BELLINGHAM, Wash., Sept. 1, 2005 (PRIMEZONE) -- Asia Properties, Inc. (Pink Sheets:ASPZ) announced today that it has purchased the entire Phase Three of Baan Naiyang Resort, a resort subdivision in Phuket, Thailand. Phase Three of Baan Naiyang Resort is directly across the street from Phases One and Two and comprises 30 home plots. See Baan Naiyang Resort site map at: http://www.asiaprop.com/site-map.html.
"We are delighted to have acquired the last phase of the Baan Naiyang Resort," said Asia Properties CEO, Daniel McKinney. "As a result of the rising price of our stock, we have found that there is significant interest among land holders to sell their properties to us. The Company intends to continue aggressively acquiring Phuket real estate assets using restricted common stock."
The Company purchased the property for 350,000 restricted shares for the 30 plots with a sale value exceeding US$2.5 million. API has now consolidated control of the three phases of Baan Naiyang Resort, a gated subdivision in northern Phuket. Download the brochure at: www.asiaprop.com/. (Click on Baan Naiyang, pull down menu.)
Asia Properties will be joining an exhibition organized by CB Richard Ellis in London, UK from September 23-25 and in Stockholm, Sweden from October 1-2. These homes, in an international gated community, are priced between US$100,000 to US$171,000 and will target expatriates for holiday and investment homes, as well as foreign residents in Phuket. "We are encouraged by the response so far and buyer interest with upcoming appointments to view the property," said Mckinney.
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 Southeast 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.
For up-to-date corporate information about Asia Properties, Inc. contact Daniel McKinney (360) 392-2841, or http://www.asiaprop.com), or Ed Lewis, CEOcast, Inc. for Asia Properties at (212) 732-4300. For property sales, contact Charlotte Filleul, Phuket sales manager, CB Richard Ellis Thailand. http://www.cbre.co.th; Tel. 66 76 239 967-9; fax: 66 76 239 970; cell: (661) 597-7137.
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.
The Asia Properties, Inc. company logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=1733.