BELLINGHAM, Wash. and HONG KONG, Dec. 10, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. (Pink Sheets:ASPZ) reported today it has closed on the 1st phase of prime beach front land acquisition in Camarines Norte, Philippines.
Asia Properties CEO Daniel McKinney said, "We are elated about obtaining this spectacular beach resort development site in the Philippines and will be closing on the other remaining areas on the island with our extended exclusive option, until the end of 2008. API looks forward to its future in the Philippines, and with the completion of this first step, achieving our ambitions of launching this new beach resort destination." The company's local entity is leasing the beachfront land for fifty years for an undisclosed amount in cash. The land will convert to freehold as soon as it can be title and transferred. The cash came from internal sources and there is no debt attached to the property.
Please see pictures at: http://asiaprop.com/images/tinaga.jpg
McKinney also stated that, "This is our most important deal to date and the first for Asia Properties in the Philippines. We are currently working to acquire or lease the remaining part of the island adjoining this first land acquisition. We consider Camarines Norte one of the most picturesque and scenic beach areas in Asia. API's goal is to develop numerous 4, 5 and 6 star resorts with such international hotel brands as Hyatt, Starwood and Movenpick already expressing keen interest in managing the resorts."
About Asia Properties, Inc.: Asia Properties, Inc. was established to develop resorts and prime real estate in Southeast Asia. Asia Properties currently operates as the only listed U.S. public company focusing on S.E. Asian real estate investments. API is a Nevada corporation and trades on the Pink Sheets under the symbol "ASPZ." There are currently 39,115,112 fully diluted shares consisting of 16,672,740 free trading and 22,357,376 restricted. The transfer agent is Computershare, Inc. of Golden, Colorado.
For up to date corporate information about Asia Properties, Inc. contact Daniel McKinney, email: dmckinney@asiaprop.com or (http://www.asiaprop.com). For Investor Relations, call Dennis Burns. Tel 567-237-4132 email: denny@nvestrain.com www.nvestrain.com
The Asia Properties, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=1733
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.