BELLINGHAM, Wash., March 13, 2006 (PRIMEZONE) -- Asia Properties, Inc. or "API" (Pink Sheets:ASPZ) reported today that the Company's JV partner is in the process acquiring an additional 17 rai (7.7 acres) adjoining the Phase III section of the Baan Naiyang Resort, subdivision in Phuket, Thailand.
This additional 17 rai purchase will more than double API's involvement in Baan Naiyang Resort. "We plan on developing this phase into fully furnished homes with splash pools on land parcel sizes of up to 6,500 sq. ft. (600 sq. m.). We anticipate selling prices to start from US$350,000 up to US$500,000 per unit," said API's CEO, Daniel Mckinney. API's JV partner has recently paid the deposit for the land and the acquisition is expected to close by this Summer.
The Naiyang beach district is going upscale with the recent announcement of the US$20 million redevelopment of the Pearl Village Resort from a four-star to five-star resort. Another 150-room, five-star hotel nearby on Naiyang Beach is under construction and should be completed by 2007.
Just ten minutes south of Phuket airport, Baan Naiyang Resort is an international gated community located near the Naiyang beach. The development site is bordered by Sirinat National Forest and is nearby to rolling green hills. As no building or development is allowed on national forest land, the resort will always retain its natural surroundings.
On a recent trip to Phuket, Daniel Mckinney, Asia Properties CEO, comments on construction site progress. "We are pleased with the continuing construction progress on Phase I and expect to complete work on many of the homes over the next few months." As a result of the progress in Phase I, home sales in Phase II are expected to accelerate.
Please see updated pictures (March, 2006) of site progress at:
http://www.asiaprop.com/gallery.htm.
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).
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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