Document:

Exhibit 10.8

                        SHARE PURCHASE AND SALE AGREEMENT

     This  Share  Purchase  and Sale Agreement (the "Agreement") is entered into
this  ___  day  of  February,  2000  by  and  between:

-    ASIA PROPERTIES,  INC., a company  incorporated under the laws of the State
     of Nevada,  who  registered  address is 1954  Windfall  Avenue,  Henderson,
     Nevada, and ASIA PROPERTIES INVESTMENTS, INC., a company incorporated under
     the  laws of the  British  Virgin  Islands,  whose  registered  address  is
     Simmonds  Building,  Wickhams  Cay 1, P.O.  Box 961,  Road  Town,  Tortola,
     British Virgin Islands (collectively referred to herein as "API");

-    ASIA PROPERTIES  (THAILAND) LIMITED, a company  incorporated under the laws
     of Thailand whose  registered  office is 86/14 Soi Sukhumvit 31,  Sukhumvit
     Road, Kwaeng North Klongton, Khet Wattana, Bangkok ("API(T)");

-    DANIEL S. MCKINNEY,  an individual,  whose correspondence  address is 13976
     Marine Drive,  White Rock,  British Columbia,  Canada V4B 1A5; NICHOLAS ST.
     JOHNSTON,  an individual,  whose  residence  address is 86/14 Sukhumvit 31,
     Bangkok 10110 Thailand; LIM GAIK-IM, an individual, whose residence address
     is 13976  Marine  Drive,  White  Rock,  British  Columbia,  Canada V4B 1A5;
     CRESTVIEW ASSOCIATES LIMITED, a company incorporated under the laws of Hong
     Kong;  ("Crestview") and MILLIARD LIMITED, a company incorporated under the
     laws of the British Virgin Islands ("Milliard")  (hereinafter  collectively
     referred to as the "API Majority Shareholders");

-    NORTHBRIDGE  COMMUNITIES LIMITED, a Thai limited company,  whose registered
     address is 7th Floor,  TISCO Tower,  48 North Sathorn  Road,  Bangkok 10500
     Thailand ("NCL"); and

-    THE  SHAREHOLDERS  OF NORTHBRIDGE  COMMUNITIES  LIMITED,  a current list of
     which is attached hereto as Schedule "A" (the shareholders and each of them
     are hereinafter collectively referred to as the "NCL Shareholders").

     (The  above parties shall hereinafter be collectively referred to herein as
     the "Parties"  or  "Party"  where  in  the  singular).

                                    RECITALS

WHEREAS:

     1.     API  wishes  to  acquire  399,999,990 of the  issued and outstanding
     shares  of  NCL  as  set  forth  in  Schedule  "A".

     2.     Those  399,999,990  shares of NCL shall be referred to herein as the
     "Acquired  Share  Capital".

<PAGE>
     3.     The  "Listing  Requirement"  shall  mean  the  acceptance  of  API's
     application for  listing  on  the  American  Stock  Exchange  ("AMEX").

     4.     In  furtherance  of  the  acquisition  by  API of the Acquired Share
     Capital, the respective Boards of  Directors  and  Shareholders  of API and
     NCL, where  required, shall have approved this Agreement as set forth below
     on the terms and subject to the conditions set forth in  this  Agreement.

     5.     API,  API(T)  and  NCL  desire  to  make  certain  representations,
     warranties,  covenants  and  agreements in connection with the transactions
     contemplated  hereby and  also  to  set  forth  various  conditions  to the
     transactions contemplated hereby.

     NOW  THEREFORE,  in  consideration  of  the  representations,  warranties,
covenants,  conditions  and  agreements  set  forth  herein, and intending to be
legally  bound  hereby,  the  Parties  hereto  agree  as  follows:

                                    ARTICLE I

                               THE SHARE EXCHANGE

Section  1.1     The  Share  Exchange.
                 --------------------

          (1)     Upon the terms and subject to the conditions set forth in this
Agreement,  the  NCL  Shareholders shall sell or cause to be sold to API and API
shall  purchase  all of the Acquired Share Capital in exchange for shares of the
$.01  par value common stock of API ("Share Exchange") with an assigned value of
$4.40  per  share  ("API  Shares").

          (2)     The  number of API Shares is implicitly based on the net value
of  the  Acquired  Share  Capital  as  determined  by  a  valuation by Cushman &
Wakefield  (Thailand)  Limited (the "Asset Valuation"), with a date of valuation
within  twelve (12) months prior to the date of the execution of this Agreement.
Said  Asset  Valuation  takes  into  account the proportion of the shares in the
Subject  Companies  owned  by NCL.  The Asset Valuation is set forth in Schedule
1.1(2).

          (3)     The  number  of  API  Shares  to  be  conveyed  to  the  NCL
Shareholders  in  exchange  for  the Acquired Share Capital shall be 4.6 million
(4,600,000)  (the  "Share  Consideration")  and shall be allocated among the NCL
Shareholders  in proportion to their respective shareholding interests in NCL as
per  Schedule  "A".

Section  1.2     Closing.
                 -------

          (1)     The  closing  of  the  purchase and sale of the Acquired Share
Capital  (the  "Closing")  shall  take place on a date within one hundred eighty
(180) days of the execution of this Agreement (the "Closing Date") at a location
mutually  agreed  to  in writing by the Parties hereto.  The Closing Date may be
further  extended by agreement in writing by both API and NCL. The Parties agree
to  use  all  reasonable  efforts  to  close  the  Share  Exchange  as  soon  as
practicable,  subject  to  Article  V  hereof.

                                        2
<PAGE>
          (2)     On  Closing,  for  the purposes of this Agreement, the company
representing  the  joinder of API and NCL under this Agreement shall be referred
to  herein  as  "New  API".

Section  1.3     Deliveries  at  Closing.
                 -----------------------

          (1)  At  the Closing, the NCL Shareholders shall cause to be delivered
duly endorsed certificates representing the Acquired Share Capital, stock powers
for  such  shares and such other instruments and documents as API may require to
complete  the  transfer  of  the  Acquired  Share  Capital.

          (2)  API  shall  deliver  to  the  NCL Shareholders in accordance with
Section  1.1(3),  the Share Consideration in such form and with such instruments
and  documents  as  required  by  this  Agreement,  its  Schedules or as the NCL
Shareholders  may  reasonably  request.  API  shall  deliver  to  NCL  the items
described in Article V, which have not previously been delivered.  Deliveries of
instruments  and documents by API shall be in a form satisfactory to counsel for
NCL.

          (3) API shall deliver the API Escrow Shares (as defined in Section 2.4
below)  pursuant  to  the  terms  and  conditions  of  Section  2.4.

Section  1.4     Directors.  The  management  directors of API immediately after
                 ---------
the  Closing Date (the "Board of New API") shall be Daniel S. McKinney, Nicholas
St. Johnston, Vorasit Pokachaiyapat and Dr. Robert Brewitt, until the earlier of
their  resignation  or  removal  or  until  their respective successors are duly
elected  and qualified, as the case may be.  Two outside directors (the "Outside
Directors")  will  also be named pursuant to the rules of AMEX, with one Outside
Director  to  be  named  by Daniel S. McKinney and Nicholas St. Johnston and one
Outside  Director  to  be named by Vorasit Pokachaiyapat and Dr. Robert Brewitt.

                                   ARTICLE II

                   ADDITIONAL FUND RAISING, ESCROW AND LISTING

Section  2.1     Additional  Capital.  API  shall endeavor to raise a minimum of
                 -------------------
US$15  million  in  new cash at a price not less than $4.40 per share within 220
days  of  the  date of the execution of this Agreement (the "New Cash Capital").
The  New  Cash  Capital shall be deposited into a new bank account in API's name
(the "New Cash Account"), which bank and branch shall be mutually agreed upon in
writing  by  the  Parties.  Said account shall be controlled by the Board of New
API  as  defined  under  Section  1.4  above.

Section  2.2     API shall be deemed to have raised the New Cash Capital at such
time  within 220 days of the date of execution of this Agreement as the New Cash
Account  shows  a  minimum  balance  of  US$15,000,000.

Section  2.3     All  Parties  to this Agreement acknowledge that the purpose of
raising  the  New  Cash  Capital is to: (i) finance new investments by NCL; (ii)
repay  or  reduce  NCL's  borrowings;  and  (iii)  finance  new projects in Asia
separate  from  those  undertaken  by  NCL.

                                        3
<PAGE>
Section  2.4     Escrow for API Shares.  In the event API is unable to raise the
                 ---------------------
New  Cash  Capital  within  220 days of the execution of this Agreement, the API
Majority  Shareholders  shall relinquish to the NCL Shareholders 3.5 Million API
Shares  owned  by  them  (the "API Escrow Shares").  On the date of execution of
this  Agreement  or  as  soon  as  practicable  thereafter,  the  API  Majority
Shareholders  shall  arrange for the deposit of the API Escrow Shares along with
duly executed stock powers as necessary to transfer the API Escrow Shares to the
NCL  Shareholders  into an escrow account as per NCL's instructions, and subject
to  a  written  escrow agreement (the "API Escrow Agreement") attached hereto as
Schedule  2.4.

          (1)     In  the event API is able to raise the New Cash Capital within
220  days of the date of the execution of this Agreement, said API Escrow Shares
shall  be redelivered to the API Majority Shareholders who deposited the shares.

          (2)     If  API fails to raise the New Cash Capital within 220 days of
the  date  of  the  execution of this Agreement, then one half of the API Escrow
Shares  (1.75  million  API  Shares) shall be immediately distributed to the NCL
Shareholders  without  any further consideration being due, in proportion to the
shareholding  interests  of each NCL Shareholder in NCL as set forth in Schedule
"A".  The remaining 1.75 million of the API Escrow Shares shall remain in escrow
subject  to  the  conditions  set  forth  in  Section  2.5  below.

          (3)     If  API  fails  to  raise the New Cash Capital within 220 days
from  the  date  of  the  execution  of this Agreement, Daniel S. McKinney shall
immediately,  and  without  replacement,  resign  from  the  Board  of  New API.

          (4)     WAIVER  OF LEGAL RIGHTS AND REMEDIES. API AND THE API MAJORITY
                  ------------------------------------
SHAREHOLDERS  HEREBY  WAIVE  ANY  AND  ALL  CLAIMS  OR  ACTIONS  UNDER SECTION 8
HEREINBELOW  TO RESTRAIN OR PREVENT THE DISTRIBUTION OF THE API ESCROW SHARES TO
THE  NCL  SHAREHOLDERS  PURSUANT  TO  SECTIONS  2.4  AND  2.5 OF THIS AGREEMENT.

          (5)     If  API  fails  to  raise the New Cash Capital within 220 days
from the date of the execution of this Agreement, any new cash capital deposited
into  the  New  Cash  Account  before the expiration of the 220 day period in an
amount  less  than  US$15,000,000  shall  become  the  sole property of New API.

