Asia Properties Acquires Resort Subdivision in Phuket, Thailand


BELLINGHAM, Wash., July 7, 2005 (PRIMEZONE) -- Asia Properties, Inc. (Pink Sheets:ASPZ) reported today it has purchased the majority of a resort sub-division in Phuket, Thailand.

Asia Properties CEO, Daniel McKinney said, "We are thrilled to have acquired such an exceptional asset in Phuket and look forward to marketing this superb resort project." The company purchased the property for 600,000 restricted shares with a sale value exceeding US$3.0 million. The acquisition, which closed on June 29, 2005, includes the majority of Phase II as well as 5 lots from Phase I of Baan Naiyang Resort, a gated sub-division in Northern Phuket.

Please see: www.asiaprop.com/properties.htm

Baan Naiyang Resort, just 10 minutes South of the airport is located near the Pearl Village Hotel and Arahmas Hotel (formerly Pavilion) on Naiyang beach. The site borders a National forest and is framed by a tropical jungle with rolling green hills nearby. As no building or development is permitted on national forest land, the development will always retain its natural splendor. Scenic Naiyang beach is a short 10-minute walk from the development.



 Download the brochure at: www.asiaprop.com/
 (click on Baan Naiyang, pull down menu)

Mckinney said, "Asia Properties will immediately commence selling these homes via our sales staff in Hong Kong as well as through exhibitions and broker networks." These homes in an international gated community priced between US$100,000 to US$171,000 will target expats for holiday and investment homes as well as to foreign residents in Phuket. "This project will produce significant cash flow and earnings for API, said Mckinney."



 Please see Baan Naiying Resort price list:
 www.asiaprop.com/price-list.html

Although Phuket was hit by a tsunami on December 26, 2005, this property being over 800 meters inland from the beach was unaffected.

About Asia Properties, Inc.: Asia Properties, Inc. was established to invest in resorts and prime real estate in Thailand and Southeast Asia. Asia Properties currently operates as the only listed U.S. public company focusing on S.E. Asian real estate investments, where investors can invest in Asian real estate and hold the investment in the form of a security trading on a U.S. securities market.

Statements, which are not historical facts, are forward-looking statements. The Company, through its management makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors which could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.

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