3rd Jul 2018 10:30
LONDON (Alliance News) - Aseana Properties Ltd said Tuesday it has revised the schedule of its assets disposals in Malaysia and Vietnam due to uncertain market conditions in the countries.
The company is due to dispose of eight assets in the two countries by the first quarter of 2020. It revised the disposal of three assets to third and fourth quarter of 2018 from second quarter.
In Malaysia, the property market remains soft after the new government gained power in May, the company said.
"This [the change in government] represents a watershed moment for Malaysia, having been ruled by the same coalition government since it gained independence in 1957," the company said.
"As a result, in the short term, investors, especially overseas investors, are still adopting a "wait-and-see" approach over the outlook for the property market."
In Vietnam, the company said an environment of uncertainty among Chinese investors was sparked by the anti-China protests in June.
The company added that in June it entered into an agreement to sell a plot of land at International Healthcare Park in Vietnam for around USD6.6 million.
Furthermore, Aseana sold two penthouse units and a plaza unit at the SENI Mont' Kiara in Malaysia for a total consideration of USD3.8 million.
Shares were untraded at USD0.55 each on Tuesday.
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