Dream Homes & Development Signs Letters of Intent for New Townhouse and Single-Family Home Developments in New Jersey with Retail Value of Over $88 Million
FORKED RIVER, NJ–(Marketwired – Nov 20, 2017) – Dream Homes & Development Corporation (OTCQB: DREM), a licensed new home builder and general contractor in New Jersey and Florida, is pleased to announce several new LOI’s to build townhomes and single-family homes. Dream is also providing updates on projects previously announced, and notes that it just won Best of the Best in Ocean Country from the Asbury Park Press for two categories: “Best Home Improvement Contractor” and “Best Modular Home Builder”.
Dream Homes is a fully integrated real estate Company specializing in the elevation and moving of homes, new construction of townhouses and single-family homes, as well as development and sale of approved, single-family homes and various residential properties located throughout central /southern New Jersey. Dream announces the following new projects, which have never before been discussed:
1. A letter of intent (LOI) has just been signed to construct 74 townhouse lots in Bayville, NJ and is moving forward to contract (Approved, unimproved). The project is slated to begin in the middle of 2018 and has a retail value of $17 million.
2. A signed LOI has been received to build 80 single family lots in Mickleton, NJ to begin early to middle 2018 with a retail value of $50 million (Approved, partially improved).
3. A contract will be signed to acquire the rights to a purchase contract via contract assignment for 48 waterfront townhomes with boat slips in Lacey, NJ. The project is currently in the approval process and is partially improved with all boat slips built. It has a retail value of $21 million and is expected to start in late 2018 or early 2019.
In the addition to these new planned developments, Dream issues the following progress report:
- Dream just received CAFRA approval for the 58-unit townhouse development in Lacey Township, and was deemed technically complete Monday, November 13. A planning board hearing for preliminary and final site plan and subdivision approval is scheduled for December 11, 2017. Sales at retail for this development should be in the $16 million-dollar range.
- Dream submitted a use variance to the Board of Adjustment in Berkeley Township for approval on 13 single family lots, which are fully improved. The construction start date is estimated for later winter / early spring 2018 and these homes are planned for high-efficiency construction techniques, including passive solar roof panels, insulation of R50 in walls and ceilings, low-flow toilets and faucets and LED lighting throughout. Sales at retail for this development are projected to be in the $4 million-dollar range.
- Dream added six new clients for elevation & renovation work since September 1, 2017. Two of the new projects are in townships where Dream has not previously worked, two were from client referrals and the last two were “rescue projects” where Dream was called in to complete projects other builders had abandoned.
Dream Homes CEO Mr. Vincent Simonelli stated, “This year has been very positive for Dream, with solid growth in both our new home and elevation divisions, as well as strong additions to our personnel infrastructure, which are just now beginning to bear fruit. Our new Design Center in Point Pleasant has also led to an increase in modular traffic and sales, as well as facilitated and increased client selections throughout our entire region.”
CEO Simonelli continued, “Since being awarded the Ocean County Best of the Best in two categories (Best Custom Modular Builder and Best Home Improvement Contractor), we’ve had significant new awareness and interest from the public, which has led to more showroom traffic, completed estimates and signed contracts. Homeowners are also receiving referrals about Dream Homes from many industry professionals, such as architects, engineers and attorneys, who’ve either had clients with abandoned projects or simply want to retain Dream due to superior performance and reliability. Our phrase ‘The Region’s Most Trusted Builder’ accurately describes our company, and it’s becoming increasingly well known to homeowners in need of elevation & renovation work. It also helps that our management team has never failed to complete a project in over 24 years in the industry.”
Mr. Simonelli added, “Our business model over the last year has been focused on increasing the new home and new development portion of our business, until it represents 50% – 70% of our entire revenue stream, from the current level of 20%. New home development has a much greater scalability and growth potential than elevation/renovation work. We have enjoyed steady growth in the renovation/elevation portion of the company and anticipate that by year end 2018 each part of the company (new homes and elevation work) will represent 50% of total revenue. By mid-year 2019, new home construction and development should represent over 70% of revenue.
Mr. Simonelli concluded, “With the new developments where we’ve recently signed letters of intent, as well as the three developments that we have under contract and in development already, Dream is on track to have over $108 million in new home construction projects on the books in the near future. This work will occur over the next 3-4 years and is in addition to the elevation/renovation division of the business. At Dream Homes, we’re excited about these new developments, as well as the cutting-edge construction technologies we’re employing to create healthier, safer, more energy efficient homes. We’re looking forward to continued strong growth in New Jersey for many years to come and are happy to be a key part of the process to create better housing opportunities for everyone.
About Dream Homes & Development Corp.
Dream Homes & Development Corp. (OTCQB: DREM) is a full-service construction company based in Forked River, New Jersey equipped to complete all aspects of a building project from design, architectural, engineering, and construction. As licensed new home builders and general contractors, Dream Homes is actively raising, renovating and reconstructing homes up and down the New Jersey shore area. In addition to its renovation and elevation division, Dream has several properties in approval and development, comprising 13 new single-family homes, 58 townhomes and 48 waterfront townhomes. Please visit our website at www.dreamhomesltd.com and blog at http://blog.dreamhomesltd.com for more information.
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 at www.otcmarkets.com.
Dream Homes & Development Corp.
President & CEO
Office: (609) 693-8881