BELLINGHAM, Wash., Jan. 11, 2006 (PRIMEZONE) -- Asia Properties, Inc. or "API" (Pink Sheets:ASPZ) announced today that based upon strong indications of interest in advance of its sales event in Hong Kong in mid-February, that it expects record sales of its homes in Baan Naiyang Resort, a resort sub-division in Phuket, Thailand.
"Recently, we have experienced extraordinary interest in our homes in Phuket," said Asia Properties CEO, Daniel McKinney. "Traffic to the Phuket property has been at very high levels, and strong indications of interest from prospective buyers leads us to believe that we could sell out the entire Phase I of the project in February. The combination of a strong demand, along with a significant increase in tourism has positioned the Company for record growth in 2006."
The Company expects revenue of approximately $10 million and net income of approximately $3 million, or $0.30 per share for fiscal 2006.
The Company will be holding an exhibition of its Baan Nai Yang Resort homes in Hong Kong from February 11-12th 2006. See the brochure at: http://www.asiaprop.com/ (click on Baan Naiyang, pull down menu).
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.
For up to date corporate information about Asia Properties, Inc. contact Daniel McKinney at (360) 392-2841 or http://www.asiaprop.com), or Charlotte Filleul, Phuket Sales Manager, CB Richard Ellis Thailand (http://www.cbre.co.th) at 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