Asia Properties to Acquire Stake in Luxury Villa Development in Phuket, Thailand


BELLINGHAM, Wash., June 20, 2006 (PRIMEZONE) -- Asia Properties, Inc. (Pink Sheets:ASPZ) reported today that it had signed an agreement to purchase 25% of a luxury Balinese style development in Phuket, Thailand.

Asia Properties CEO, Daniel McKinney said, "We are delighted to have the chance to acquire and take part in such an exceptional development in Phuket and look forward to marketing this superb high end project." The company will purchase its interest in the development for restricted shares subject to certain milestones. The number of shares will be disclosed upon the closing of the acquisition. "This acquisition validates our business model of using our valuable shares as currency to build our property asset base," said CEO, McKinney.

Located in the Southern part of Phuket Island near Naiharn beach, the Twin Waters estate is built in an exotic Balinese style with the villas bordered by water features and ponds. The architecture with high ceiling thatched roofs and utilizing imported luxury finishes such as merbau wood, marble and ironwood poolside decking exudes a casual, elegant tropical lifestyle.

Please see: http://www.twinwaters-villa-phuket.com/

McKinney said, "Asia Properties will immediately commence selling these villas via our sales staff in Phuket as well as through exhibitions and broker networks." These villas in an exclusive gated community will be priced at THB 30 million (US $800,000), and will target expats for holiday and investment homes. "This luxury estate will offer exotic high quality villas which will complement our current Baan Naiyang Resort development which sells from US $110,000 to US $250,000," said McKinney. The first villa incorporating exotic materials imported from Bali will be completed by late Q3 this year.

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.

The Asia Properties, Inc. company logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1733

For up to date corporate information about Asia Properties, Inc. contact Daniel McKinney (360) 392-2841 or http://www.asiaprop.com. For property inquiries, contact: Jill Lerlertkul, Phuket Sales Manager. Cell 661-0135136; email: jill@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.



            

Contact Data