Aseana Properties has completed its second deal since listing on the main list of the London Stock Exchange in April.
The Asian property developer which operates in Malaysia and Vietnam has invested $65.5m (£33m) in the Seni Mont’ Kiara residential development in Kuala Lumpur, Malaysia
The project comprises 605 condominiums within two 46-storey blocks and two 16-storey blocks. The development value of the project is around $286m (£145m).
It bought the development from Legacy Essence and will pay $39.1m (£19.8m) in Aseana shares and $26.4m (£13.4m) in cash from existing funds.
Ireka Development Management, a wholly owned subsidiary of Ireka Corporation Berhad which is listed on Bursa Malaysia, will manage the development of the project.
In its first deal in May Aseana bought four residential and commercial properties at various stages of development from Ireka Corporation Berhad for $63.4m (£32m). Three of the projects are in Kuala Lumpur and one is in Sabah in eastern Malaysia.
Following the deals Aseana has invested $40.9m (£20.7m) of the $162m (£82m) raised at flotation and said it is on track to invest the remainder of the funds by April 2008.
Dato’ Mohammed Azlan bin Hashim, chairman of Aseana Properties, said: ‘Seni Mont Kiara is the final development making up the initial property portfolio that we highlighted at the time of our flotation…These properties are representative of the type of developments we are targeting and provide a solid foundation from which to roll out our investment strategy in Malaysia and Vietnam.’