BELLINGHAM, Wash., Feb. 16, 2006 (PRIMEZONE) -- Asia Properties, Inc. or "API" (Pink Sheets:ASPZ) reported today that the company is nearing the completion of a number of homes in the Phase I section of the Baan Naiyang Resort subdivision in Phuket, Thailand.
The Baan Naiyang Resort subdivision offers five styles of homes, all of which are designed to blend traditional Thai architecture with a contemporary Balinese look. Home sizes vary from 1,582 sq. ft. (147 sq.m.) to 3,337 sq. ft. (310 sq.m.) and land parcels sizes are up to 5,167 sq. ft. (480 sq.m.) with prices starting from US$102,000.00 up to US$249,500.00
Just 10 minutes south of Phuket airport, Baan Naiyang Resort is an international gated community located near the 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 allowed on national forest land, the resort will always retain its natural surroundings.
Daniel McKinney, Asia Properties, CEO said, "We are most pleased with the construction progress on site and expect to complete construction of many of the homes in Phase I over the next few months." As a result of this progress in Phase I, we expect sales in Phase II to accelerate.
Please see pictures (mid January, 2006) of site progress at: http://baannaiyangresort.com/progress_eng.html
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.
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