Asia Properties Inc. CEO Discusses Northbridge Communities and Asian Real Estate

Business Wire, August 13, 1999

SAN DIEGO--(BUSINESS WIRE)--Aug. 13, 1999--

Asia Properties Inc.'s (API) (OTC: BB: ASPZ) President and Chief Executive Officer, Daniel S. McKinney, said in an interview with the Dow Jones Newswire that the company it intends to acquire, Bangkok-based Northbridge Communities Holding Ltd. -- a company that develops schools and gated communities in Asia -- had the only such model that stayed virtually 100 percent full during the recent economic downturn in Asia.

The Company announced in late June that it had signed a letter of intent to acquire Northbridge's commercial property in Thailand and Cambodia, valued at approximately U.S.$20 million. Northbridge develops planned gated communities which includes high quality American international schools located on the property.

Mr. McKinney added during the interview, that once the acquisition of Northbridge is completed, API plans to "replicate the Thailand concept in neighboring countries such as Malaysia and Cambodia."

He said, "Thailand was the first into the economic crises and it's been said they will be the first out of it." Asia Properties is also looking at Cambodia and Malaysia to invest in, noting that condominiums in Penang that fetched $250,000 two years ago are now selling for $50,000. He considers Indonesia the riskiest area.

Asia Properties Inc., San Diego, Calif., invests in institutional quality commercial and residential real estate in Southeast Asian countries for long term capital gain.

This press release contains forward-looking statements related to future events. Shareholders are cautioned that such statements are predictions and that actual events or results may differ significantly.

This release and prior releases are available on the KCSA Public Relations Worldwide website at www.kcsa.com