Second investment in Vietnam

Aseana Properties Limited
25 March 2008

Date:                     25 March 2008

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

Embargoed for:            0700hrs


Aseana Properties Limited

   •   Second investment in Vietnam

   •   To develop a prime city-centre site in Ho Chi Minh City, Vietnam


Aseana Properties Limited (LSE: ASPL), a leading Asian property developer on the
Official List of the London Stock Exchange, today announces that it has paid a
deposit of approximately US$5 million and a contribution to the Fund of
Infrastructure Development of District 1 of approximately US$640,000 to the
People's Committee of District 1, Ho Chi Minh City to secure the development
rights for a prime, city-centre site in Ho Chi Minh City, Vietnam.  The
development, to be named the Wall Street Centre ('Wall Street Centre'), is
located on approximately 4,500 sq m in District 1 of Ho Chi Minh City.  Aseana
will undertake this development jointly with Binh Duong Corporation, a Vietnam
property development company, of which Aseana will own 65 per cent. of the
venture.


The Wall Street Centre is estimated to have a gross development cost of
approximately US$106 million.  Development approvals from the appropriate
authorities for the project are currently expected to be obtained in the third
quarter of 2008.  The Wall Street Centre development is a prime Grade A office
development consisting of two office towers.  The development is expected to
attract both local and international banks, brokerage and securities firms and
professional services firms due to its location at the heart of the financial
district of Ho Chi Minh City.


This investment is the Company's second in Vietnam. In November 2007 Aseana
announced the acquisition of 202,800 sq m of sea-front land to develop a luxury
resort hotel and residences on China Beach, Danang.


Commenting on the latest investment, Dato' Mohammed Azlan bin Hashim, Chairman
of Aseana Properties Limited said:


'We are honoured to be given the opportunity by the Government of Vietnam to
develop this prime location in Ho Chi Minh City, the commercial centre of
Vietnam.  Vietnam's rapid economic growth, in particular since its accession
into the World Trade Organisation in January 2007, has made Ho Chi Minh City the
spotlight of both multinationals and local corporations wishing to establish a
strong presence in Vietnam.  The Wall Street Centre is designed to meet the
increasing demand for office space in the City.


We continue to work on a number of similar opportunities in prime locations in
Vietnam and we look forward to bringing further transactions to fruition for our
investors.'



Enquiries:


Aseana Properties Limited                        Contactable via Redleaf

Redleaf Communications                           Tel: [phone]
Adam Leviton / Samantha Robbins                  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:

      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



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