Section  2.5     Partial Clawback of Shares.  If API fails to raise the New Cash
                 --------------------------
Capital  within 220 days from the date of the execution of this Agreement, for a
period  from  220 days until one (1) year from the date of the execution of this
Agreement  (the "Discretionary Period"), subject to approval of the Board of New
API  (such  approval  not to be unreasonably withheld), API shall be entitled to
continue its efforts to raise new cash capital, the conditions of which shall be
determined  in  the  reasonable sole discretion of the Board of New API.  At the
sole  discretion  of the Board of New API, the API Majority Shareholders who had
deposited  their  shares in escrow pursuant to Clause 2.5 shall be entitled to a
clawback of their proportional interest in the remaining 1.75 million API Escrow
Shares  on  monies  raised  during  that  Discretionary  Period  pursuant to the
following  formula:

                 Cash Capital Raised ($)  x  1.75 million Shares
                 ----------------------
                     $15  Million

                                        4
<PAGE>
After  one (1) year from the date of execution of this Agreement, any API Escrow
Shares not redelivered to the API Majority Shareholders under this Section shall
be  immediately  distributed  to  the  NCL  Shareholders,  without  any  further
consideration being due, in proportion to the shareholding interests of each NCL
Shareholder  as  set  forth  in  Schedule  "A".

Section  2.6     Listing  Requirement.  If  New API fails to list on AMEX or any
                 --------------------
other market approved by the New API Board or within nine (9) months of the date
of  the  execution  of this Agreement, Daniel S. McKinney shall immediately, and
without  replacement,  resign  from  the Board of New API.  For the avoidance of
doubt,  New  API  must list on AMEX and API's current OTC listing on NASDAQ does
not  satisfy  this  Listing  Requirement.

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

Section  3.1     Representations and Warranties of NCL.  NCL hereby acknowledges
                 -------------------------------------
and agrees that API is relying upon the following representations and warranties
in  connection  with  the  purchase  of  the  Acquired  Share  Capital.

          (1)     Organization  and  Standing.  NCL  is  a  corporation  duly
                  ---------------------------
organized,  validly  existing and in good standing under the laws of the Kingdom
of Thailand.  It has all requisite corporate power and authority to carry on its
business  as  it is now being conducted, to own the share capital in the Subject
Companies  and its properties, to enter into this Agreement and to carry out and
perform the terms and provisions of this Agreement.  NCL is duly qualified to do
business and is in good standing in each jurisdiction in which the failure to be
so qualified would have a material adverse effect on the condition, financial or
otherwise, business, net worth, assets (including intangible assets), properties
or  operations  ("Material  Adverse  Effect")  of  NCL.

          (2)     NCL's  shareholding  interest  in  the  below  companies  (the
"Subject  Companies")  consists  of  the  following  percentages  (a  complete
description  of  NCL's  ownership of the Subject Companies is attached hereto as
Schedule  3.1(2):

     COMPANY                                      DOMICILE           OWNERSHIP
     -------------------------------------------------------------------------
     International School Cambodia Limited        Cambodia              90%
     ("ISC")
     -------------------------------------------------------------------------
     Khaou Chuly Land Company ("KC Land")         Cambodia              49%

     -------------------------------------------------------------------------
     Northbridge K-C Development Co., Ltd.        Cambodia              90%
     ("NKDC")
     -------------------------------------------------------------------------
     International School Eastern Seaboard        Thailand              25%
     Limited  ("ISE")
     -------------------------------------------------------------------------
     Palanamai  Limited                           Thailand              45%
     -------------------------------------------------------------------------
     Northbridge Management Services Ltd.          Hong Kong           100%
     -------------------------------------------------------------------------

                                        5
<PAGE>
          The  Subject  Companies  are  all corporations duly organized, validly
existing and in good standing under the laws of the countries in which they were
formed.  Each  of  the  Subject  Companies has all requisite corporate power and
authority  to  carry on its business as it is now being conducted and to own its
properties.  Each of the Subject Companies is qualified to do business and is in
good standing in each jurisdiction in which the failure to be so qualified would
have  a  Material  Adverse  Effect  on  the  condition,  financial or otherwise,
business,  net  worth,  assets  (including  intangible  assets),  properties  or
operations  of  each  such  companies.

          (3)     Ownership  of Acquired Share Capital.  At Closing, NCL and the
                  ------------------------------------
NCL  Shareholders  shall have the full power and authority to sell, transfer and
assign  to  API  the  Acquired  Share  Capital  and  vest in API good, valid and
merchantable  title  in  and to the Acquired Share Capital free and clear of all
liens  and encumbrances.  The Acquired Share Capital represents all of the share
capital,  shares or securities owned by NCL and the NCL Shareholders and neither
NCL,  the  NCL  Shareholders nor any person or entity controlled by or in common
control  with NCL has any agreement or option or any right or privilege (whether
by  law,  preemptive  or contractual) capable of becoming an agreement or option
for: (i) the purchase, subscription, allotment or issuance of or conversion into
any  of the unissued shares or other securities of any of the Subject Companies;
(ii) the purchase from NCL or the NCL Shareholders of any issued shares or other
securities other than API as contemplated herein; or (iii) the purchase or other
acquisition  from  any  of  the  Subject Companies of any of their undertakings,
property  or  assets,  other  than  in  the  ordinary  course  of  business.

          (4)     Transfer  of  Shares.  Upon  the  payment  of  the  Share
                  --------------------
Consideration  by  API,  the  Acquired  Share Capital will be duly exchanged and
transferred  to  API.

          (5)     NCL's  Authority.  The execution, delivery, and performance of
                  ----------------
this  Agreement  has  been  duly  authorized  by all requisite corporate action,
subject to the approval of this Agreement by the NCL Shareholders as per Section
4.1  hereinbelow.  This Agreement has been executed and delivered by NCL and the
NCL  Shareholders  and constitutes a valid and binding obligation of NCL and the
NCL Shareholders, enforceable in accordance with its terms (except as limited by
bankruptcy,  insolvency,  or  other laws affecting the enforcement of creditors'
rights).  The  execution,  delivery  and  performance of this Agreement will not
conflict  with  any provision of NCL's Memorandum or Articles of Association, or
as  amended,  or  with  any contract to which NCL is a party or otherwise bound.

          (6)     Assets  of NCL.  NCL has furnished API with a complete list of
                  --------------
the  assets  owned  by  the  Subject  Companies  as set forth in Schedule 3.1(6)
attached  hereto  and  incorporated  herein  by  reference.

               (i)  Subject Companies. NCL owns the share capital of the Subject
                    -----------------
Companies  with  good  and marketable title thereto, free and clear of all liens
and  encumbrances  of  any  nature  whatsoever.

               (ii)  Land Titles.  Except as disclosed in Schedule 3.1(6)ii, all
                     -----------
of the interests in real property owned by the Subject Companies are legally and
beneficially  owned  free  and  clear  of all liens, encumbrances, restrictions,
reservations,  covenants,  easements  and rights of way ("Title Exceptions") and
title  to  such  properties  and  the  absence of Title Exceptions is verifiable
through  official  governmental  records.

               (iii) The terms of all leases to which the real property owned by
any of the Subject Companies are subject are summarized on Schedule 3.1(6) which
summary includes commencement and termination dates, options to renew or extend,
monthly  rent,  prepaid  rent,  security  deposit,  options to purchase, if any,
rights of first refusal and other material matters.  Unless otherwise noted, all
of  such  leases are in full force and effect in accordance with their terms and
there  are  not uncured events of default by any Party to such leases.  True and
correct  copies  of all leases will be delivered to API on or before the Closing
Date.

                                        6
<PAGE>
               (iv)  Chattels.  All  chattels are legally and beneficially owned
free  and  clear  of  all  liens,  encumbrances  and  claims.

               (v)  Permits.  The Subject Companies possess all material permits
                    -------
necessary  or  required  to own the land titles, chattels and any other property
owned  by  them  and  operated  by  their  businesses  as  presently  operated.

          (7)     Present  Status.  Subject  to  the  provisions of Section 4.2,
                  ---------------
neither  NCL  nor any of the Subject Companies has, since September 30, 1999 and
will  not  have  prior  to the Closing Date without the prior written consent of
API,  which  consent  shall  not  be  unreasonably  withheld  or  delayed:

               (a)     Incurred  any  obligations  or  liabilities,  absolute,
accrued,  contingent,  or  otherwise  and  whether  due or to become due, except
liabilities  incurred  in  the  ordinary  course  of  business;

               (b)     Entered into any agreement obligating it or them to issue
any  equity  securities  except as required by the Agreement as extended between
NCL  and  API;

               (c)     Discharged  or  satisfied  any  liens or encumbrances, or
paid  any  obligation  or liability, absolute, accrued, contingent, or otherwise
and  whether  due  or to become due, other than current liabilities reflected in
financial  statements and current liabilities incurred since September 30, 1999,
in  each  case,  in  the  ordinary  course  of  business;

               (d)     Declared  or  made  any  payment  or  distribution to its
stockholders  or  purchased  or  redeemed,  or  obligated  itself to purchase or
redeem,  any  of  its  shares  of  common  stock  or  other  securities;

               (e)     Mortgaged,  pledged,  or  subjected to lien, or any other
encumbrances  or  charges,  any  of  its  assets,  tangible  or  intangible;

               (f)     Sold  or  transferred  any  of  its  material  assets, or
canceled  any  material  debt  or  claim;

               (g)     Suffered  any  material  damage,  destruction,  or  loss
(whether  or  not covered by insurance) affecting their properties or waived any
rights  of  substantial  value;  or

               (h)     Except  with  respect to this Agreement, entered into any
transaction  regarding  the  sale,  lease  or  encumbrance  of  any asset or the
settlement  of  any  obligation,  or entered into any other material transaction
other  than  in  the  ordinary  course  of  business.

                                        7
<PAGE>
          (8)     Litigation.  Except as disclosed in Schedule 3.1(8), there are
                  ----------
no  legal  actions,  suits,  arbitrations,  or  other  legal  or  administrative
proceedings  pending or threatened against NCL or the Subject Companies or their
properties  which would reasonably be expected to have a Material Adverse Effect
upon  them,  their  properties, assets, or business; and NCL is not aware of any
facts  which  to  its  knowledge  would  reasonably be expected to result in any
action, suit, arbitration, or other proceeding which in turn would reasonably be
expected  to  result in any material adverse change in the business or condition
(financial  or  otherwise)  of NCL, the Subject Companies or their properties or
assets.  NCL  is  not  in default of any judgment, order, or decree of any court
or,  in  any  material  respect  of,  any requirements of a government agency or
instrumentality,  except  as  set  forth  in  Schedule  3.1(8).

          (9)     Compliance With the Law and Other Instruments.  To the best of
                  ---------------------------------------------
NCL's  knowledge,  the business operations of NCL and the Subject Companies have
been and are being conducted in substantial compliance with all applicable laws,
rules,  and  regulations  of  all  authorities  except  as disclosed in Schedule
3.1(9).  NCL  and  the  Subject Companies are not in violation of, or in default
under, any term or provision of their certificates of incorporation, as amended,
or  bylaws, as amended, or in any material respect of any lien, mortgage, lease,
agreement, instrument, order, judgment, or decree, or subject to any restriction
contained  in  any  of  the  foregoing of any kind or character which materially
adversely  affects the business, properties, assets, or prospects of NCL and the
Subject  Companies,  or  which  would  prohibit  NCL  from  entering  into  this
Agreement.

