Share buy-back programme

28 December 2011

Aseana Properties Limited

("Aseana" or "the Company")

Initiation of a Share buy-back programme

Aseana Properties Limited (LSE: ASPL), a property developer investing in Malaysia and Vietnam, listed on the Main Market of the London Stock Exchange, announces that with effect from today and at its sole discretion, it intends to commence a limited share buy-back programme, as the Board of Directors ("the Board") considers that the current share price is trading at a significant discount to the net asset value of the Company. The Board believes a buy-back of up to 500,000 ordinary shares is an appropriate use of its cash.

The buy-back programme will be conducted in accordance with the resolution passed at the last Annual General Meeting on 14 June 2011, providing the Company a general authorisation to make purchases of up to 31,857,000 ordinary shares, representing approximately 14.99% of the Company's issued share capital.

The timing and quantum of any purchases will be determined by Aseana in accordance with the Listing Rules of the UK Listing Authority and with regard to the prevailing market conditions and any other relevant considerations, and in line with the Market Abuse Directive, the Company may from time to time purchase in excess of 25 per cent of the average daily volume, but not in excess of 50 per cent. Any shares purchased will be held in treasury or cancelled.

-Ends-

For further information:

Aseana Properties Limited Tel: +603 6411 6388

Tan May Lee Email: maylee.tan@ireka.com.my

Panmure Gordon (UK) Limited Tel: 020 7459 3600

Richard Gray / Andrew Potts Email: andrew.potts@panmure.com

/ Brett Jacobs

Tavistock Communications Tel: 020 7920 3150

Jeremy Carey / James Verstringhe Email: jcarey@tavistock.co.uk

Notes to Editors:

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

Aseana typically invests in development projects at pre-construction stage. Investment is 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.

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 40 years 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.