Aseana Interim Results update

Date:                    28 August 2008

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

     For immediate Release

Aseana Properties Limited

NAV / RNAV update

Pursuant to the release of its interim results earlier today, Aseana Properties Limited (LSE: ASPL), a leading Asian property developer on the Official List of the London Stock Exchange, announces that the NAV and RNAV per share, as at 30 June 2008, were US$0.947 and US$1.129 respectively.

Enquiries:

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 typically invests in development projects at the pre-construction stage, with a primary focus on locations within the major cities of Malaysia and Vietnam.  

• 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.

• No one underlying single asset will account for more than 30% of the gross assets of the Company at the time of investment.

• The Directors believe the following factors should provide sustainable growth in the real estate sectors of both Malaysia and Vietnam:

• • An increasing standard of living and urbanisation driven by a burgeoning young and middle class population

  • Clear Government role in encouraging participation of private sectors in real estate development, as well as encouraging and promoting land and property ownership

  • Improving availability of mortgages to encourage property ownership

  • Favoured Foreign Direct Investment (FDI) destinations driving demand for commercial and industrial properties

ENDMSCILFLITDITFIT