Aseana Properties Ltd on Friday said that it has agreed to sell a number of its unsold residences in Kuala Lumpur.

Aseana Properties is a property developer in Malaysia and Vietnam.

The company has entered into a conditional agreement to sell 32 unsold residences, and will shortly enter into conditional agreements to sell the remaining 25 unsold residences at The RuMa Hotel & Residences in Kuala Lumpur.

The net proceeds for the sale are expected to be MYR72 million, around $16 million, and is subject to final due diligence by the buyer and receipt of government approval for the sale to a foreign investor.

It is expected that the transaction will complete within six months, whereupon Aseana will make a further announcement.

Aseana Properties shares were trading 2.2% higher at $0.12 in London on Friday afternoon.

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