          (10)     Contracts  and  Other  Obligations.   Except  as  otherwise
                   ----------------------------------
disclosed  and  described  in  Schedule  3.1(10),  neither  NCL  or  the Subject
Companies  are  parties  to  or otherwise bound by any material written or oral:

               (a)     Contract  or  agreement  not  made  in  the ordinary
course  of  business;

               (b)     Employment or consultant contract which is not terminable
at  will  without  cost  or other liability to NCL, the Subject Companies or any
successor;

               (c)     Contract  with  any  labor  union;

               (d)     Bonus,  pension,  profit-sharing,  retirement,  share
purchase,  stock  option,  hospitalization,  group  insurance,  or  similar plan
providing  employee  benefits;

               (e)     Advertising  contract  or  contract  for public relations
services;

               (f)     Purchase, supply, or service contracts of a duration less
than  one  (1)  year in excess of $100,000 each, or in the aggregate of $500,000
for  all  such  contracts  whether  below  or  above  $100,000;

               (g)     Deed  of  trust,  mortgage,  conditional  sales contract,
security  agreement,  pledge agreement, trust receipt, or any other agreement or
arrangement  whereby  any  of  the  assets  or  properties of NCL or the Subject
Companies  are  subjected  to a lien, encumbrance, charge, or other restriction;

                                        8
<PAGE>
               (h)     Material contract or other material commitment continuing
for  a  period of more than thirty days and which is not terminable without cost
or  other  liability  to  NCL,  the  Subject  Companies  or their successors; or

               (i)     Any  material contract, agreement, lease or other binding
arrangement  with  which  NCL  or  the  Subject Companies are not in substantial
compliance  therewith.

          (11)     Records.  The  books  of  account,  minute  books,  stock
                   -------
certificate  books,  and  stock  transfer  ledgers  of the Subject Companies are
complete and correct, and there have been no transactions involving the business
of  the  Subject  Companies  which  properly  should have been set forth in said
respective  books,  other  than  those  set  forth  therein.

          (12)     Vote  Required.  The affirmative vote of the NCL Shareholders
                   --------------
in  an  amount greater than seventy five percent (75%) of the outstanding shares
of  NCL  common stock to approve this Agreement (the "Required NCL Vote") is the
only  vote  of  the NCL Shareholders of any class or series of NCL capital stock
necessary  to  adopt  this  Agreement  and approve the transactions contemplated
hereby.

          (13)     Brokers  or  Finders.  All  negotiations  on  the part of NCL
                   --------------------
relative  to  this  Agreement and the transactions contemplated hereby have been
carried on by NCL without the intervention of any person or as the result of any
act  of  NCL  in  such manner as to give rise to any valid claim for a brokerage
commission,  finder's  fee,  or  other  like  payment.

          (14)     Absence  of  Certain  Changes or Events.  Since September 30,
                   ---------------------------------------
1999,  there  has not been any material adverse change in, or event or condition
materially  and  adversely  affecting  the  condition  (financial or otherwise),
properties, assets, liabilities or, to the knowledge of the Subject Companies in
the  locales  in  which  the  Subject  Companies  conduct  their  business.

          (15)     Taxes.  NCL and the Subject Companies have duly fulfilled all
                   -----
necessary  tax filings required in their respective jurisdictions up to the date
hereof.  All  of  the  foregoing  returns  are  true and correct in all material
respects  and NCL and the Subject Companies have paid or provided for all taxes,
interest  and  penalties shown on such returns or reports as being due.  NCL and
the  Subject  Companies  have  no  liability  for  any material amount of taxes,
interest or penalties of any nature whatsoever, except for those taxes which may
have  accrued  up to the Closing Date in the ordinary course of business and are
properly  accrued on the books of NCL or the Subject Companies as of the Closing
Date.

          (16)     Environmental  Matters.  NCL  is  aware  of  no  actions,
                   ----------------------
proceedings  or  investigations  pending  or,  to  the  actual knowledge of NCL,
threatened  before  any  environmental regulatory body alleging noncompliance by
NCL  or  the  Subject  Companies  with  any  laws  or regulations regulating the
discharge  of  materials  into  the  environment ("Environmental Laws").  To the
knowledge  of  NCL:  (i) there is no reasonable basis for the institution of any
action,  proceeding  or investigation against NCL or the Subject Companies under
any  Environmental  Law;  (ii) NCL and the Subject Companies are not responsible

                                        9
<PAGE>
under  any Environmental Law for any release by any person at or in the vicinity
of  real  property  of  any hazardous substance caused by the spilling, leaking,
pumping,  pouring,  emitting,  emptying,  discharging,  injecting,  escaping,
leaching,  dumping  or  disposing  of  any  such  hazardous  substance  into the
environment;  (iii)  NCL  and  the Subject Companies are not responsible for any
costs  of  any remedial action required by virtue of any release of any toxic or
hazardous  substance,  pollutant  or contaminant into the environment including,
without  limitation,  costs  arising  from  security  fencing, alternative water
supplies,  temporary  evacuation  and  housing  and  other  emergency assistance
undertaken  by  any  environmental  regulatory  body;  (iv)  NCL and the Subject
Companies  are in substantial compliance with all applicable Environmental Laws;
and  (v)  no  real  property  used,  owned,  managed or controlled by NCL or the
Subject  Companies  contains any toxic or hazardous substance including, without
limitation,  any asbestos, PCBs or petroleum products or byproducts in any form,
the presence, location or condition of which (a) violates any Environmental Law,
or  (b)  otherwise  would  pose  any  significant  health  or safety risk unless
remedial  measures  were  taken.

          (17)     Full  Disclosure.  To  NCL's  knowledge  and  belief,  this
                   ----------------
Agreement  and  any  Schedules  and  certificates delivered by NCL in connection
herewith or with the transactions contemplated hereby, taken as a whole, neither
contain  any  untrue statement of a material fact nor omit to state any material
fact  required to be stated therein or necessary in order to make the statements
therein,  in  light  of  the  circumstances  under  which  they  were  made, not
misleading.  To  NCL's  knowledge  and  belief,  there  are  no  facts  which
(individually  or  in  the  aggregate) materially adversely affect the business,
assets,  liabilities,  financial  condition  or operations of NCL or the Subject
Companies  that  have not been set forth in this Agreement, the Schedules hereto
or  in  other  documents  delivered  by  NCL  in  connection  herewith.

When  used  in  this Agreement, the term "knowledge" and words of similar import
means  knowledge actually possessed by an officer or director of NCL, whether by
personal  discovery  or  communication received from a subordinate, but does not
include  imputed  or  vicarious  knowledge.

Section  3.2     Representations  and  Warranties  by  API.  API  is  presently
                 -----------------------------------------
reorganizing under the laws of BVI and API hereby represents and warrants to NCL
that as of the Closing Date, except as set forth on Schedule 3.2 attached hereto
or  as  described in filings hereafter made by API pursuant to the informational
reporting  requirements  of  the  Securities Exchange Act of 1934 (the "Exchange
Act"):

          (1)     Organization  and  Standing of API.  API is a corporation duly
                  ----------------------------------
organized  and  validly  existing  and  in  good  standing under the laws of the
British  Virgin Islands.  API is currently in the process of obtaining a listing
on  the  American  Stock  Exchange.  API  has  all requisite corporate power and
authority  to  carry  on its business as now being conducted, to enter into this
Agreement  and  to  carry  out  and  perform  the  terms  and provisions of this
Agreement.  API is duly qualified to do business and is in good standing in each
jurisdiction  in  which  the  failure  to  be so qualified would have a Material
Adverse  Effect  on the condition (financial or otherwise), business, net worth,
assets  (including  intangible assets), properties or operations of API.  Except
with  respect  to  API(T)  which  is  a 35% owned subsidiary of API and BREF (as
hereinafter  defined) which is (or will be) a 98.2% owned subsidiary of API, API
has  no  direct  or  indirect  interest,  either  by  way  of stock ownership or
otherwise,  in  any  other  firm,  corporation,  association,  or  business.

          (2)     Capitalization.  API  is  duly  and lawfully authorized by its
                  --------------
Articles  of  Association, as amended, to issue 500 million shares of API common
stock  ("API  Common  Stock")  $.01  par value per share of which as of the date
hereof,  there  are  5,921,434  issued  and outstanding shares.  API has granted
options  to  acquire 140,000 shares of its common stock at $5 per share.  A list

                                       10
<PAGE>
of  the  current  shareholders and option holders is attached hereto as Schedule
3.2(2).  All  of  the  outstanding  shares  of  API  Common Stock have been duly
authorized  and validly issued and are fully paid and non-assessable and free of
preemptive  rights.  Except  as  may  be  required  by  this  Agreement  and  as
specifically  mentioned above, API will not issue and are not obligated to issue
any  additional  common or preferred stock as a result of any options, warrants,
rights,  conversion  rights, obligations upon default, subscription agreement or
other obligation of any kind other than as contemplated in Section 3.2(13).  API
is  not  presently  liable  on  account of any indebtedness for borrowed monies,
except  as  reflected  in the API Financial Statements (as hereinafter defined).

          (3)     API's  Authority.  The  execution,  delivery,  and
                  ----------------
performance  of  this  Agreement  have  been  duly  authorized  by all requisite
corporate  action.  This  Agreement  has  been executed and delivered by API and
constitutes a valid and binding obligation of API enforceable in accordance with
its  terms (except as limited by bankruptcy, insolvency, or other laws affecting
the  enforcement of creditors' rights).  The execution, delivery and performance
of  this  Agreement  will  not  conflict with any provision of API's Articles of
Association and any amendments thereto, Bylaws and any amendments thereto, or of
any  contract  to  which  API  is  a  party  or  otherwise  bound.

          (4)     API  Financial  Statements.   API  has  furnished  to  NCL its
                  --------------------------
audited  balance  sheet  as  of  December  31,  1998,  its audited statements of
operations  and  cash  flows  for  the  period  ended December 31, 1998, and its
unaudited  balance  sheet  as  of June 30, 1999.  Prior to the execution of this
Agreement,  API  shall  deliver  its unaudited statements of operations and cash
flows  for  the  year ending December 31, 1999 (collectively, the "API Financial
Statements").  Once  available,  API  shall  deliver  the  audited  financial
statements  for  the  year  ending  December  31, 1999. All of the API Financial
Statements  present  fairly  the  financial position of API as of the respective
balance  sheet  dates,  and the results of its operations and cash flows for the
respective  periods  therein  specified.  The  API  Financial  Statements  were
prepared  in  accordance  with  generally accepted accounting principles applied
upon  a  basis  consistent  with  prior  accounting  periods.

          (5)     Present  Status.  Neither  API nor API(T) has, since September
                  ---------------
30,  1999  and will not have prior to the Closing Date without the prior written
consent  of  NCL,  which  consent shall not be unreasonably withheld or delayed:

               (a)     Incurred  any  obligations  or  liabilities,  absolute,
accrued,  contingent,  or  otherwise  and  whether  due  or  to  become  due,
except  liabilities  incurred  in  the  ordinary  course  of  business;

               (b)     Entered  into  any  agreement  obligating  it or them  to
issue  any  equity  securities  except as required by the Agreement as  extended
between  NCL  and  API;

               (c)     Discharged  or  satisfied  any  liens or encumbrances, or
paid  any  obligation  or liability, absolute, accrued, contingent, or otherwise
and  whether  due  or to become due, other than current liabilities reflected in
financial  statements and current liabilities incurred since September 30, 1999,
in  each  case,  in  the  ordinary  course  of  business;

               (d)     Declared  or  made  any  payment  or  distribution to its
stockholders  or  purchased  or  redeemed,  or  obligated  itself to purchase or
redeem,  any  of  its  shares  of  common  stock  or  other  securities;

                                       11
<PAGE>
               (e)     Mortgaged,  pledged,  or subjected to lien, or any
other  encumbrances  or  charges,  any  of  its  assets, tangible or intangible;

               (f)     Sold  or  transferred  any  of  its  material  assets, or
canceled  any  material  debt  or  claim;

               (g)     Suffered  any  material  damage,  destruction,  or  loss
(whether  or  not covered by insurance) affecting their properties or waived any
rights  of  substantial  value;  or

               (h)     Except  with  respect to this Agreement, entered into any
transaction  regarding  the  sale,  lease  or  encumbrance  of  any asset or the
settlement  of  any  obligation,  or entered into any other material transaction
other  than  in  the  ordinary  course  of  business.

