, Ho Chi Minh. As the City authorities have yet to announce the final planning and procurement guidelines for the site, the Company is now in the process of exiting the joint venture agreement with a view to terminating the project. The total amount refunded is $5.3 million which accounts for an unrealised exchange loss from Vietnamese Dong to US Dollars. The Company has, however, allocated the funds to existing projects in Vietnam...