Aseana Properties Limited
What we found
By February 2026 the company reported that all remaining residential units at The RuMa Residences, its Kuala Lumpur hotel and residences project, had been sold, with sale and purchase agreements executed on the last 16 units and two more pending payment.
The company began High Court proceedings in Kuala Lumpur against four former directors, a spouse of one of them and a related investment vehicle, disputing a claimed divestment fee of 1.1% of the divestment's gross proceeds, USD 1 million in loans at 15% interest a year and charges over 30 units in its hotel, and obtained an undertaking that no foreclosure would begin pending the injunction application.
The evidence
Delivery
PositiveAseana Properties Limited completed Phase I of Sandakan Harbour Square (61 shop units) and handed it over to buyers in 2008; Phase II (68 shop units) was expected to be completed in Q1 2009.
2 more findings
Tiffani by i-ZEN in Mont Kiara is described as a completed luxury condominium project wholly owned by Aseana Properties Limited, with 96% of its 399 residential units sold under signed sale and purchase agreements as at 31 March 2012; Ireka Development Management Sdn Bhd, a subsidiary of Ireka Corporation Berhad, acted as exclusive development manager for Aseana rather than as the owning developer entity, and a separate company, Ireka Land Sdn Bhd, is named as developer of the earlier 1 Mont' Kiara by i-ZEN, so evidence about the Ireka listed group is not automatically evidence about the entity that developed a given Mont Kiara project.
Aseana Properties Limited completed construction of The RuMa Hotel and Residences and obtained the Certificate of Completion and Compliance (CCC) on 28 September 2018.
Regulatory and legal
NegativeA consent order in the Kuala Lumpur High Court case bars the former director Helen Wong, Jenny Lee and RSMC from enforcing charges or starting foreclosure on 30 RuMa hotel units owned by Urban DNA while the suit is pending.
2 more findings
The Financial Conduct Authority restored Aseana's shares to the Official List from 29 May 2025, ending the suspension over the late accounts.
Aseana could not publish its FY2024 accounts by the 30 April 2025 regulatory deadline. It blamed the time spent locating records after 'no handover from the previous Board and management teams', and asked for its shares to be temporarily suspended from 1 May 2025.
Corporate continuity
NegativeA subsidiary filed a RM109.8 million lawsuit in October 2025 over a 2009 joint-venture agreement for The RuMa project, settled in January 2026 with the former joint-venture partner transferring its 30% stake in the project back to the company and returning shares equal to a 19.55% holding, cutting its own stake in the company from 23.07% to 3.52%.
2 more findings
In January 2024 the company agreed, subject to shareholder and Malaysian court approval, to settle a dispute over unpaid debts owed by its former development manager's parent company by having 38.8 million of its own shares, about 19.55% of the company, transferred back to it along with a 30% joint-venture stake in the companies owning The RuMa Hotel & Residences.
A June 2023 deal to sell the Sandakan assets for RM165 million fell through. ICSD Ventures went into receivership after missing a final repayment date of 8 December 2023, and new money was needed to stop foreclosure proceedings by the receivers.
Independent recognition
PositiveSENI Mont' Kiara won the FIABCI Malaysia Property Award 2013 in the Residential (High Rise) category, awarded by the International Real Estate Federation.
One more finding
Seni Mont' Kiara, developed and wholly owned by Aseana Properties, won the FIABCI Malaysia Property Award 2013 in the residential high-rise category; Ireka's development-management subsidiary was not the owning developer.