          (6)     Litigation.  Except as disclosed in Schedule 3.2(6), there are
                  ----------
no  legal  actions,  suits,  arbitrations,  or  other  legal  or  administrative
proceedings  pending  or  threatened  against  API or API(T) or their properties
which  would reasonably be expected to have a material adverse effect upon them,
their  properties,  assets, or business; and API is not aware of any facts which
to  its  knowledge  would  reasonably be expected to result in any action, suit,
arbitration,  or  other proceeding which in turn would reasonably be expected to
result in any material adverse change in the business or condition (financial or
otherwise)  of API, API(T) or their properties or assets.  API is not in default
of  any  judgment, order, or decree of any court or, in any material respect of,
any  requirements of a government agency or instrumentality, except as set forth
in  Schedule  3.2(6).

          (7)     Compliance  With  the  Law and Other Instruments.  To the
                  ------------------------------------------------
best of API's knowledge, the business operations of API and the API(T) have been
and  are  being  conducted  in  substantial compliance with all applicable laws,
rules,  and  regulations  of  all  authorities  except  as disclosed in Schedule
3.2(7).  API  and  the  API(T) are not in violation of, or in default under, any
term or provision of their certificates of incorporation, as amended, or bylaws,
as  amended, or in any material respect of any lien, mortgage, lease, agreement,
instrument,  order, judgment, or decree, or subject to any restriction contained
in  any  of  the  foregoing  of any kind or character which materially adversely
affects  the  business,  properties,  assets, or prospects of API and API(T), or
which  would  prohibit  API  from  entering  into  this  Agreement.

          (8)     Contracts  and  Other  Obligations.   Except  as  otherwise
                  ----------------------------------
disclosed and described in Schedule 3.2(8), neither API or API(T) are parties to
or  otherwise  bound  by  any  material  written  or  oral:

               (a)     Contract  or  agreement  not  made  in  the ordinary
course  of  business;

               (b)     Employment or consultant contract which is not terminable
at  will  without  cost  or  other  liability  to  API, API(T) or any successor;

               (c)     Contract  with  any  labor  union;

                                       12
<PAGE>
               (d)     Bonus,  pension,  profit-sharing,  retirement,  share
purchase,  stock  option,  hospitalization,  group  insurance,  or  similar plan
providing  employee  benefits;

               (e)     Advertising  contract  or  contract  for  public
relations  services;

               (f)     Purchase, supply, or service contracts of a duration less
than  one  (1)  year in excess of $100,000 each, or in the aggregate of $500,000
for  all  such  contracts  whether  below  or  above  $100,000;

               (g)     Deed  of  trust,  mortgage,  conditional  sales contract,
security  agreement,  pledge agreement, trust receipt, or any other agreement or
arrangement  whereby  any  of  the  assets  or  properties  of API or API(T) are
subjected  to  a  lien,  encumbrance,  charge,  or  other  restriction;

               (h)     Material contract or other material commitment continuing
for  a  period of more than thirty days and which is not terminable without cost
or  other  liability  to  API,  API(T)  or  their  successors;  or

               (i)     Any  material contract, agreement, lease or other binding
arrangement  with  which  API  or  API(T)  are  not  in  substantial  compliance
therewith.

          (9)     Records.  The  books  of  account,  minute  books,  stock
                  -------
certificate  books,  and stock transfer ledgers of API are complete and correct,
and there have been no transactions involving the business of API which properly
should  have been set forth in said respective books, other than those set forth
therein.

          (10)     Vote  Required.  The  affirmative  vote  of  the holders of a
                   --------------
majority of the outstanding shares of API common stock to approve this Agreement
(the "Required API Vote") is the only vote of the holders of any class or series
of  API  capital  stock  necessary  to  adopt  this  Agreement  and  approve the
transactions  contemplated  hereby.

          (11)     Taxes.  API  and API(T) have duly fulfilled all necessary tax
                   -----
filings  required  in their respective jurisdictions up to the date hereof.  All
of  the  foregoing returns are true and correct in all material respects and API
and  API(T) have paid or provided for all taxes, interest and penalties shown on
such  returns or reports as being due.  API and API(T) have no liability for any
material amount of taxes, interest or penalties of any nature whatsoever, except
for  those  taxes  which may have accrued up to the Closing Date in the ordinary
course of business and are properly accrued on the books of API and API(T) as of
the  Closing  Date.

          (12)     Environmental  Matters.  API  is  aware  of  no  actions,
                   ----------------------
proceedings  or  investigations  pending  or,  to  the  actual knowledge of API,
threatened  before  any  environmental regulatory body alleging noncompliance by
API and API(T) with any Environmental Laws.  To the knowledge of API:  (i) there
is  no  reasonable  basis  for  the  institution  of  any  action, proceeding or
investigation  against  API and API(T) under any Environmental Law; (ii) API and
API(T)  are  not  responsible under any Environmental Law for any release by any
person  at or in the vicinity of real property of any hazardous substance caused
by  the  spilling,  leaking,  pumping, pouring, emitting, emptying, discharging,
injecting,  escaping,  leaching,  dumping  or  disposing  of  any such hazardous
substance into the environment; (iii) API and API(T) are not responsible for any

                                       13
<PAGE>
costs  of  any remedial action required by virtue of any release of any toxic or
hazardous  substance,  pollutant  or contaminant into the environment including,
without  limitation,  costs  arising  from  security  fencing, alternative water
supplies,  temporary  evacuation  and  housing  and  other  emergency assistance
undertaken  by  any  environmental  regulatory  body; (iv) API and API(T) are in
substantial  compliance  with all applicable Environmental Laws; and (v) no real
property used, owned, managed or controlled by API and API(T) contains any toxic
or  hazardous  substance  including,  without  limitation, any asbestos, PCBs or
petroleum  products  or  byproducts  in  any  form,  the  presence,  location or
condition  of  which  (a) violates any Environmental Law, or (b) otherwise would
pose  any significant health or safety risk unless remedial measures were taken.

          (13)     Brokers  or  Finders.    API  shall be entitled to employ the
                   --------------------
services  of Brokers or Finders for the purpose of raising the New Cash Capital,
and  shall  be  entitled  to  pay  brokerage commissions on a cash basis, by API
shares  or a combination thereof, however API shall only be entitled to issue up
to  100,000  API  Shares  for such commission payments.  API hereby acknowledges
that  any such brokerage commissions paid in cash shall be for API's account and
shall  not be drawn from nor diminish the amount of the New Cash Capital raised.

          (14)     Absence of Certain Changes or Events.  Except as set forth on
                   ------------------------------------
Schedule  3.2(14),  since  September  30,  1999, there has not been any material
adverse change in, or event or condition materially and adversely affecting the,
condition  (financial  or otherwise), properties, assets, liabilities or, to the
knowledge  of  API,  the  business  or  prospects  of  API.

          (15)     Full  Disclosure.  To  API's  knowledge  and  belief,  this
                   ----------------
Agreement,  and  any  schedules  and certificates delivered by API in connection
herewith or with the transactions contemplated hereby, taken as a whole, neither
contain  any  untrue statement of a material fact nor omit to state any material
fact  required to be stated therein or necessary in order to make the statements
therein,  in  light  of  the  circumstances  under  which  they  were  made, not
misleading.  To  API's  knowledge  and  belief,  there  are  no  facts  which
(individually  or  in  the  aggregate) materially adversely affect the business,
assets, liabilities, financial condition or operations of API that have not been
set  forth  in  this  Agreement,  the  Schedules  hereto  or  in other documents
delivered  by  API  in  connection  herewith.

          (16)     No  Business  Activities by BREF.   API has obtained approval
                   --------------------------------
from  Thailand  to register a real estate fund, known as the Bangkok Real Estate
Fund  ("BREF"),  but  has  not  actually  formed  BREF.

          (17)     API Shares. The Shares of API, $.01 par value common stock to
                   ----------
be  issued to the NCL Shareholders hereunder, will be validly issued, fully paid
and non-assessable and will be registered for trading over the counter under the
symbol  "ASPZ"  or on such other basis or exchange upon which such Shares may be
traded  in  the  future.

                                       14
<PAGE>
                                   ARTICLE IV

                              ADDITIONAL AGREEMENTS

Section 4.1     Shareholder Meetings.  As a condition precedent to the execution
                --------------------
of  this  Agreement,  the  NCL Shareholders shall have approved the transactions
described  in  this  Agreement  and provided NCL with a Shareholders' Resolution
(attached  hereto  as  Schedule  4.1(1)).  NCL  shall have duly called, noticed,
convened  and  held  a  meeting  of the NCL Shareholders (the "NCL Shareholders'
Meeting")  for  the  purpose  of obtaining the Required NCL Vote with respect to
this Agreement, and shall have taken all lawful action to obtain the approval of
this  Agreement  by  the  Required  NCL  Vote.  Prior  to  the execution of this
Agreement,  the  Board  of  Directors  of NCL shall have resolved to ratify this
Agreement  and  shall  have  recommended  approval  of this Agreement to the NCL
Shareholders  (this  resolution  of  the  Board  of Directors of NCL is attached
hereto  as  Schedule  4.1(2)).

Section  4.2     Interim  Budget.   API  acknowledges  that  NCL  is  and  shall
                 ---------------
continue  to  incur  debts  as  a  result  of  ongoing  capital expenditures and
operating  costs for the Subject Companies which borrowings shall be repaid from
the  New  Cash  Capital.  Prior  to the execution of this Agreement, the Parties
hereto  shall  have executed a written budget (the "Budget") with respect to the
operating  budget  of API for the six (6) months following the execution of this
Agreement.  Under  this  Budget,  it  is shall be understood that NCL may borrow
money  to  pay  any and all expenses comprising ongoing capital expenditures and
operating costs for the Subject Companies during that six month period, however,
when  and if API raises the New Cash Capital pursuant to Section 2.1 herein, NCL
shall  be  entitled  to  reimbursement  of  all  monies  advanced to the Subject
Companies  plus  interest  in  an  amount  equal to LIBOR plus 1.5% payable upon
receipt  of  the  New  Cash  Capital  in the New Cash Account.   Expenditures in
excess of the Budget shall be subject to prior approval of the Board of New API.
A  copy  of  the  Budget  is  attached  hereto  Schedule  4.2.

