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