Aseana Prop. Regulatory News (ASPL)

24 October 2012

Aseana Properties Limited

("Aseana" or the "Company")

Aseana opens mall and hotel at Sandakan Harbour Square

Aseana Properties Limited (LSE: ASPL) a property developer investing in Malaysia and Vietnam, listed on the Main Market of the London Stock Exchange, announces the completion of Sandakan Harbour Square and the official opening of the Harbour Mall Sandakan and the Four Points by Sheraton Sandakan hotel, Sabah, Malaysia.

The 12-acre Sandakan Harbour Square is an award-winning urban renewal project with a gross development value (GDV) of approximately US$170 million. Aseana completed construction of Sandakan Harbour Square in Q1 2012, together with joint venture partner Sandakan Municipal Council. Alongside the hotel and mall, the development comprises a central market (market and fish jetty), town square and waterfront esplanade as well as commercial shop offices.

The new 300-bed hotel is managed by Starwood Hotels & Resorts under the "Four Points by Sheraton" brand. With stunning views of the Sulu Sea, the hotel offers state-of-the-art convention, meeting and banqueting facilities - the largest in the city. The hotel also offers a range of quality food and beverage outlets, a gym and an outdoor "infinity-edge" swimming pool on the 13th floor overlooking the scenic Sandakan Bay.

Harbour Mall Sandakan, the integrated retail hub, incorporates 200,000 sq ft of retail space across five storeys, a 11,000 sq ft food court and 6,000 sq ft entertainment and games centre, with 978 covered parking bays. It is Sandakan city's only air-conditioned modern lifestyle mall with hotel accommodation, shopping, convention centre, dining and entertainment all under one roof.

The mall boasts a great tenant mix with international brands including McDonald's, Levi's, The Body Shop, Watson alongside national brands such as Gintell Lifestyle & Healthcare, SN Mutiara fashion boutique and anchor tenant Parkwell Department Store and Supermarket.

Sandakan Harbour Square is located within the central business district of Sandakan Town, Sabah's second largest city and serves as the new commercial hub of the city. The development site offers good accessibility to a series of main roads as well as the coastal highway, and a number of famous ecotourism destinations including the world-famous Sepilok Orang Utan Sanctuary, Sun Bear Sanctuary, Sandakan Rainforest Park, Turtle Islands Park, Kinabatangan River and Gomantong Caves. In 2009, the development received an award at the Asia Pacific Property Awards in the commercial redevelopment category.

Dato' Mohammed Azlan Hashim, Chairman of Aseana said: "Aseana and Ireka (the development manager), are delighted to be officially opening Harbour Mall Sandakan and the Four Points by Sheraton Sandakan. The new shopping mall, together with Sandakan's only international brand hotel, complement the city's reputation as a famous ecotourism destination, providing quality shopping, dining, entertainment and accommodation facilities.

Aseana and Ireka are very proud to have realised our ambitions for Sandakan: bringing modern lifestyle, social rejuvenation and a tourism boost to the city. With the launch of Harbour Mall and the Four Points by Sheraton Sandakan, we believe that Sandakan Harbour Square has secured its position as the city's bustling commercial hub."

The official opening of the mall and hotel was attended by Sabah Chief Minister, Rt. Hon. Datuk Seri Panglima Musa Aman who commented: "Having witnessed the birth of this project in 2003, I can testify that Sandakan city centre has been transformed from a sleepy backwater to the modern, vibrant city it is now.

Sandakan Harbour Square scheme is a great example of private-government joint partnership. This iconic landmark has rejuvenated Sandakan into a thriving commercial hub, complementing this famous ecotourism destination with international class accommodation and shopping facilities. We must not also forget the abundant employment and business opportunities Sandakan Harbour Square brings to Sandakan."

The project is managed by Ireka Development Management Sdn Bhd (a subsidiary of Ireka Corporation Berhad).

For further information:

Notes to Editors:

London-listed Aseana Properties Limited (LSE: ASPL) ("Aseana") 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.