Aseana Prop Ltd ASPL Opening of hotel and mall development

  Aseana Prop Ltd (ASPL) - Opening of hotel and mall development

RNS Number : 3651P
Aseana Properties Limited
24 October 2012

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 
13^th floor overlooking the scenic Sandakan Bay.

Harbour Mall Sandakan, the integrated  retail hub, incorporates 200,000 sq  ft 
of retail space acrossfive 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:

Aseana Properties Limited                    Tel: +603 6411 6388
Chan Chee Kian                               Email:

Murphy Richards Capital LLP                  Tel: 020 3214 9934
Paul Richards / Rachel Rees                  Email:
Singer Capital Markets Limited               Tel: 020 3205 7500
James Maxwell (Corporate Finance) /Sam
Greatrex (Sales)
Tavistock Communications                     Tel: 020 7920 3150
Jeremy Carey / James Verstringhe             Email:

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.

                     This information is provided by RNS
           The company news service from the London Stock Exchange


NRABKNDQPBDDAKB -0- Oct/24/2012 06:00 GMT
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