BELLINGHAM, Wash., Aug. 3, 2005 (PRIMEZONE) -- Asia Properties, Inc. (Pink Sheets:ASPZ) reported today it has signed an agreement to acquire a one-half interest in 10.5 rai (approximately 4.7 acres) of land adjoining Baan Naiyang Resort, a subdivision in Phuket, Thailand.
Asia Properties CEO Daniel McKinney said, "We are continuing to acquire and expand our investment in this superb resort project." The company is purchasing the raw land in a 50/50 joint venture with the developer for US $140,000 with an eventual sales value, including homes, exceeding US $6.0 million. The company expects to achieve a plot usage of 75 percent, yielding approximately 30 lots for this phase. The acquisition is expected to close by December of this year and the company will fund the acquisition from cash. This fourth phase of Baan Naiyang will comprise homes in the US $200,000 to US $250,000 range.
Please see: www.asiaprop.com/properties.htm.
Mr. McKinney said, "Asia Properties will be gearing up for a major sales push during the upcoming tourist high season in Phuket from November 2005 to March 2006. The company announced the signing of an agency agreement with the property firm CB Richard Ellis on July 22, 2005, and will be participating in a European road show to promote sales of Baan Naiyang Resort in London and Stockholm starting in late September of this year. The company also plans a marketing exhibition in Hong Kong in mid-September.
Download the brochure at: 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 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.
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, 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.