Document:

EXHIBIT 10.5 (corrected)

                           MEMORANDUM OF UNDERSTANDING

THIS  AGREEMENT  is  made  the  18th  day  of  February,  2003

BETWEEN

     HONG  YUAN  ENTERPRISE  LIMITED
            8/21  Yen  Arkard  Road,  Tung-Mahamek,
     Yannawa,  Bangkok  10120  Thailand

AND

     ASIA  PROPERTIES,  INC.
     114  W.  Magnolia  St,  #400-115
     Bellingham,  WA  98225  USA

(Collectively  the  "Parties")

                                    WHEREAS:-

A.     Hong  Yuan  Enterprise  Limited  (hereinafter referred to as "HYEL") is a
real  estate limited liability corporation based in Bangkok, organized under the
laws  of  Thailand.

B.     Asia  Properties,  Inc.  (hereinafter  referred to as "API") is a company
organized  and  existing  under the laws of the state of Nevada, with offices in
Bangkok,  Thailand  and  Bellingham,  WA,  USA.

C.     At  the  date hereof, API has 50 million shares of par value of US $0.001
each,  of  which  approximately  6.6  million shares are issued and outstanding.

Following  SEC  clearance,  API  intends  to meet the requirements of the NASDAQ
Bulletin  Board  and  to commence trading on the Over the Counter Bulletin Board
within  the  first  half  of  year  2003, then apply for the NASDAQ BBX which is
presently  targeted  to  initiate  trading  by  Q4,  2003.

API's  plan  is  to acquire, develop and manage resorts and hotels, initially in
Thailand,  then regionally in Asia and the South Pacific for significant capital
gain  and  yields.

D.     API  is  interested  in  purchasing  a  100%  interest  in the 101 Rai of
freehold  /  Nor  Sor  San,  beach front land at Mai Khao, Phuket beach owned by
HYEL.
E.     API  intends  to  provide  funding for the development of a resort on the
property.

NOW,  THEREFORE,  THE  PARTIES  HERETO  HEREBY  AGREE  AS  FOLLOWS:

1.     Expression  of  Interest

1.1     API desires to acquire a 100% interest of the 101 Rai freehold / Nor Sor
San,  at  Mai  Khao  beach  owned  by  HYEL  for a purchase price of (Thai) Baht
404,000,000.

1.2     The  parties  will  diligently  and in good faith negotiate a definitive
agreement  (the "Definitive Agreement") incorporating the principal terms of the
contemplated  transaction as set forth herein and, in addition, such other terms
and  provisions, including appropriate representations and warranties, of a more
detailed nature as the parties may agree upon.    The Definitive Agreement shall
be  subject  to  board  and  shareholders  approval  for  API.

1.3     Upon execution of this Memorandum, API shall have a due diligence period
of  sixty  (60)  days  -  the  "due diligence period"). During the Due Diligence
Period  API will have the right to conduct a full due diligence investigation of
and  HYEL  will  provide all relevant information on their property, including a
recent  property  evaluation,  tax records, and land title, business records and
any  other  information  reasonably  requested  by  API.  API and its attorneys,
accountants  and financial advisors will have full access during normal business
hours  to  all  employees,  consultants,  assets,  properties,  books, accounts,
records,  tax returns, contracts and other documents of , provided, however that
such access will not materially interfere with the normal business operations of
..  In  the event the parties terminate their discussions for any reason API will
promptly  return  all  documents  and  other  materials  so  provided  to  it.

2.     Confidentiality

2.1     API  acknowledges  that  it  owes an obligation of confidence to HYEL in
respect  of  any  Confidential  Information  provided  by  HYEL;

2.2     API  further  acknowledges  that the Confidential Information (including
any  copies  made  thereof  to  API)  is:-

a.     the  property  of  the HYEL, its subsidiaries and/or associate companies;

b.     secret,  confidential  and  valuable  to  HYEL,  its  subsidiaries and/or
associate  companies;

3.     Due  Diligence

3.1     Upon  the  execution  of  this  Agreement, HYEL shall furnish to API the
information listed in the attached sheet, Annex A, and any additional items that
may  be  necessary  for  API  to  make  its  initial evaluation of the potential
investment.  The due diligence period shall not be longer than {two} months from
the  date  of  this  Agreement.

3.2     During  the  conduct  of its due diligence the Parties will negotiate in
good  faith  to  enter  into  a  Definitive  Agreement.

