$DREM 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.”
