The picture is part of a successful franchise that has spawned three films. The other two films are also included in the deal as first options for CP Productions.
According to Five Star's executive director Aphiradee Iamphungphorn, the third film, Art Of The Devil 3, has been sold to more than 40 territories and found phenomenal success at home. Produced for less than $1m, it grossed approximately $2.5m in its first week nationwide when it opened in early April.
'These are extremely significant numbers for a Thai film and is the first of many remake properties that we have identified and are acquiring from Hong Kong, Japan, South Korea and Thailand,' said CP co-chair Michael Cerenzie.
'There is a wealth of material that we feel translates extremely well from the pan-Asian regions and are very pleased with the huge contribution that Eric has made to the successful growth of our genre arm,' added co-chair Christine Peters.
Eric Thompson, who was responsible for acquiring the franchise, recently joined CP to head its new genre division after leaving Maverick Red.
Cerenzie and Peters are producing the project alongside Thompson and Convergence Entertainment's Tim Kwok.
Toronto International Film Festival programmer Colin Geddes who sourced the project with Thompson and Kwok will serve as a co-producer.
CP Productions' genre division recently announced a $100m production financing partnership with Ghostrider Entertainment and will be going into pre-production on Rites Of Spring this summer.
Meanwhile, Kwok's Convergence Entertainment is currently in production on Hybrid by Eric Valette (One Missed Call) and in pre-production on Clocktower by Martin Weisz (The Hills Have Eyes 2).