3.3     Upon  completion  of  its due diligence and wherein API finds there is a
material  change  in  the  circumstances,  resulting in dissatisfaction with its
findings  API  will be permitted to terminate this agreement, and this Agreement
shall  be  deemed  terminated.  Thereafter,  there  shall be no further right or
obligation  by  either  party  towards  the  other except as defined within this
Agreement.

5.     Terms  and  Conditions-  subject  to  contract

5.1     API  will  acquire  100%  interest of the 101 Rai of Mai Khao Beach at a
price of Baht 4 million per Rai.  404 million Thai Baht total acquisition price.

5.2     API  will  issue  shares of its common stock to Koola Holding Limited or
its  nominees equivalent to its equity in the land of 224 million Baht.  The API
share  price  will  be  determined  in  the  Definitive  Agreement.

5.3     API  will seek its own mortgage financing of 180 million Baht to pay the
debt  owed  to  Bangkok  Bank  by  HYEL.  to  HYEL.

5.4     Commencing  immediately,  and  its  respective agents will not, nor will
they  permit any of their respective officers employees or agents (including and
without  limitation,  investment bankers, attorneys and accountants) directly or
indirectly  to,  solicit, or accept any offer for the purchase of the 101 Rai of
Mai  Khao  beach  land,  whether as a primary or backup offer, or take any other
action  with  intention  or  reasonable  foreseeable  effect  of  leading to any
commitment  or  agreement to sell such property.  In addition,  will conduct its
respective  operations  according  to  its ordinary and usual course of business
consistent with past practices and will not enter into any material transactions
or  incur  any  material  liabilities  without  obtaining  the  consent  of API.

Termination

6.1     This  Agreement  shall  expire  in  90 days from the date of signing and
shall  be  renewable  only with the written agreement of both Parties. If at any
time  between  the  date  of  signing  this  Memorandum and closing there is any
material  change  in  circumstances,  which  adversely  affect  the  fundamental
understandings  or  spirit of this Memorandum, either party shall have the right
to  terminate  this  Memorandum.

7.     Governing  Law

7.1     This  Agreement  shall  be  governed  by  and  shall  be  interpreted in
accordance  with  the  laws  of  {Thailand}.

Miscellaneous

8.1     This  Agreement  is  an  expression  of  interest  on the part of API in
acquiring  the  100%  interest in the Mai Khao beach land 101 Rai owned by HYEL.
As  such,  any  potential transaction is subject to contract to the execution by
both  Parties  of a formal Investment agreement upon agreement of full Terms and
Conditions  for  the  transaction.

8.3     Both  Parties  agree that the consummation of the sale of Mai Khao Beach
land to API would be subject to obtaining all necessary comments, approvals, and
consents  and  making  all  necessary  filings  with  all  relevant  government
authorities  in  addition  to  board  approval  of  both  Parties.

8.4     Each  provision  of  this  Agreement  shall be deemed to be separate and
severable  from each other provision.  If any provision of this Memorandum shall
be  invalid  and  not  enforceable  in  accordance  with  its  terms,  all other
provisions,  which  are  self-sustaining  and  capable  of  separate enforcement
without regard to any such invalid provisions, shall be and continue to be valid
and  enforceable  in  accordance  with  their  terms.

The  above  terms  are  meant  solely to indicate API's interest in the proposed
acquisition.  Except  for  "Confidentiality"  (which  shall  be  binding  on the
Parties  hereto),  nothing  contained  herein,  whether stated or implied, shall
impose  any  obligation  of  any  kind  upon  HYEL  or  API.

Except  as otherwise specifically set forth herein. Each party will bear its own
attorneys,  brokers,  investment  bankers, agents, and finders employed by, such
party.  The parties will indemnify each other against any claims, costs, losses,
expenses or liabilities arising from any claim for commissions, finder's fees or
other compensation in connection with the  contemplated transaction which may be
asserted  by any person based on any agreement or arrangement for payment by the
other  party.

The  parties  may  execute  this  Memorandum  of  Understanding  in  two or more
counterparts,  each  of  which is deemed to be an original and all of which will
constitute  one  agreement,  effective  as  of  the  date  given  above.

Representations,  Warranties  and  Undertakings

9.1     API represents and warrants that the company is a qualified investor and
investment  partner  in  good  standing  within  the  laws  of USA. All relevant
liabilities will have been disclosed prior to the date of signing the Definitive
Agreement.

