Company: DREM
Filing Date: 2025-08-27
Form Type: 10-Q
Source: 0001641172-25-025675
Chunk: 8

Company: Dream Homes & Development Corp.
Filing Date: 2025-08-27
Form: 10-Q
Item: Item 8
Chunk 8
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 in early September of 2023. It is the Company’s intention to develop this property, sell the
individual manufactured homes and continue to own and operate the development as a land lease rental property.

Properties
under Contract to Purchase and in Development

Southern
Ocean 1: The Company signed a contract in mid-2024 to obtain approvals, acquire and improve a 96 unit townhome property (of which
80 units are market rate and 16 are Affordable Housing) in Southern Ocean County. This property has been pre-sold on an “as-improved”
basis to a national builder.

At
this time, full submissions have been made to the Township, County, and local Municipal utilities authorities. A CAFRA permit has been
submitted to the DEP and a full traffic study has been completed. The application has been deemed complete for public hearing and will
be heard at the September 2025 planning board meeting.

The
initial closing to acquire the property should occur in 2026, with site improvements to begin shortly thereafter. The sale of improved
building pads should begin in late 2026 / early 2027.

Southern
Ocean 2: The Company has signed a letter of intent and contract to obtain approvals, acquire and improve a 120 unit townhome property
(of which 100 units are market rate and 20 are Affordable Housing) in Southern Ocean County. This property has been pre-sold on an “as-improved”
basis to a national builder.

    F-10

The
initial closing to acquire the property should occur in 2027, with site improvements to begin shortly thereafter. The sale of improved
building pads should begin in late 2027.

Gloucester
County: The Company has signed a letter of intent and contract to obtain approvals, acquire and improve a 70 unit property in Gloucester
County. This property will be developed as a manufactured home community.

Summary

These
new developments which the Company owns or is in contract to purchase represent significant future earnings in new construction or forward
contracts for improved building pads that have been pre-sold. This work will occur over the next 3-4 years and will occur in addition
to the custom homes & elevation/renovation division of the business. Management is very positive about these new developments.

4-
Inventories

Inventories
are summarized as follows:

 Schedule
of Inventories

    June 30, 2025  
    December 31, 2024