Last checked at 30 Nov 2018 07:00
30 November 2018
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 nine month period to 30 September 2018, a copy of which can be obtained from Aseana's website at: http://www.aseanaproperties.com/quarterly.htm
Highlights:
· The final unit of SENI Mont' Kiara ("SENI") was sold and the sale and purchase agreement was signed on 26 September 2018.
· The RuMa Hotel and Residences ("The RuMa") received its Certificate of Completion and Compliance ("CCC") on 28 September 2018 and handover of the hotel suites and service residences to their purchasers is in progress. The RuMa has achieved approx. 57% sales based on sale and purchase agreements signed.
· The Harbour Mall Sandakan ("HMS") is approx. 78% leased to date.
· Four Points by Sheraton Sandakan Hotel ("FPSS") recorded an average occupancy rate of approx. 35% for the period to 30 September 2018 and 40% to date.
· As a result of the adoption of International Accounting Standard IFRS 15 Revenue from Contracts with Customers by the Group, the NAV of the Company as at 30 September 2018 is US$144.23 million (US$0.726 per share) as compared to US$127.36 million (US$0.641 per share) based on the previous accounting standard.
Update on Progress of the Divestment of Portfolio
On 3 July 2018, the Manager announced that discussions with a China-based buyer was ongoing for the disposal of the Seafront Resort and Residential Development. However, due to a change in Malaysian macro-economic conditions subsequent to the General Election, discussions with the China-based buyer have been terminated. The Manager is currently in discussions with several other interested parties.
On the divestment progress of City International Hospital, the Manager is currently in advanced negotiations with a Vietnam-based healthcare group for the divestment of CIH.
Change in Accounting Policy of the Group
Aseana Properties Limited ("the Group") adopted the International Accounting Standard IFRS 15 Revenue from Contracts with Customers with a date of initial application of 1 January 2018. As a result, the Group changed its accounting policy for revenue recognition. The Group applied IFRS 15 by recognizing the cumulative effect of initially applying IFRS 15 as an adjustment to the opening balance of equity as at 1 January 2017. Adjustments to revenue are made for property development activities of serviced residences for The RuMa, where no revenue was previously recognized under the IFRIC 15 - Agreements for Construction of Real Estate, which prescribes that revenue be recognized only when the properties are completed and occupancy permits are issued. As a result of the adoption of IFRS 15, the NAV of the Company as at 30 September 2018 is US$144.23 million as compared to US$127.36 million based on the previous accounting standard.
For further information:
Aseana Properties Limited | Tel: 00 603 6411 6388 | |
Chan Chee Kian | Email: cheekian.chan@ireka.com.my | |
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N+1 Singer | Tel: 020 7496 3000 | |
James Maxwell / James Moat (Corporate Finance) Sam Greatrex (Sales) | ||
Tavistock | Tel: 020 7920 3150 | |
Jeremy Carey / Kirsty Allan | Email: jeremy.carey@tavistock.co.uk | |
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 51 years' experience in construction and property development. IDM is responsible for the day-to-day management of Aseana's property portfolio and the divestment of existing properties.