9.2     HYEL  represents  and  warrants  that  all  liabilities,  liens  and
encumbrances  of  the  land  the  will  have been disclosed prior to the date of
signing  the  Definitive  Agreement.

9.3     Both  parties  agree to work together to secure the required development
approvals  for  a  resort  from  the  relevant  authorities  in  Phuket.

IN  WITNESS WHEREOF the Parties hereto have caused this Agreement to be executed
the  day  and  year  first  above  written.

SIGNED  BY
for  and  on  behalf  of
ASIA  PROPERTIES,  INC.

Witnessed  by:

SIGNED  BY
for  and  on  behalf  of
HONG  YUAN  ENTERPRISE  LIMITED

Witnessed  by:

ANNEX  A

API  will  require  the  following  from  HYEL:

1.     Land  title  deed
2.     A  current  property  valuation
3.     An opinion as to the ability to get necessary building approvals from the
Phuket  Government  authorities.THE  SECURITIES  DESCRIBED  IN THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES  ACT  OF  1933, AS AMENDED (THE "ACT"), OR THE SECURITIES LAWS OF ANY
STATE,  AND  MAY  NOT  BE  OFFERED,  SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR
OTHERWISE DISPOSED OF EXCEPT PURSUANT TO (i) AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE ACT AND ANY APPLICABLE STATE LAWS, (ii) TO THE EXTENT APPLICABLE, RULE
144 UNDER THE ACT (OR ANY SIMILAR RULE UNDER THE ACT RELATING TO THE DISPOSITION
OF  SECURITIES),  OR  (iii)  AN  OPINION  OF  COUNSEL,  IF SUCH OPINION SHALL BE
REASONABLY  SATISFACTORY  TO  COUNSEL  TO  THE  ISSUER,  THAT  AN EXEMPTION FROM
REGISTRATION  UNDER  THE  ACT  AND  APPLICABLE  STATE  LAW  IS  AVAILABLE.

                             SUBSCRIPTION AGREEMENT

     This  Subscription  Agreement  is made by and between Entellium Investments
Ltd.,  a  British  Virgin  Islands  Company (the "Company") and Asia Properties,
Inc.,  a  Nevada  corporation  (the  "Investor").

     The  parties  hereto  agree  as  follows:

                                    Article 1
                                 The Securities

     Section 1.01.  The Securities.  The securities offered hereby shall consist
of  two  million  (2,000,000) Ordinary Shares (the "Shares") of the Company at a
purchase  price  of  $0.01 per share.  Company and the Investor both acknowledge
and  agree  that  the  purchase price for the Shares will be paid (i) US $15,000
paid  in  September 2002, (ii) US $2,500 paid to Speechforms, Inc., on behalf of
the  Company,  in  September 2002, and (iii) US $2,500 to be paid by Investor to
the  Company  in  accordance  with  a  Note  dated  as  of  the  date  hereof.

Section  1.02.  Legends;  Registration  Under  the  Securities Act of 1933.  The
Shares  have  not  been  registered under the Securities Act of 1933, as amended
(the  "Act").  The  certificate representing the Shares shall bear the following
legend:

THE  SECURITIES  REPRESENTED  BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE  SECURITIES  ACT  OF 1933, AS AMENDED (THE "ACT"), OR THE SECURITIES LAWS OF
ANY  STATE,  AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR
OTHERWISE DISPOSED OF EXCEPT PURSUANT TO (i) AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE ACT AND ANY APPLICABLE STATE LAWS, (ii) TO THE EXTENT APPLICABLE, RULE
144 UNDER THE ACT (OR ANY SIMILAR RULE UNDER THE ACT RELATING TO THE DISPOSITION
OF  SECURITIES),  OR  (iii)  AN  OPINION  OF  COUNSEL,  IF SUCH OPINION SHALL BE
REASONABLY  SATISFACTORY  TO  COUNSEL  TO  THE  ISSUER,  THAT  AN EXEMPTION FROM
REGISTRATION  UNDER  THE  ACT  AND  APPLICABLE  STATE  LAW  IS  AVAILABLE.

