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: [phone]
Emma Kane / Samantha Robbins / Paul Dulieu          Email: [e-mail]

Fairfax I.S. PLC                                    Tel: [phone]
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







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