First Day of Dealings

Aseana Properties Limited
05 April 2007


Date:               5 April 2007

On behalf of:       Aseana Properties Limited ('Aseana' or the 'Company')




Aseana Properties Limited

•     First day of dealings on the Main Market of the London Stock Exchange

•     Placing raised US$162million


Aseana Properties Limited, an Asian property developer investing in Malaysia and
Vietnam, today announces that its shares have been admitted to the Official List
and will begin trading on the Main Market of the London Stock Exchange at 8am
today.  The shares will be traded under the symbol LSE: ASPL.

The Company has been established to take advantage of property development
opportunities in Malaysia and Vietnam.  Ireka Development Management ('Ireka')
has been appointed as manager with responsibility for the day-to-day management
of the Property Portfolio and the introduction and facilitation of new
investment opportunities.

Aseana's investment objective is to provide Shareholders with an attractive
overall total return achieved primarily through capital appreciation by
investing in property in Vietnam and Malaysia.  The Company intends to achieve
its investment objective through the acquisition, development and redevelopment
of upscale residential, commercial and hospitality projects leveraging on the
Manager's experience in these sectors.

Fairfax I.S. PLC acted as the lead financial adviser and broker for the Placing.

Commenting on Company's admission to trading on the London Stock Exchange, Dato'
Mohammed Azlan bin Hashim, Chairman of Aseana Properties Limited, said:

'An exciting opportunity exists in the Malaysian and Vietnamese real estate
markets, driven by factors such as the growing young, middle class population
and increasing interest from overseas companies and investors.  The Manager,
Ireka, has a long and proven track record of award-winning, prestigious
developments in Malaysia and we strongly believe this can be replicated in
Vietnam, where the market is in its infancy.

'The response to the fundraising has been very positive and we are delighted to
be joining the Main Market of the London Stock Exchange today.'


Key points



•    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 Initial Portfolio will consist of five properties located in Malaysia 
     offering a mix of residential and commercial projects in various stages of 
     development.  In advanced negotiations regarding further opportunities in
     both Malaysia and Vietnam.

•    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



Details of the Placing

Placing Price per Share                                                US$1.00
Number of Shares being issued                                      162,000,000
Estimated expenses of the Placing                                      US$8.8m
Net Proceeds of the Placing                                          US$153.2m
Market Capitalisation on Admission                                     US$162m
Market Capitalisation at the Placing Price assuming completion 
of the acquisition of the Initial Portfolio                            US$250m





Enquiries:


Aseana Properties Limited                               Contactable via Redleaf

Fairfax I.S. PLC                                        Tel: [phone]
Paul Richards / James King

Redleaf Communications                                  Tel: [phone]
Emma Kane / Samantha Robbins / Duncan McCormick         Email: [e-mail]




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            The company news service from the London Stock Exchange