Section 4.3     Access to Information.  Upon reasonable notice, each Party shall
                ---------------------
(and  shall  cause  its  subsidiaries  to)  afford  to  the officers, employees,
accountants,  counsel, financial advisors and other representatives of the other
Party reasonable access during normal business hours, during the period prior to
the  Closing  Date,  to  all  its  properties, books, contracts, commitments and
records  and,  during  such  period,  such  Party  shall  (and  shall  cause its
subsidiaries  to) furnish promptly to the other Party (a) a copy of each report,
schedule and documents filed, published, announced or received by it during such
period  pursuant  to  the  requirements  of federal or state securities laws, as
applicable  (other  than documents which such Party is not permitted to disclose
under  applicable law), and (b) consistent with its legal obligations, all other
information  concerning  its  business,  properties  and personnel as such other
Party  may reasonably request; provided, however, that either Party may restrict
the  foregoing access to the extent that (i) a governmental entity requires such
Party  or  any  of  its  subsidiaries  to  restrict  access to any properties or
information  reasonably  related to any such contract on the basis of applicable
laws  and regulations with respect to national security matters or (ii) any law,
treaty,  rule  or regulation of any governmental entity applicable to such Party
requires  such Party or its subsidiaries to restrict access to any properties or
information.  The  Parties will hold any such information which is non-public in
strict  confidence.

                                       15
<PAGE>
Section  4.4     Best  Efforts.
                 -------------

               (1)     Subject  to  the  terms and conditions of this Agreement,
each  Party will use its best efforts to take, or cause to be taken, all actions
and  to do, or cause to be done, all things necessary, proper or advisable under
applicable  laws  and  regulations  to  consummate  this Agreement and the other
transactions  contemplated  by  this  Agreement as soon as practicable after the
date  hereof.  Nothing  in  this  Section  4.4(1)  shall  require  NCL  and  its
subsidiaries  to  sell  or  otherwise  dispose  of,  or permit the sale or other
disposition  of,  any assets of NCL or its respective subsidiaries, whether as a
condition  to  obtaining  any  approval  from a governmental entity or any other
person  or  for  any other reason, if NCL and API reasonably determine that such
sale  or  other  disposition  would have or is likely to have a Material Adverse
Effect  on NCL and its subsidiaries, taken together, after giving effect to this
Agreement.

               (2)     In  furtherance and not in limitation of the covenants of
the  Parties  contained  in  Section  4.4(1),  if any administrative or judicial
action or proceeding, including any proceeding by a private party, is instituted
(or  threatened  to  be  instituted) challenging any transaction contemplated by
this  Agreement,  each  of API and NCL shall cooperate in all respects with each
other  and use its respective best efforts to contest and resist any such action
or  proceeding  and  to have vacated, lifted, reversed or overturned any decree,
judgment,  injunction  or  other  order,  whether  temporary,  preliminary  or
permanent,  that  is  in  effect  and  that  prohibits,  prevents  or  restricts
consummation  of  the  transactions  contemplated  by  this Agreement.  However,
neither  Party  is  obligated  to  expend  funds  with respect to any actions or
proceedings  for  which  the  other  Party  is  solely  liable  or  culpable.

                                    ARTICLE V

                              CONDITIONS TO CLOSING

Section  5.1     Conditions  to  Each  Party's  Obligation  to  Effect the Share
                 ---------------------------------------------------------------
Exchange.  Except  as  may  be  waived  in  writing  by  the Parties, all of the
obligations  of the Parties under this Agreement are subject to the fulfillment,
prior  to  the  date  of  execution  of this Agreement, of each of the following
conditions:

               (1)     Shareholder  Approval.  Both  NCL  and  API  shall  have
                       ---------------------
obtained  the  required shareholder vote in connection with the adoption of this
Agreement.

               (2)     No  Injunctions, Restraints or Illegality.  No laws shall
                       -----------------------------------------
have  been  adopted  or  promulgated,  and  no  temporary  restraining  order,
preliminary  or  permanent  injunction or other order issued by a court or other
governmental  entity  of  competent  jurisdiction shall be in effect, having the
effect of making this Agreement illegal or otherwise prohibiting consummation of
the  Agreement,  provided  however,  that  the provisions of this Section 5.1(2)
shall  not  be  available  to any Party whose failure to fulfill its obligations
pursuant to Section 4.3 shall have been the cause of, or shall have resulted in,
such  order  or  injunction.

Section 5.2     Additional Conditions to Obligations of API.  The obligations of
                -------------------------------------------
API  to  close  this  Agreement are subject to the satisfaction of, or waiver by
API,  on  the  date  of  execution of the Agreement of the following conditions:

                                       16
<PAGE>
               (1)     Representations  and Warranties.  The representations and
                       --------------------------------
warranties  of  NCL  set  forth  in Section 3.1 shall be true and correct in all
material  respects  as of the date of execution of the Agreement, subject to any
changes  contemplated  by  this  Agreement.

               (2)     Performance  of  Obligations  of  NCL.  NCL  shall  have
                       -------------------------------------
performed or complied in all material respects with all agreements and covenants
required  to  be performed by it under this Agreement at or prior to the date of
execution  of  the  Agreement.

               (3)     No  Adverse  Change.  In accordance with Section 3.1(13),
                       -------------------
NCL  shall  not  have  suffered  any  adverse  change,  adversely  affecting the
condition  (financial  or otherwise) at the time of entering into this Agreement
that  cannot  be  satisfied  through  legally  available  funds  of  NCL.

               (4)     Certificate  of  Managing  Director.  NCL  shall  have
                       -----------------------------------
delivered  to  API a certificate executed in its corporate name by, and verified
by,  the  oath  of  its  Managing  Director  certifying  the  fulfillment of the
conditions specified in this Section 5.2. This certificate is attached hereto as
Schedule  5.2(4).

Section 5.3     Additional Conditions to Obligations of NCL.  The obligations of
                -------------------------------------------
NCL  to  effect the Share Exchange are subject to the satisfaction of, or waiver
by  NCL,  on or prior to the date of execution of the Agreement of the following
conditions:

               (1)     Representations  and Warranties.  The representations and
                       --------------------------------
warranties  of  API  set  forth  in Section 3.2 shall be true and correct in all
material  respects  as of the date of execution of the Agreement, subject to any
changes  contemplated  by  this  Agreement.

               (2)     Performance  of  Obligations  of  API.  API  shall  have
                       -------------------------------------
performed or complied in all material respects with all agreements and covenants
required  to  be  performed  by  it  under this Agreement at or prior to date of
execution  of  the  Agreement.

               (3)     No  Adverse  Change.  In accordance with Section 3.2(14),
                       -------------------
API  shall  not  have  suffered  any  adverse  change,  adversely  affecting the
condition  (financial  or otherwise) at the time of entering into this Agreement
that  cannot  be  satisfied  through  legally  available  funds  of  API.

               (4)     Certificate  of  Chief  Executive Officer. API shall have
                       -----------------------------------------
delivered  to  NCL a certificate executed in its corporate name by, and verified
by,  of its chief executive officer certifying the fulfillment of the conditions
specified  in this Section 5.3.  This certificate is attached hereto as Schedule
5.3(4).

                                   ARTICLE VI

              NATURE AND SURVIVAL OF REPRESENTATIONS AND WARRANTIES

Section  6.1     All  statements  of  fact  contained herein, any certificate or
schedule  delivered  by or on behalf of NCL or API pursuant to the terms hereof,
shall  be  deemed  representations  and  warranties  made  by  NCL  and  API,
respectively,  to  each  other  under  this  Agreement.  The representations and
warranties  of  the  Parties  shall survive the Closing Date for a period of one
year.

                                       17
<PAGE>
Section  6.2     NCL  shall indemnify and hold API harmless against, from and in
respect  to (and shall on demand reimburse API for) any and all damages, losses,
obligations,  liabilities,  claims, encumbrances, liens, deficiencies, costs and
expenses  (including,  without  limitation, reasonable attorneys' fees and other
costs  and  expenses  incident  to  any  suit,  action,  investigation, claim or
proceeding)  in  excess  of  $10,000.00  in  the aggregate, suffered, sustained,
incurred  or  required  to  be  paid  from:

          (1)     Any  and  all  losses,  liabilities  or  damages  suffered  or
incurred  by  API  by  reason  of any untrue representation or the breach of any
warranty  or covenant of NCL contained herein or in any certificate, document or
instrument  delivered  to  API  pursuant  hereto  or in connection herewith; and

          (2)     Any  and  all  actions,  suits,  proceedings, claims, demands,
assessments, judgments, costs and expenses, including, without limitation, legal
fees,  expenses  and  costs,  incident  to  any  of the foregoing or incurred in
investigating  or  attempting  to  avoid  the  same  or to oppose the imposition
thereof,  or  in  enforcing  this  indemnity.

Section  6.3     API  shall indemnify and hold NCL harmless against, from and in
respect  to (and shall on demand reimburse NCL for) any and all damages, losses,
obligations,  liabilities,  claims, encumbrances, liens, deficiencies, costs and
expenses  (including,  without  limitation, reasonable attorneys' fees and other
costs  and  expenses  incident  to  any  suit,  action,  investigation, claim or
proceeding)  in  excess  of  $10,000.00  in  the aggregate, suffered, sustained,
incurred  or  required  to  be  paid  from:

          (1)     Any  and  all  losses,  liabilities  or  damages  suffered  or
incurred  by  NCL  by  reason  of any untrue representation or the breach of any
warranty  or covenant of API contained herein or in any certificate, document or
instrument  delivered  to  NCL  pursuant  hereto  or in connection herewith; and

          (2)     Any  and  all  actions,  suits,  proceedings, claims, demands,
assessments, judgments, costs and expenses, including, without limitation, legal
fees,  expenses  and  costs,  incident  to  any  of the foregoing or incurred in
investigating  or  attempting  to  avoid  the  same  or to oppose the imposition
thereof,  or  in  enforcing  this  indemnity.

                                   ARTICLE VII

                            TERMINATION AND AMENDMENT

Section 7.1     Termination.  This Agreement may be terminated at any time prior
                -----------
to the Closing Date, by action taken or authorized by the boards of directors of
the  terminating  Party  or  Parties,  whether  before  or after approval of the
matters  presented  in connection with this Agreement by the shareholders of NCL
or  API:

          (1)     By  mutual  written consent of API and NCL, by action of their
respective  boards  of  directors;

                                       18
<PAGE>
          (2)     By  either  NCL  or  API  if  the  Closing Date shall not have
occurred  as provided in section 1.2 above and no agreement for extension of the
Closing Date has been made (the "Termination Date"); provided, however, that the
right  to terminate this Agreement under this Section 7.1 shall not be available
to  any  Party  whose  failure  to  fulfill  any obligation under this Agreement
(including  without limitation Section 4.3) has to any extent been the cause of,
or  resulted  in,  the  failure  of  the  Closing Date to occur on or before the
Termination  Date;  or

          (3)     By  either  NCL or API if the approval by the NCL Shareholders
required for the consummation of the Share Exchange shall not have been obtained
by  reason
of the failure to obtain the Required NCL Vote at a duly held meeting of the NCL
Shareholders  or at any reconvened meeting after any adjournment or postponement
thereof.

          (4)     By  either  NCL or API if any condition precedent contained in
Article  V has failed to occur and such failure has not been waived by the other
Party  or  cured  in  time  to  comply  with  Section  7.1(2).

          (5)     By  either  Party  in  the  event  of  any  material  breach,
non-performance or non-observance of the other Party of the terms and conditions
herein  contained,  and  where  the  breaching Party does not remedy such breach
within  seven  (7)  days  after  receipt  of  written notice of any such breach,
non-performance  or  non-observance  of  such  terms  and  conditions.

          Section 7.2    Effect of Termination.      In the event of termination
                         ---------------------
of  this  Agreement  by  either  NCL  or  API  as  provided in Section 7.1, this
Agreement  shall  forthwith  become  void  and  there  shall  be no liability or
obligation  on the part of API or NCL or their respective officers or directors.

