BELLINGHAM, Wash., Aug. 22, 2005 (PRIMEZONE) -- Asia Properties, Inc. or "API" (Pink Sheets:ASPZ) reported today it has purchased the balance of Phase II of Baan Naiyang Resort, a resort sub-division in Phuket, Thailand.
The company purchased the property for 45,000 restricted shares with a sale value exceeding US$600,000. The acquisition, which closed on August 22, 2005, includes the balance of Phase II (4 lots) of Baan Naiyang Resort, a gated sub-division in Northern Phuket.
"API is pleased to have acquired the balance of Phase II and to consolidate our holdings of this excellent asset in Phuket," said Asia Properties CEO Daniel McKinney. "We expect strong sales of these lots starting in September."
The homes, in an international gated community, are priced between US$100,000 to US$171,000 and the Company will target expats for holiday and investment homes as well as foreign residents in Phuket. "This project will produce significant cash flow and earnings for API and we intend to continue to acquire further property around this rapidly developing area. The company is presently negotiating several other significant acquisitions and hopes to have these finalized soon," said McKinney.
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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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