Aseana Properties

What Aseana Properties does

Aseana Properties Limited is a publicly listed property development company on the Main Market of the London Stock Exchange (ticker: ASPL), incorporated in Jersey with operational representative offices in Kuala Lumpur and Ho Chi Minh City. The firm was established in 2007 to pursue acquisition, development, and redevelopment of upscale residential, commercial, and hospitality projects in Vietnam and Malaysia, targeting capital appreciation for shareholders. Its two known assets are the Aloft Kuala Lumpur Sentral hotel (FIABCI World Prix d'Excellence 2015 Gold Winner, Hotel Category) and a 17.29-hectare seafront resort and residential land parcel in Malaysia.

The company's revenue model is project-based: it acquires land, develops or redevelops upscale property, and sells completed units to investors and end-users in Vietnam and Malaysia. Distribution is via direct property sales combined with investor relations communications through LSE regulatory announcements, quarterly investor updates, and press coverage. The company is currently in its divestment phase, monetising remaining holdings rather than launching new developments. As at 31 December 2023, NAV stood at US$63.39 million against 212,025,002 total shares, with substantial shareholders including Ireka Corporation Berhad (23.07%), Legacy Essence Limited (18.43%), LIM Advisors (13.41%), SIX SIS (9.24%), Progressive Capital Partners (7.24%), Dr. Thong Kok Cheng (6.43%), and Credit Suisse (6.05%).

Operationally the firm is small, with 251–500 employees and a lean office footprint focused on Jersey (registered office and company secretarial), Kuala Lumpur (regional HQ), and Ho Chi Minh City (resident representative office). Corporate services are provided by ICECAP (Secretaries) Limited and Apex Financial Services (Secretaries) Limited in Jersey, with Grant Thornton UK LLP acting as financial advisor in London. Financing activity during the wind-down has been defensive, exemplified by a USD 1 million directors' loan in March 2024 and a proposed share buyback in February 2024, indicating capital return rather than reinvestment.

Name

Aseana Properties

Legal name

Aseana Properties Limited

Website

https://aseanaproperties.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

251–500 employees

Short description

Aseana Properties Limited is a Jersey-incorporated, London-listed property development company (LSE: ASPL) currently in divestment, monetising upscale residential, commercial, and hospitality assets in Vietnam and Malaysia to return capital to shareholders.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Others

Revenue model

1. Property Development and Sales: Revenue generated through the acquisition, development and redevelopment of upscale residential, commercial and hospitality projects in Vietnam and Malaysia. The company is currently in its divestment phase, selling developed properties to generate returns for shareholders.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Aseana Properties Limited is a property development company that invests in the acquisition, development, and redevelopment of upscale residential, commercial, and hospitality projects in Vietnam and Malaysia. Listed on the London Stock Exchange Main Market since April 2007, the company is currently in a divestment phase, selling developed properties to generate attractive capital appreciation returns for its shareholders.

Product overview

Aseana Properties is a property development company that operates as a single unified offering focused on real estate investment, development, and redevelopment in Vietnam and Malaysia. The company is currently in its divestment phase, pursuing capital appreciation through upscaleresidential, commercial, and hospitality projects. The portfolio includes the Seafront Resort & Residential Development (17.29 hectares seaside land in Malaysia) and Aloft Kuala Lumpur Sentral hotel (awarded FIABCI World Prix d'Excellence 2015).

Differentiator

Problem solved

Functional benefit

Products and services

• Seafront Resort & Residential Development Seafront resort and residential development comprising one plot of land totalling 17.29 hectares located at the seaside in Malaysia, representing Aseana's remaining existing land asset intended for divestment.
• Aloft Kuala Lumpur Sentral A hotel property developed in Kuala Lumpur, Malaysia that received the FIABCI World Prix d'Excellence Awards 2015 World Gold Winner in the Hotel Category, representing Aseana's hospitality portfolio asset.
• Upscale Property Development and Divestment Programme (Vietnam and Malaysia) Aseana's investment programme providing shareholders with capital appreciation through the acquisition, development, and redevelopment of upscale residential, commercial, and hospitality projects in Vietnam and Malaysia, now in its divestment phase to generate attractive shareholder returns.

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered support.

• ICECAP (Secretaries) LimitedsupportOthersProvides company secretarial services and registered office facilities in Jersey, Channel Islands.
• Apex Financial Services (Secretaries) LimitedsupportOthersProvides company secretarial services in Jersey, Channel Islands.
• Grant Thornton UK LLPsupportOthersFinancial advisor to Aseana Properties Limited, located at 30 Finsbury Square, London EC2A 1AG, United Kingdom.

Scale indicators5 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Ireka Corporation Berhad: Malaysian construction and property development company that was a major shareholder (23.07%) and longstanding development partner of Aseana before its July 2020 demerger. Operates in the same upscale residential, commercial and hospitality segments in Malaysia, making it the most directly comparable peer.
• Vinhomes Joint Stock Company: Vietnam's largest listed residential property developer. Operates in the same Vietnamese upscale residential market that Aseana targets, with a comparable business model of acquiring land and developing branded residential and mixed-use projects for capital appreciation.

Regional players

• Novaland: Major Vietnamese residential property developer with a portfolio of mid- to upscale apartment and township projects. Comparable to Aseana's Vietnamese operations in target customer and product type, though with a much larger active development pipeline.
• Mah Sing Group: Malaysian developer with residential projects in Malaysia and a growing footprint in Vietnam. Comparable to Aseana's dual Malaysia-Vietnam exposure, particularly its Vietnamese residential developments aimed at similar end-buyer segments.

Broad incumbents

• Eco World Development Group: Malaysian upscale residential and commercial property developer with projects across Malaysia and a foothold in the UK. Comparable in target segment (upscale residential) and Malaysian geography, though larger in scale and more diversified geographically.
• Gamuda Land: Property arm of Gamuda Berhad, developing upscale townships and residential projects primarily in Malaysia and Vietnam. Comparable in targeting upscale residential buyers in both of Aseana's core geographies, though with larger ongoing development activity.
• SP Setia Berhad: Major Malaysian property developer focused on upscale residential townships, commercial and mixed-use developments. Directly comparable to Aseana's Malaysia upscale residential strategy, but with a much larger and broader portfolio of active developments.
• IOI Properties Group: Malaysian property developer with significant upscale residential, commercial and hospitality assets including IOI Resort City. Comparable business model focused on capital appreciation through Malaysian property development, with greater scale and an active ongoing development pipeline.
• Sunway Berhad: Large Malaysian conglomerate with significant property development operations across residential, commercial, hospitality and integrated townships. Comparable as a Malaysian upscale property developer with diversified project types, though it is considerably larger and more diversified than Aseana.
• UEM Sunrise Berhad: One of Malaysia's largest property developers, with flagship upscale projects such as Iskandar Puteri and Mont Kiara. Comparable in the upscale Malaysian residential and mixed-use segment, though with much larger landbank and ongoing development operations versus Aseana's divestment phase.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat2 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aseana Properties