     This  offering is not a public offering and is intended to be made pursuant
to Section 4(2) of the Act and Regulation D as promulgated by the Securities and
Exchange Commission ("SEC") under the Act.  This offering is also intended to be
exempt  from  the registration requirements of various state securities laws.  A
substantial  number  of  state  securities  commissions  and securities industry
associations  have  established  investor  suitability  standards  for marketing
private offerings of securities within their respective jurisdictions. Some have
also  established  minimum  dollar  levels  for  purchases  in  their  states.

<PAGE>

Section  1.03.  Expenses.  Irrespective  of whether the Closing is effected, the
Company  shall  pay  all  costs  and expenses that it incurs with respect to the
negotiation,  execution,  delivery,  and  performance  of this Agreement and the
transactions  contemplated hereby, including without limitation, the cost of any
required  filings  under the Act, the Exchange Act or any "blue sky" laws, rules
and  regulations.

     Article  II
     Representations  and  Warranties

     Section  2.01.  Investor  Representations  and  Warranties.  The  Investor
hereby makes each and every one of the following representations and warranties:

     (a)     Investor has the full right, power and authority to enter into this
Agreement  and to carry out and consummate the transactions contemplated herein.
This  Agreement  constitutes  the  legal,  valid  and  binding obligation of the
Investor.

(b)     Investor  is an "Accredited Investor" as that term is defined in Section
501(a)  of Regulation D promulgated under the Securities Act of 1933, as amended
(the  "Act").

     (c)     The  Investor  meets  one  or  more  of the following requirements:
PLEASE  CHECK  AS  MANY  BOXES  THAT  APPLY:

          He or she is a natural person whose individual net worth, or joint net
worth  with  such  investor's spouse, exceeds $1,000,000 and either he or she is
able  to bear the economic risk of investment in the proposed investments or the
proposed  investments  will  not exceed 10% of his or her net worth or joint net
worth  with  such  investor's  spouse;

          He  or  she is a natural person who had individual income in excess of
$200,000  in  each  of  the  two  most  recent  years, or joint income with such
investor's  spouse  in  excess of $300,000 in each of those years and reasonably
expects  to  reach  the  same  income level in the current year, and either such
investor  is  able  to  bear  the  economic  risk  of investment in the proposed
investments  or  the  proposed investments will not exceed 10% of his or her net
worth  or  joint  net  worth  with  such  investor's  spouse;

          It  is an organization described in  501(c)(3) of the Internal Revenue
Code of 1986 as amended, (i.e., tax exempt entities), corporation, Massachusetts
or  similar  business trust, or partnership, not formed for the specific purpose
of  acquiring  the  proposed  investments,  with  total  assets  in  excess  of
$5,000,000;

          It  is  a trust, with total assets in excess of $5,000,000, not formed
for  the specific purpose of acquiring the proposed investments, whose purchases
are  directed by a sophisticated person as described under the first alternative
above;

          It  is a bank as defined in  3(a)(2) of the Securities Act of 1933, or
a savings and loan association or other institution as defined in  3(a)(5)(A) of
the  Securities  Act  of  1933  whether  acting  in  its individual or fiduciary
capacity;

          It  is  a broker registered pursuant to  15 of the Securities Exchange
Act  of  1934;

          It  is an insurance company as defined in  2(13) of the Securities Act
of  1933;

          It  is  an  investment company registered under the Investment Company
Act  of  1940  or a business development company as defined in  2(a)(48) of that
Act;

          It  is  a Small Business Investment Company licensed by the U.S. Small
Business  Administration  under  301 (c) or (d) of the Small Business Investment
Act  of  1958;

          It is a private business development company as defined in  202(a)(22)
of  the  Investment  Advisers  Act  of  1940;

          It  is  an  employee benefit plan within the meaning of Title I of the
Employee  Retirement  Income Security Act of 1974, if the investment decision is
made  by  a  plan fiduciary, as defined in  3(21) of such Act, which is either a
bank,  savings and loan association, insurance company, or registered investment
adviser,  or  if  the  employee  benefit  plan  has  total  assets  in excess of
$5,000,000 or, if a self-directed plan, with investment decisions made solely by
persons  that  are  Accredited  Investors  as  described  above;

          He  or  she  is  a  director  or  executive  officer  of  the Company;

          It  is  an  entity  in  which  all  the  equity  owners are Accredited
Investors  since  they  are  all  described  above.

     (d)     Investor  has  reviewed  this  Subscription  Agreement  hereto.