Section  7.3     Amendment.  This  Agreement  may  be  amended in writing by the
                 ---------
Parties  hereto,  by  action  taken  or authorized by their respective boards of
directors,  at  any  time  before  or after approval of the matters presented in
connection  with  this  Agreement  by  the  NCL Shareholders, but after any such
approval,  no  amendment  shall  be  made which by law or in accordance with the
rules  of  any  relevant  stock  exchange  requires  further  approval  by  such
shareholders  without  such further approval.  This Agreement may not be amended
except  by  an  instrument  in  writing  signed on behalf of each of the Parties
hereto.

Section  7.4     Extension;  Waiver.  At any time prior to the Closing Date, the
                 ------------------
Parties  hereto  by  action  taken  or  authorized by their respective boards of
directors  may,  to  the  extent  legally  allowed,  (i) extend the time for the
performance of any of the obligations or other acts of the other Parties hereto,
(ii)  waive  any  inaccuracies  in  the representations and warranties contained
herein  or  in any document delivered pursuant hereto and (iii) waive compliance
with any of the agreements or conditions contained herein.  Any agreement on the
part  of  a  Party hereto to any such extension or waiver shall be valid only if
set  forth  in a written instrument signed on behalf of such Party.  The failure
of  any Party to this Agreement to assert any of its rights under this Agreement
or  otherwise  shall  not  constitute  a  waiver  of  those  rights.

                                       19
<PAGE>
                                  ARTICLE VIII

                                  MISCELLANEOUS

Section  8.1     Announcement.  The  Parties  agree  to  draft  an  announcement
                 ------------
relating  to  this  Agreement  within  twenty  four  (24) hours of the execution
hereof,  which  announcement  shall  be  released through the Business News Wire
services.

Section  8.2     Counterparts  and Facsimile Signatures.  In order to facilitate
                 --------------------------------------
the  execution  of  this  Agreement,  the  same may be executed in any number of
counterparts  and  signature  pages  may  be  delivered  by  telefax.

Section  8.3     Assignment. Neither this Agreement nor any right created hereby
                 ----------
shall  be  assignable  without  the  prior  written  consent of the other Party.
Nothing  in  this  Agreement, express or implied, is intended to confer upon any
person,  other than the Parties hereby and their respective successors, assigns,
heirs,  executors,  administrators,  or  personal representatives, any rights or
remedies  under  or  by  reason  of  this  Agreement.

Section  8.4    Entire Agreement.  This Agreement, the schedules hereto, and the
                ----------------
other  documents  delivered  pursuant  hereby  constitute  the  full  and entire
understanding  and  agreement  between  the  Parties  with regard to the subject
hereof  and  no Party shall be liable or bound to any other in any manner by any
representations,  warranties,  covenants,  conditions  or  agreements  except as
specifically  set  forth  herein.  All  prior  agreements and understandings are
superseded  by  this  Agreement  and  the  schedules  hereto.

Section  8.5     Dispute  Resolution/Governing  Law.
                 ----------------------------------

          (1)     Mediation. Should any dispute arise among  the parties to this
                  ----------
Agreement,  notice  of  that  dispute  shall  be  delivered  by  overnight  mail
international  courier  service  to  all other parties to this Agreement setting
forth  the  date, time and place for a meeting to attempt to mediate and resolve
the  dispute  prior to the filing of a demand for arbitration.  The parties will
use  good  faith  and  best efforts to accommodate one another in establishing a
meeting  within  two  weeks  from the date of the notice.  If the parties cannot
agree  on  a  time  and place for a mediation conference within 30 days from the
date  of the original notice of dispute, then the party submitting the notice of
dispute  shall  be  permitted to instigate arbitration pursuant to the following
terms  and  conditions.

          (2)     Arbitration.  Any dispute which cannot be resolved pursuant to
                  -----------
Section  8.5(1)  shall  be  submitted  to  Arbitration before a panel of one (1)
arbitrator to be mutually agreed upon by the parties, in Los Angeles, California
in  accordance with the rules of the Judicial Arbitration and Mediation Services
then  pertaining  and  judgment  upon the award entered by the arbitrator may be
entered  in  any court of competent jurisdiction to enforce same pursuant to the
rules  of the Uniform Enforcement of Arbitration Act or applicable international
rules.  Any  award  may  include  an award of costs of the arbitration including
reasonable  attorneys  fees.

          (3)     Governing  Law.  This  Agreement  shall  be  governed  by  and
                  --------------
construed  in accordance with the laws of the State of California, United States
of  America.  The  parties hereto agree that all disputes are subject to binding
arbitration set forth hereinabove and submit to the jurisdiction of the Judicial
Arbitration and Mediation Services ("JAMS"), in the County of Los Angeles, State
of  California,  for  all proceedings, including enforcement of any award and/or
judgment  rendered  pursuant  to  said  award.

                                       20
<PAGE>
Section  8.6     Severability.  In case any provision of this Agreement shall be
                 ------------
invalid,  illegal or unenforceable, the validity, legality and enforceability of
the  remaining  provisions shall not in any way be affected or impaired thereby.

Section  8.7     Notices.  Any notice, communication, request, reply, or advice,
                 -------
hereinafter  severally  and  collectively  called  "notice,"  in  this Agreement
provided or permitted to be given, made or accepted by either Party to the other
must  be  in writing and may be given by personal delivery or mail, or confirmed
telefax.  If  given by mail, such notice must be sent by registered or certified
mail,  postage  prepaid, mailed to the Party at the respective address set forth
below,  and  shall  be  effective  only  if and when received by the Party to be
notified.  For  purposes  of  notice,  the addresses of the Parties shall, until
changed  as  hereinafter  provided,  be  as  follows:

     (1)     If  to  API  or  API(T):

             ASIA PROPERTIES, INC., ASIA PROPERTIES INVESTMENTS, LTD. OR
             ASIA  PROPERTIES  (THAILAND)  LTD.
             Attn:  Mr.  Nicholas  St.  Johnston
             Chief  Executive  Officer
             86/14  Sukhumvit  31
             Bangkok  10110  Thailand
             Telefax:  (662)  260-3189

             With  a  copy  to:

             BALLARD  SPAHR  ANDREWS  &  INGERSOLL,  LLP
             Attn:  Roger  V.  Davidson,  Esq.
             1225  17th  Street,  Suite  2300
             Denver,  CO  80202-5596
             Telefax:  (303)  299-7307

     (2)     If  to  NCL  or  the  NCL  Shareholders:

             NORTHBRIDGE  COMMUNITIES  LTD.
             Attn:  Robert  W.  Brewitt  or  Vorasit  Pokachaiyapat
             7th  Floor,  TISCO  Tower
             48  North  Sathorn  Road
             Bangkok  10500  Thailand
             Telefax  (662)  266-6688

             With  a  copy  to:

             KING,  LEBLANC  &  BLAND  LLP
             Attn:  Henry  A.  King,  Esq.
             201  St.  Charles  Avenue,  Suite  3800
             New  Orleans,  LA  70170
             Telefax:  (504)  582-1233

                                       21
<PAGE>
or  at such other address or telefax number as either Party may have advised the
other  in  writing.

Section  8.8     Attorneys'  Fees.  If any action at law or in equity, including
                 ----------------
an  action  for  declaratory  relief,  is  brought  to  enforce or interpret the
provisions  of  this Agreement, the prevailing party in any such action shall be
entitled  to  recover reasonable attorney fees and costs from the other Party or
Parties, which fees and costs shall be in addition to any other relief which may
be  awarded.

     IN  WITNESS  WHEREOF,  this Agreement is hereby duly executed by each Party
hereto  in  duplicate  as  of  the  date  first  written  above.

ASIA  PROPERTIES,  INC.,
ASIA  PROPERTIES  INVESTMENTS,  INC.  AND
ASIA  PROPERTIES  (THAILAND)  LIMITED

By:  /s/  Nicholas  St.  Johnston
     ----------------------------
     Nicholas  St.  Johnston

By:  /s/  Daniel  S.  McKinney
     -------------------------
     Daniel  S.  McKinney

NORTHBRIDGE  COMMUNITIES  LIMITED

By:  /s/  Dr.  Robert  Brewitt
     -------------------------
     Dr.  Robert  Brewitt
     Director

NORTHBRIDGE  COMMUNITIES  LIMITED

By:  /s/  Vorasit  Pokachaiyapat
     ---------------------------
     Vorasit  Pokachaiyapat
     Director

SHAREHOLDERS  OF  NORTHBRIDGE  COMMUNITIES  LIMITED

By:  /s/  Dr.  Robert  Brewitt
     -------------------------
     Richard  S.  Davis

By:  /s/  Dr.  Robert  Brewitt
     -------------------------
     Richard  J.  Bowers

                                       22
<PAGE>
By:  /s/  Dr.  Robert  Brewitt
     -------------------------
     Jonathan  E.  Colby

By:  /s/  Vorasit  Pokachaiyapat
     ---------------------------
     Asian  Frontier  Holdings  Limited

By:  /s/  Vorasit  Pokachaiyapat
     ---------------------------
     Nikhil  Srinivasan

By:  /s/  Dr.  Robert  Brewitt
     -------------------------
     NBC  Holdings  Limited

By:
     ---------------------------
     Siam  Investment  Fund

By:  /s/  Dr.  Robert  Brewitt
     -------------------------
     Loadhall  Investments  A.V.V.

By:  /s/  Vorasit  Pokachaiyapat
     ---------------------------
     Finansa  Investment  Advisors  Ltd.

AS  TO  ARTICLE  II:

By:  /s/  Daniel  S.  McKinney
     -------------------------
      Daniel  S.  McKinney

By:  /s/  Nicholas  St.  Johnston
      ---------------------------
      Nicholas  St.  Johnston

By:  /s/  Lim  Gaik-Im
     -----------------
      Lim  Gaik-Im

By:  /s/  Daniel  S.  McKinney
     -------------------------
      Crestview  Associates  Limited

By:  /s/  Nicholas  St.  Johnston
     ----------------------------
      Milliard  Limited

                                       23
<PAGE>

                                       24
<PAGE>
                               SCHEDULE  A

     Current  Shareholders  of  NCL  and  Shareholding  Interest

<PAGE>
<TABLE>
<CAPTION>
SHAREHOLDER                       NO. OF COMMON SHARES             PERCENT
<S>                               <C>                   <C>        <C>      <C>

N.B.C. HOLDINGS                                         2,040,000            51.00%
MR. NIKHIL SRINIVASAN                                     800,000            20.00%
ASIAN FRONTIER HOLDINGS                                   565,990            14.15%
SIAM INVESTMENT FUND                                      250,000             6.25%
FINANSA INVESTMENT ADVISORS                               175,204             4.38%
LTD.
LOADHALL INVESTMENTS A.V.V.                               144,796             3.62%
MR. JONATHAN COLBY                                         12,000             0.30%
MR. RICHARD BOWERS                                          6,000             0.15%
MR. RICHARD DAVIS                                           6,000             0.15%
MISS ARAYA INTARAKLY                                            1             0.00%
MR. VORASIT POKACHAIYAPAT                                       1             0.00%
MRS. CHANPEN LAOHARAWEE                                         1             0.00%
MISS SUJIN JUTTAWANICH                                          1             0.00%
MISS YUPADEE THEPRUENGCHAI                                      1             0.00%
MISS RACHANEE MAHATDEJKUL                                       1             0.00%
MISS PRAPAIPIS PRADITVEKIN                                      1             0.00%
MR. PICHAYAN TATANAPOL                                          1             0.00%
MR. VORATORN POKACHAIYAPAT                                      1             0.00%
MR. THANATHIP VIDHAYASIRINUN                                    1             0.00%

