ASIA PROPERTIES RELEASES MOU TERMS FOR MACAU CASINO

HONG KONG and BELLINGHAM, WASHINGTON --- November 24, 2009 — Asia Properties, Inc. (API) (OTC: ASPZ) announced today the terms in which it signed a Memorandum of Understanding “MOU” on November 17, 2009, to acquire 50.13% of Sing Hou VIP Club (“Sing Hou”).

The casino acquisition will be for 164 million newly issued restricted shares valuing the 50.13% at $49 million ($0.30 per share) and is anticipated to close by mid January 2010. The operating results for the last 12 months had a rolling volume of HK$4,772 (US$615) million, a gross win of HK$220 (US$28) million, a net win of HK$99 (US$12.77) million and a net profit of HK$30 (US$3.87) million. Sing Hou is located in Star World Hotel and operates under a VIP Promoter sub-license from Galaxy Entertainment Group. Sing Hou operates VIP baccarat gaming tables and has an aggressive expansion planned for 2010.

Bloomberg quoted Jonathon Galaviz about the recent Sands IPO in Hong Kong as saying “This IPO demonstrates that Asia has the liquidity available for U.S. firms looking to develop leisure assets. A bet on Macau is a bet on the greater Asian economic story, so if you believe in Asia you’ve got to believe in Macau”.

Daniel Mckinney, API’s CEO, commented, “we expect further grown of around 10 percent in the Macau market for 2010 which bodes for this timely entry into the Macau gaming sector.”

About Asia Properties, Inc.: Asia Properties, Inc. was established to develop resorts and prime real estate in Southeast Asia. API is a Nevada corporation and trades on the Pink Sheets under the symbol "ASPZ." There are currently 35,474,362 fully diluted shares consisting of 11,965,626 restricted and 23,508,736 free trading. The transfer agent is Transfer Online, Inc. of Portland, Oregon.

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 419-951-4842 email: denny@nvestrain.com www.nvestrain.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.