Dream Homes is Pleased to Announce Sales Gains and the Pending Acquisition of 70 Townhouse Units

12/9/2019, 1:30 PM (Source: GlobeNewswire)

FORKED RIVER, NJ, Dec. 09, 2019 (GLOBE NEWSWIRE) -- Dream Homes & Development Corporation (OTC Pink: DREM), a licensed new home builder and general contractor in New Jersey is pleased to announce that the Company is under contract for the purchase of 70 townhomes and that sales have increased by 15.2% year over year.

Dream Homes is pleased to announce that on October 21, 2019 the Company signed a contract to purchase 70 approved townhome units in Ocean County, NJ. The purchase is scheduled to close in spring of 2020 and site work will begin immediately.

Dream Homes President and CEO Mr. Vincent Simonelli stated, “After almost 3 years of discussion and negotiation, we’ve finally signed a contract to purchase this outstanding property, which is centrally located in our market area and less than 5 miles from our main office. We’re really excited about this acquisition and look forward to starting infrastructure and model construction in early 2020. The townhome product that we’ll be bringing to market is extremely affordable and will be priced in the mid $200,000 range. It’s a perfect fit for so many types of buyers, offering 2-3 bedrooms, single garages and an onsite clubhouse.”

The Company is also pleased to announce that year over year sales as of December 2019 were up 15.2% in excess of 2018 sales. Among other factors, the sales increase is attributed to increased marketing efforts based around the Company’s 2018 acquisition and integration of a significant portion of the assets of Premier Modular Homes, located in Little Egg Harbor, NJ. The Premier Modular asset acquisition strengthened the Company’s position to better serve the southern coastal region, with specific concentration in Long Beach Island.

Dream Homes CEO Mr. Vincent Simonelli continues, “With the planned acquisition of the 70-unit townhome project and the continued integration of the Premier Modular operations to the Dream Homes family of companies, we continue to elevate our new home offerings and selection to a higher level. We’re very excited about the sales growth in 2019 and look forward to bringing the newest development on-line in 2020.”

Mr. Simonelli further stated, “Though renovation/elevation work continues to be a strong portion of our business that enjoys excellent margins, the new construction portion of the company offers us a better opportunity to scale revenues. With this new development coming online in in 2020/2021, we look forward to adding significant earnings in the next few years.”

Overview:

Dream Building, LLC operates as a wholly owned subsidiary of Dream Homes and Development Corporation and continues to pursue opportunities in the real estate field in new home construction and development, home elevations and renovations.

In addition to the above projects that are in process, Dream Building, LLC has also estimated an additional $6,200,000 worth of residential construction projects in the southern central NJ area and currently has over 560 active prospects to its data base. These prospects are all prime candidates for new homes and rebuilding projects to be built under the Dream Building, LLC division.

In addition to the projects which the Company currently has under contract for elevation, renovation, new construction and development, there are many parcels of land which the Company has the ability to secure, whether through land contract or other types of options. These parcels represent additional opportunities for development and construction potential on the order of an additional 400 - 800 lots and/or residential units to be developed and built within an approximate time horizon of 5 years.

Please see the Company’s recently filed Amended Annual Report for the period ended December 31, 2018 on Form 10-K/A for a full list of “Properties currently under contract to purchase and in the development stage” and “Properties in discussion with signed letters of intent, not in contract”.

About Dream Homes & Development Corp.

Dream Homes & Development Corp. (OTC Pink: DREM) is a full-service construction & development company based in Forked River, New Jersey equipped to complete all aspects of a building project including design, architectural, engineering, and construction. As licensed new home builders and general contractors, Dream Homes is actively building, raising, renovating and reconstructing homes up and down the New Jersey shore area. Please visit our website at www.dreamhomesltd.com and blog at http://blog.dreamhomesltd.com for more information.

Please email vince@dreamhomesltd.com to be alerted in the future when Dream Homes (DREM) announces news.

Forward-Looking Statements

This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks are detailed in the Company's respective filings with the Securities and Exchange Commission at www.sec.gov.

Company Contacts:

Dream Homes & Development Corp.
Vincent Simonelli, President & CEO
Office: (609) 693-8881
Email: vince@dreamhomesltd.com

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