TOTAL SHARES                                            4,000,000           100.00%
</TABLE>

<PAGE>
                                SCHEDULE 1.1(2)

                               Asset  Valuation

<PAGE>
<TABLE>
<CAPTION>
NORTHBRIDGE  COMMUNITIES  LTD.
ADJUSTED  BALANCE  SHEET  (AS  AT  SEPTEMBER  30,  1999)
Exchange rate - Baht:US$                         37.31

ASSETS
------
                                                          US$
                                                         -----
<S>                                           <C>          <C>                 <C>
 CURRENT ASSETS
   Cash in hand and at banks                                       18,729
   Advance to director                                              4,071
   Amt. Due from subsidiaries & related co.
     -Advance to NBC Holdings                      7,336
     -Advance to Keltic                             (573)           6,763
   Other current assets                                            28,746
                                                               -----------
     TOTAL CURRENT ASSETS                                          58,310

NBC PROJECTS :

1) GM Projects - 100%                                           6,081,479

2) Palanamai - 45%                             2,618,467
   MCC Loan - 45%                               (843,660)
   Phatra Loan -45%                             (597,412)       1,177,395      23,521,418

3) ISE - 25%                                   2,674,886
   TFB - 25%                                    (462,343)       2,212,554

4) Cambodia Project                                            14,050,000

Fixed assets - Office
   Office equipment                                5,804
   Vehicles                                        4,366           10,170
Other assets                                                          192
                                                               -----------

TOTAL ASSETS                                                   23,590,090
                                                               -----------

            LIABILITIES & SHAREHOLDER'S EQUITY
            ----------------------------------
                                                          US$
                                                         ----
CURRENT LIABILITIES
   Post dated cheques                                             545,849
   Accrued interest expense                                       487,640
   Account payable - GM Project                                   818,319
   Accrued expense                                                 34,933
   Accrued withholding income tax                                     187
                                                               -----------
      TOTAL CURRENT LIABILITIES                                 1,886,929

Rental income received in advance                               1,443,109
Amounts due to related companies
   Advance from Finansa                         3,538.47
   Advance from AFH                           395,764.89          399,303
Loan from related co.
   Loan from AFH                               9,289,107        9,289,107
                                                               -----------
   TOTAL LIABILITIES                                           13,018,448
                                                               -----------

NCL'S NET WORTH                                                10,471,642
                                                               -----------
</TABLE>

<PAGE>
                                  SCHEDULE 2.4

                              API Escrow Agreement

<PAGE>
                                ESCROW AGREEMENT

     This  ESCROW  AGREEMENT  (the  "Agreement") is made and entered into on the
____  day of February, 2000, among ASIA PROPERTIES, INC., a company incorporated
under  the  laws  of  the  State of Nevada, ASIA PROPERTIES INVESTMENTS, INC., a
company  incorporated  under  the  laws  of  the British Virgin Islands and ASIA
PROPERTIES (THAILAND) LIMITED, a company incorporated under the laws of Thailand
(collectively  referred  to herein as "API"), NORTHBRIDGE COMMUNITIES LIMITED, a
Thai  limited  company ("NCL"), the SHAREHOLDERS OF NCL (the "NCL Shareholders")
certain  shareholders  of  API,  DANIEL  S. MCKINNEY, NICHOLAS ST. JOHNSTON, LIM
GAIK-IM,  CRESTVIEW ASSOCIATES LIMITED, a company incorporated under the laws of
Hong  Kong  ("Crestview") and MILLIARD LIMITED, a company incorporated under the
laws  of  the  British  Virgin  Islands  ("Milliard"), (hereinafter collectively
referred  to  as  the  "API  Shareholders") and KING, LEBLANC & BLAND, L.L.P., a
Louisiana  Limited  Liability  Partnership  ("Escrow  Agent").

                                    RECITALS

     A.     API,  the API Shareholders, NCL and the NCL Shareholders are parties
to  a Share Purchase and Sale Agreement dated February ___, 2000, (the "Purchase
Agreement"), pursuant to which API acquired from NCL the share capital of NCL as
set  forth  in  the Purchase Agreement.  As applicable, unless otherwise defined
herein,  capitalized  terms used herein have the meanings accorded to such terms
in  the  Purchase  Agreement.

     B.     Pursuant to the Purchase Agreement, the API Shareholders have agreed
to  deposit  3,500,000 shares of the common stock of API in escrow to be paid to
the  NCL Shareholders in the event API fails to raise a minimum of US$15 million
in  new  cash  capital  at  a  price  of  at  least US$4.40 per Share ("New Cash
Capital") within 220 days of the date of execution of the Purchase Agreement, in
accordance  with  the  terms  of  the  Purchase  Agreement.

     C.     The  Escrow  Agent  is willing to act as the escrow agent under this
Agreement.

     NOW  THEREFORE,  in  consideration  of  the  mutual  covenants, agreements,
representations  and  warranties  contained  herein,  and  for good and valuable
consideration,  the  receipt  and  adequacy of which is hereby acknowledged, the
parties  hereto  agree  as  follows:

     1.     DEPOSITS

     1.1     Establishment  of  Escrow.
             -------------------------

     The  API  Shareholders  hereby  deliver  to  and deposit in escrow with the
Escrow Agent the following numbers of shares of common capital stock of API (the
"API  Shares"),  issued  in  the  names  of  the  API Shareholders listed below,
together  with  share transfers executed in blank.  The API Shares shall be held
and  released by the Escrow Agent in accordance with the terms and conditions of
this  Agreement.  In  addition, API, NCL and the NCL and API Shareholders hereby
deliver  to  the  Escrow  Agent  a  fully executed original copy of the Purchase
Agreement:

<PAGE>

API  Shareholders     Number  of  API  Shares     Shares
-----------------     -----------------------     ------

Daniel  S.  McKinney                  800,000
Nicholas  St.  Johnston               900,000
Lim  Gaik-Im                          600,000
Crestview  Associates  Limited        700,000
Milliard  Limited                     500,000
-----------------     -----------------------
TOTAL                               3,500,000

     The  API  Shares  deposited pursuant hereto are collectively referred to as
the  "Escrow  Shares".

     2.     DELIVERIES  AND  DRAWS

     2.1     Additional  Capital.
             -------------------

     A. In the event API is  successful  in  raising  US$15  million in New Cash
Capital  within 220 days of the date of execution  of the Purchase  Agreement in
accordance with the terms of the Purchase Agreement,  it shall deliver a copy of
a written notice of the terms and conditions upon which the New Cash Capital has
been  raised (the  "Notice").  The Notice  shall  contain  specific  information
relating to the New Cash Capital,  including  the amount of New Cash Capital,  a
written  confirmation  from the Bank where the New Cash Account is located,  the
number  of  shares  issued  in  connection   therewith  and  the  names  of  the
shareholder(s)  to whom such shares have been  issued.  If said New Cash Capital
has been raised in  compliance  with the terms and  conditions  set forth in the
Purchase  Agreement,   the  Escrow  Shares  shall  be  redelivered  to  the  API
Shareholders.

     B. In the event API fails to raise a minimum  of  US$15,000,000  within 220
days of the date of execution of the Purchase  Agreement in accordance  with the
terms of the  Purchase  Agreement,  the  Escrow  Agent  shall  deliver  one half
(1,750,000) of the Escrow Shares to the NCL  Shareholders in accordance with the
Purchase Agreement.  In such case, the Escrow Agent shall submit to the transfer
agent for API the Escrow  Shares for  reissuance  as  follows.  One-half  of the
number of API Shares of each API Shareholder  listed in Section 1.1 hereof shall
be reissued in the name of the Escrow  Agent as Escrow  Agent for the benefit of
each said API  Shareholder.  1,750,000  Escrow  Shares  shall be reissued in the
names of the NCL Shareholders in proportion to the shareholding interest of each
NCL  Shareholder in NCL as set forth on Schedule "A" to the Purchase  Agreement.
The remaining  1,750,000  Escrow  Shares shall remain in escrow  pursuant to the
terms and conditions of Section 2.6 of the Purchase Agreement.

     C. Any remaining Escrow Shares being held in escrow pursuant to Section 2.6
of the Purchase  Agreement  shall be delivered in accordance with Section 2.6 of
the Purchase  Agreement as follows.  Any Escrow Shares which are to be delivered
to the API  Shareholders  shall be delivered  to the transfer  agent for API for
reissuance  in the names of the API  Shareholders  in proportion to the ratio of
the  number of API  Shares  deposited  in escrow  by each API  Shareholder  over
3,500,000 and shall be delivered to the said API  Shareholders  immediately upon
such  reissuance  and  receipt by the  Escrow  Agent.  Any  Escrow  Shares to be
delivered to the NCL  Shareholders  shall be delivered to the transfer agent for
API for  reissuance to the NCL  Shareholders  in proportion to the  shareholding
interest  of each NCL  Shareholder  in NCL as set forth on  Schedule  "A" to the
Purchase Agreement.

2.2     Release  of  Escrow  Shares.
        ---------------------------

     The  Escrow Shares shall be delivered to the NCL Shareholders or to the API
Shareholders  pursuant  to  Section 2.1 hereof upon the dates set forth therein.
If  any  dispute,  arbitration,  suit or other proceeding or action that has not
been  expressly  waived  pursuant  to the Purchase Agreement is commenced by any
party  hereto  restraining  or  preventing the release of the Escrow Shares, the
Escrow  Shares shall be held, and the time period for release shall be extended,
until  such matter is fully and finally resolved and all time periods for appeal
have  expired.

<PAGE>
2.3     Termination  of  Escrow.
        -----------------------

     The  escrow  shall  terminate  upon  release  of all the  Escrow  Shares in
accordance with the terms and conditions of this Agreement.  Upon release by the
Escrow  Agent of all the Escrow  Shares as  provided  herein,  the duties of the
Escrow  Agent  shall be  completed  and the Escrow  Agent  shall have no further
obligations under this Agreement to any other party.

     3.     THE  ESCROW  AGENT

3.1     Performance.
        -----------

     Escrow Agent  undertakes to perform the duties only as are specifically set
forth in this  Agreement  and may  conclusively  rely and shall be  protected in
acting or refraining from acting,  on any written notice,  instruction,  waiver,
consent,  receipt or other paper or  document  which the Escrow  Agent,  in good
faith, believes to be genuine and what it purports to be. The Escrow Agent shall
in no event be liable for any damage caused by the  performance of its duties as
Escrow  Agent,  except  to  the  extent  that  the  damages  result  from  gross
negligence, willful misconduct or willful breach of this Agreement by the Escrow
Agent.  The  Escrow  Agent is  neither a party to or bound by, or  charged  with
notice of the terms,  provisions,  legalities,  validity,  or sufficiency of the
documents  delivered to it (other than this Agreement and any notices  delivered
pursuant to this  Agreement) and it shall not be liable or  responsible  for its
failure  to  ascertain  the  terms or  conditions  or to  comply  with any other
provisions, of any such document.

