Aseana Prop. Regulatory News (ASPL)

10 Sep 2009 07:00



Date: 10 September 2009

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

Embargoed for: 0700hrs

Aseana Properties Limited

Acquisition of remaining stake in SENI Mont' Kiara Project providing 100% ownership of SENI Mont' Kiara project 

Aseana Properties Limited (LSE: ASPL), a leading Asian property developer on the Official List of the London Stock Exchange, today announces that, via Amatir Resources Limited ("Amatir"), its wholly owned subsidiary, it has entered into a conditional Share Sale Agreement to acquire the remaining stake in the SENI Mont' Kiara project from Heliconia Investment Pte. Ltd. ("Heliconia"), a company jointly owned by Mezzo Capital Pte Ltd and Engason (S) Pte Ltd. The acquisition will give Amatir a 100% stake in the SENI Mont' Kiara project. The completion of the acquisition is conditional upon Amatir obtaining necessary consent from the project financiers. Amatir will pay Ringgit Malaysia 11,700,700 (US$3.3 million) for the stake, which is based on Heliconia's early exit from the project.

SENI Mont' Kiara is a 605-unit luxury condominium located in Mont' Kiara, Kuala Lumpur. The Gross Development Value of the project is approximately US$421 million. The project has achieved sales of 61% to date and is expected to complete in Q4 2010. CapitaLand Malaysia Pte Ltd will continue its interest in the project as the Project Monitoring Agent for SENI Mont' Kiara.

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

"We are delighted with the opportunity to increase our stake in this project. This acquisition reaffirms our commitment and belief in the potential of the up-market residential property market in Kuala Lumpur, especially in the expanding expatriate enclave of Mont' Kiara. 

"As the market stabilises, Aseana continues to seek new investments that we believe will add value to the Company and our shareholders."

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Notes to Editors