BELLINGHAM, Wash., March 6, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. or "API" (Pink Sheets:ASPZ) reported today that the ownership titles to an additional nine homes in the Phase I section of the Baan Naiyang Resort, have recently been transferred to the buyers in Phuket, Thailand. This brings to a total of 14 homes transferred to buyers since the beginning of this year.
Daniel McKinney, Asia Properties, CEO said, "We are delighted with the recent progress on Phase 1 this quarter, with many owners moving in and taking possession of their homes. We expect the developer to complete construction and transfer of many more of the homes in Phase I, very soon."
The company also reported that it has signed private placements for restricted shares for $55,000 at $1.00 per share with a warrants exercisable at $1.50 per share. CEO McKinney said, "API is not in need to raise much funding in our current situation, thus minimizing shareholder dilution."
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$112,000.00 up to US$260,000.00
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.
Please see pictures (mid January, 2007) of site progress at: http://baannaiyangresort.com/progress.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 (360) 392-2841 or (http://www.asiaprop.com) For property inquiries contact: Jill Lerlertkul, Phuket Sales Manager. Cell +6681-0135136 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.
The Asia Properties, Inc. company logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=1733