3.2     Delivery.
        --------

     Upon making such delivery,  and performance of any other services  included
above,  the Escrow  Agent will  thereupon  be released  and  acquitted  from any
further  liabilities  concerning  this Agreement or the Escrow Shares,  it being
expressly  understood  that such  liability in any event is limited by the terms
and conditions set forth herein. By acceptance of this agency,  the Escrow Agent
in no way assumes responsibility for the validity or authenticity of the subject
matter of the deposit.  In the event that the Escrow  Agent's  duties under this
Agreement  shall  conflict with any provision of the Purchase  Agreement or this
Escrow Agreement, this Agreement shall control.

3.3     Indemnification.
        ---------------

     API, NCL, and the NCL and API  Shareholders  shall,  jointly and severally,
indemnify and hold the Escrow Agent, and each partner, employee, attorney, agent
and  affiliate  of the Escrow Agent  (collectively  the  "Indemnified  Parties")
harmless  from any cost,  damages,  expenses,  or claims,  including  reasonable
attorney's fees which Indemnified Parties may incur or sustain as a result of or
arising  out of this  Agreement  or the  Indemnified  Parties'  duties  relating
thereto and will pay them upon  demand,  except as a result of or arising out of
Indemnified  Parties' gross negligence,  willful misconduct or willful breach of
this Agreement.

<PAGE>
3.4     Resignation  and  Removal.
        -------------------------

The  Escrow  Agent may resign and be discharged from its duties hereunder at any
time  by giving notice of such resignation to API, NCL, the NCL Shareholders and
the  API Shareholders specifying a date not less than thirty (30) days after the
giving  of  such notice when such resignation shall take effect.  Promptly after
such  notice, a successor escrow agent shall be appointed by mutual agreement of
API, NCL, the NCL Shareholders and the API Shareholders, such successor agent to
become  escrow  agent  hereunder  upon  the  resignation  date specified in such
notice.  If  NCL,  API, the NCL Shareholders and the API Shareholders are unable
to  agree  upon  a  successor  escrow  agent  within thirty (30) days after such
notice, the Escrow Agent shall be entitled to appoint its successor.  The Escrow
Agent  shall  continue  to  serve  until  its  successor  accepts the escrow and
receives  the  Escrow  Shares.  API,  NCL,  the  NCL  Shareholders  and  the API
Shareholders  may  agree  at  any time to substitute a successor escrow agent by
giving  notice  thereof  to  the  escrow  agent  then  acting.

4.     MISCELLANEOUS

4.1     Notices.
        -------

     All  notices,  requests,  demands  and  other  communications  required  or
permitted  under this Agreement  shall be in writing and shall be deemed to have
been duly given on the date of service if served personally on the party to whom
notice is to be given,  or on the fifth day after mailing if mailed to the party
to whom notice is to be given,  via first class mail,  registered  or certified,
postage paid and properly addressed as follows:

     IF  TO  API:

               86/14  Sukhumvit  31
               Bangkok  10110  Thailand
               Telefax:  (662)  260-3189

               Attn:  Mr.  Nicholas  St.  Johnston
               Chief  Executive  Officer

               With  a  copy  to:

               Ballard,  Spahr,  Andrews  &  Ingersoll,  LLP
               Attn:     Jeffrey  R.  Davine
               1225  17th  Street,  Suite  2300
               Denver,  CO  80202-5596

               IF  TO  NCL  or  the  NCL  Shareholders:

<PAGE>
               Northbridge  Communities  Limited
               TISCO  Tower
               48  North  Sathorn  Road,  7/F
               Bangkok  10500  Thailand

               Attention:  Stephen  E.  Wagner

               IF  TO  THE  API  SHAREHOLDERS:

               Daniel  S.  McKinney
               908  Universal  Commercial  Building
               69  Peking  Road  TST
               HONG  KONG

               Nicholas  St.  Johnston
               c/o  BDNSJ  Limited
               86/14  Sukhumvit  31
               Bangkok  10110
               THAILAND

               Lim  Gaik-Im
               P.O.  Box  98842  TST
               HONG  KONG

               Crestview  Associates  Limited
               908  Universal  Commercial  Building
               69  Peking  Road  TST
               HONG  KONG

               Milliard  Limited
               Akara  Building
               24  DeCastro  Street
               Wickhamscay  1
               Roadtown,  Tortola
               BRITISH  VIRGIN  ISLANDS

     Any party may change its address for purposes of this paragraph  by  giving
the other  parties  written  notice  of the new address in the manner set  forth
above.

     4.3     Effect  of  Headings.
             --------------------

     The subject  headings of the sections in paragraphs  of this  agreement are
included for purposes of convenience only, and shall not affect the construction
or interpretation of any of the provisions hereof.

4.4     Entire  Agreement;  Modification;  Waiver.
        -----------------------------------------

     This  Agreement  constitutes  the sole and  entire  agreement  between  the
parties  pertaining to the subject matter contained  herein,  and supersedes all
prior and  contemporaneous  agreements,  representations and undertakings of the
parties.  No supplement,  modification  or amendment of this Agreement  shall be
binding unless executed in writing by all parties.

4.5     Counterparts.
        ------------

     This  Agreement  may  be  executed   simultaneously  in  any  one  or  more
counterparts,  each of  which  shall be  deemed  an  original,  but all of which
together shall constitute one and the same instrument.

4.6     Binding  Effect.
        ---------------

     This  Agreement  shall be binding upon,  and shall inure to the benefit of,
the parties hereto and their respective heirs, legal representatives, successors
and assigns.

4.7     Governing  Law.
        --------------

     This Agreement  shall be governed by, and construed in accordance  with the
laws of the State of Louisiana.

THIS  AGREEMENT  was  executed  as  of  the date and year first set forth above.

ASIA PROPERTIES, INC., ASIA
PROPERTIES INVESTMENTS, INC., ASIA
PROPERTIES (THAILAND) LIMITED

                                        By:  /s/ Daniel S. McKinney
                                        ----------------------------------------

                                             President

                                        NORTHBRIDGE COMMUNITIES LIMITED

                                        By: /s/ Dr. Robert Brewitt
                                        ----------------------------------------

<PAGE>
                                        By: /s/ Vorasit Pokachaiyapat
                                        ----------------------------------------

                                              Directors

                                        API SHAREHOLDERS:

                                        /s/ Daniel S. McKinney
                                        ----------------------------------------
                                        Daniel S. McKinney

                                        /s/ Nicholas St. Johnston
                                        ----------------------------------------
                                        Nicholas St. Johnston

                                        /s/ Daniel S. McKinney
                                        ----------------------------------------
                                        Lim Gaik-Im

                                        CRESTVIEW ASSOCIATES LIMITED

                                        By: s/ Daniel S. McKinney
                                        ----------------------------------------

                                        MILLIARD LIMITED

                                        By: /s/ Nicholas St. Johnston
                                        ----------------------------------------

                                        NCL SHAREHOLDERS

                                        By: /s/ Dr. Robert Brewitt
                                        ----------------------------------------
                                           Richard S. Davis

                                        By: /s/ Dr. Robert Brewitt
                                        ----------------------------------------
                                                Richard J. Bowers

                                        By: /s/ Dr. Robert Brewitt
                                        ----------------------------------------
                                                Jonathan E. Colby

                                        By: /s/ Vorasit Pokachaiyapat
                                        ----------------------------------------
                                         Asian Frontier Holdings Limited

                                        By: /s/ Vorasit Pokachaiyapat
                                        ----------------------------------------
                                           Nikhil Srinivasan

                                        By: /s/ Dr. Robert Brewitt
                                        ----------------------------------------
                                         NBC Holdings Limited

                                        By: ________________________________
                                                Siam Investment Fund

                                        By: /s/ Dr. Robert Brewitt
                                        ----------------------------------------
                                                Loadhall Investments A.V.V.

                                        By: /s/ Vorasit Pokachaiyapat
                                        ----------------------------------------
                                                Finansa Investment Advisors Ltd.

                                        ESCROW AGENT:

                                        KING, LEBLANC & BLAND, L.L.P.

                                        By /s/ Henery KINg

                                              Its Partner

<PAGE>
        LIST OF OTHER SCHEDULES TO THE SHARE PURCHASE AND SALE AGREEMENT

Schedule  3.1(2)    NCL's  Shareholding  Interest  in  the  Subject  Companies
Schedule  3.1(6)    Complete  List  of  All  Assets  Owned  By the Subject
                    Companies  and  Leases  and  the  Terms
Schedule  3.1(6)ii  Title  Exception
Schedule  3.1(8)    Legal  Actions,  Suits,  Arbitrations,  Etc.
Schedule  3.1(9)    Non-Compliance  Matters
Schedule  3.1(10)   Contracts and Obligations of NCL and the Subject Companies
                    (Other than Leases and Loans Shown in Schedule 3.1(6))
Schedule  3.2       API's  Exceptions  To  Representations  and  Warranties
Schedule  3.2(2)    Current  Shareholders  and  Option  Holders  of  API
Schedule  3.2(6)    Legal  Actions  For  API
Schedule  3.2(7)    Unlawful  Business  Operations  of  API  and  API(T)
Schedule  3.2(8)    Contracts  and  Obligation  of  API
Schedule  3.2(14)   Changes  and  Events  Since  September  30,  1999
Schedule  4.1(1)    Resolution  of  Shareholders  of  NCL
Schedule  4.1(2)    Resolution  of  Directors  of  NCL
Schedule  4.2       Interim  Budget
Schedule  5.2(4)    Certificate of Managing Director of Northbridge Communities
                    Limited
Schedule  5.3(4)    Certificate  of Chief Executive officer of Asia Properties,
                    inc., Asia  Properties Investments, inc. and Asia Properties
                    (Thailand) Limited

<PAGE>Exhibit 10.9

                 AMENDMENT TO SHARE PURCHASE AND SALE AGREEMENT

This  Amendment,  dated  July __, 2000, is hereby made to the Share Purchase and
Sale  Agreement  dated  February  4,  2000  (the "Agreement") in accordance with
Clause  7.3.

The  following  Amendment  to the Agreement is hereby adopted by the parties and
incorporated  into  the  Agreement  in its entirety, and shall replace the prior
existing  Clause  as  if  it  were  originally  contained  therein:

"Section  1.2     Closing
                  -------

(1)     The  closing  of  the  purchase  and  sale of the Acquired Share Capital
(the  "Closing")  shall  take  place on or before October 17, 2000 (the "Closing
Date")  at  a location mutually agreed to in writing by the Parties hereto.  The
Closing  Date  may be only extended by agreement in writing by both API and NCL.
The  Parties  agree to use all reasonable efforts to close the Share Exchange as
soon  as  practicable,  subject  to  Article  V  hereof."

The  parties  to the Agreement hereby accept and agree to the Amendment as above
written.

FOR  NORTHBRIDGE COMMUNITIES LIMITED, THE SHAREHOLDERS OF NORTHBRIDGE COMMUNITES
LIMITED

____________________________
Vorasit  Pokachaiyapat
Director

____________________________
Robert  W.  Brewitt
Director

FOR  ASIA  PROPERTIES,  INC., ASIA PROPERTIES INVESTMENTS, INC., ASIA PROPERTIES
(THAILAND)  LIMITED,  NICHOLAS  ST.  JOHNSTON,  DANIEL S. MCKINNEY, LIM GAIK-IM,
CRESTVIEW  ASSOCIATES  LIMITED,  MILLIARD  LIMITED

/S/  NICHOLAS  ST.  JOHNSONT
----------------------------
Nicholas  St.  Johnston

____________________________
Daniel  S.  McKinney

<PAGE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00015-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00015-of-00352.parquet"}]]