BELLINGHAM, Wash., Jan. 27, 2005 (PRIMEZONE) -- Asia Properties, Inc. (Pink Sheets:ASPZ) said today it has entered into an agreement to purchase 2 kilometers of beachfront land near the island of Phuket, Thailand.
Asia Properties President, Daniel S. McKinney said, "This is a significant acquisition for Asia Properties. We believe this is a major opportunity to roll out our business plan and enhance value for our shareholders. There is ample room on the land (168 acres) for several resorts and villas for sale, potentially generating revenue streams from villa sales, residual income from maintenance fees, and room rentals. The area was not affected by the recent tsunami that hit Phuket beaches on December 26, 2004."
The company further said that it has signed a Memorandum of Understanding with Simon Landy & Associates to invest in Asia Properties and to develop the Phuket property. Mr. Landy was previously the Managing Director of Cushman Wakefield and manager of the Orchid Fund for Cargill. Mr. Landy is recognized as one the premier real estate players in Thailand.
Asia Properties responded to the recent crisis by sending its CEO, Daniel Mckinney to Phuket to help with relief efforts and to assist Mercy Ministries Foundation establish an orphanage just North of Phuket. www.mmfthailand.org
About Asia Properties, Inc.
Asia Properties, Inc. was established to invest in resorts and prime real estate in Thailand and Southeast Asia. API currently operates as the only U.S. listed vehicle focusing exclusively on S.E. Asian real estate investments, where investors can invest in Thai, and other Asian countries, real estate and hold the investment in the form of a security trading on a U.S. securities market.
For more information about Asian Properties, contact Daniel McKinney (360) 392-2841. Asia Properties' web site is: www.asiaprop.com
Statements contained in this release which are not historical facts may be considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and the current economic environment. We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risk, uncertainties as well as other uncontrollable or unknown factors could cause actual results to materially differ from the results, performance, or expectations expressed or implied by such forward-looking statements.