Quarterly Investor Update

RNS Number : 7698Y

Aseana Properties Limited

27 February 2013

 



27 February 2013

Aseana Properties Limited

("Aseana")

Quarterly Investor Update

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam, listed on the Main Market of the London Stock Exchange, has issued its Quarterly Investor Update for the three month period to 31 December 2012, a copy of which can be obtained from Aseana's website at: http://www.aseanaproperties.com/quarterly.htm .

Highlights:

·      Successfully obtained Certificate of Completion for both KL Sentral Office Towers and Hotel on 18 December 2012 and 15 January 2013 respectively

·      Official opening of the Aloft Hotel scheduled for 22 March 2013

·      Sales launch of The RuMa Hotel & Residences set for 8 March 2013

·      City International Hospital in Ho Chih Minh City expected to commence operation in June 2013

Sales at Seni Mont Kiara

The stricter lending conditions imposed by banks in Malaysia, in particular for the high-end condominium market, have affected the sales performance of SENI Mont'Kiara.  Some potential buyers have failed to secure adequate financing for their purchases resulting in their interest not proceeding to a sale.  As announced on 20 November 2012, the purchaser of a block sale of 35 units, representing 5.8% of the units available for sale, was unable to secure the necessary debt finance to fund part of the purchase.  In addition, a separate block sale of 10 units, representing approximately 1.6% of the units available for sale, also faced funding problem.  Both transactions are in the process of being terminated.  However, from October 2012 to January 2013 an additional 18 units have been sold and completion has taken place.  Taking into account the sale of 18 units and the cancellation of the sales of 45 units described above, the overall level of sales at Seni Mont Kiara is now 78% of the units available for sale.  The Manager continues to explore all opportunities to drive sales at Seni Mont Kiara and is currently negotiating with a corporate purchaser for the sale of 49 units in SENI Mont' Kiara.  To overcome the lack of availability of debt funding, the Company and the Manager are considering structuring the payment for these units as a series of installment payments over a period of two years.

For further information:

Aseana Properties Limited	Tel: [phone]
Chan Chee Kian	Email: [e-mail]
Murphy Richards Capital LLP	Tel: [phone]
Paul Richards / Rachel Rees	Email: [e-mail]
N+1 Singer	Tel: [phone]
James Maxwell (Corporate Finance) /Sam Greatrex (Sales)
Tavistock Communications	Tel: [phone]
Jeremy Carey / James Verstringhe	Email: [e-mail]

Notes to Editors:

London-listed Aseana Properties Limited (LSE: ASPL) is a property developer investing in Malaysia and Vietnam.

Ireka Development Management Sdn Bhd ("IDM") is the exclusive Development Manager for Aseana. It is a wholly-owned subsidiary of Ireka Corporation Berhad, a company listed on the Bursa Malaysia since 1993, which has over 45 years of experience in construction and property development. IDM is responsible for the day-to-day management of Aseana's property portfolio and the introduction and facilitation of new investment opportunities.

 

END

 

 

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