     (e)     Investor  has  the  financial  ability to bear the economic risk of
Investor's investment, can afford to sustain a complete loss of such investment,
has  adequate  means  of  providing  for  Investor's  current needs and personal
contingencies  and  has  no  need  for liquidity in Investor's Investment in the
Company.

     (f)     Investor  will  acquire  the  Shares for Investor's own account for
investment  and  not  with  a  view  to  the sale or distribution thereof or the
granting  of any participation therein, and Investor has no present intention of
distributing  or  selling  to  others  any  of  such  interest  or  granting any
participation  therein,  other  than  pursuant  to  an  effective  registration
statement  under  the  Act.

     (g)     Investor  has been given the opportunity to ask questions of and to
receive answers from persons acting on the Company's behalf concerning the terms
and  conditions  of  this transaction and also has been given the opportunity to
obtain  any  additional  information  which the Company possesses or can acquire
without  unreasonable effort or expense.  As a result, the Investor is cognizant
of  the  financial  condition,  capitalization, use of proceeds from this bridge
financing  and  the  operations  and  financial  condition  of  the Company, has
available  full information concerning its affairs and has been able to evaluate
the  merits  and  risks  of  the  investment  in  the  Shares.

     (h)     The  Investor  understands and agrees that the Shares have not been
registered under the Securities Act of 1933, as amended (the "Act") or any state
or  foreign  securities laws and are restricted securities within the meaning of
Rule 144 of the General Rules and Regulations under the Act and under applicable
state  statutes.

                                   Article III
                                     Notices

     Section  3.01.  Notices.  All  notices provided for in this Agreement shall
be  in  writing signed by the party giving such notice, and delivered personally
or  sent  by  overnight  courier or messenger or sent by registered or certified
mail  (air  mail  if overseas), return receipt requested, or by telex, facsimile
transmission,  telegram  or  similar  means  of communication.  Notices shall be
deemed  to have been received on the date of personal delivery, telex, facsimile
transmission,  telegram  or  similar  means  of  communication,  or  if  sent by
overnight  courier  or  messenger,  shall be deemed to have been received on the
next  delivery  day  after  deposit with the courier or messenger, or if sent by
certified  or registered mail, return receipt requested, shall be deemed to have
been  received  on  the  third  business day after the date of mailing.  Notices
shall  be  sent  to  the  addresses  set  forth  below:

     If  to  the  Company:

     Entellium  Investments  Ltd.
     No.,  45  Block  A,  3rd  Floor
Medan  Setia  1,  Plaza  Damansara,  Bukit  Damansara
     50490  Kuala  Lumpur,  Malaysia

If  to  the  Investor:

     114  West  Magnolia  Street
     #400-114
Bellingham,  WA  98225
USA

                                   Article IV
                                  Miscellaneous

     Section  4.01.

     (a)     THIS  AGREEMENT  SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEVADA  APPLICABLE TO CONTRACTS MADE
AND  TO  BE  PERFORMED  ENTIRELY  THEREIN, WITHOUT GIVING EFFECT TO THE RULES OF
CONFLICTS  OF  LAW.

     (b)     This  Agreement  shall  be binding upon and inure to the benefit of
the  parties  hereto  and  their  respective  successors  and  assigns.

     (c)     This  Agreement represents the entire agreement between the parties
relating  to  the  subject  matter  hereof,  superseding  any  and  all prior to
contemporaneous  oral  and  prior  written  agreements and understandings.  This
Agreement may not be modified or amended nor may any right be waived except by a
writing signed by the party against whom the modification or waiver is sought to
be  enforced.

     (c)     The  captions  and  headings  contained  herein  are  solely  for
convenience  of  reference  and  do  not  constitute  a  part of this Agreement.

     (d)     Each  of the Exhibits attached hereto is hereby incorporated herein
as  if  each of such Exhibits were fully set forth herein in its entirety.  Each
of  such  Exhibits  is  hereby  expressly  made  a  part  of  this  Agreement.

     (e)     The  terms  of  the  offering  and of Shares may only be amended or
modified  by  the  agreement  of  Investor.

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

                        [Signature Follows on Next Page]

<PAGE>
IN  WITNESS  WHEREOF,  intending  to  be  legally bound, the parties hereto have
executed  this  Agreement  as  of  the  1st  day  of  August,  2002.

     ENTELLIUM  INVESTMENTS  LTD.

Name:
Title:

     ASIA  PROPERTIES,  INC.

     Name:
     Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]