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MBK HOMES LTD. ACQUIRES RESIDENTIAL PARCEL IN GARDENA, CA
Emerald Square acquisition fuels MBK Homes' plan to triple home deliveries by 2002


IRVINE, CA--(March 15, 2000). In keeping with the company's aggressive expansion plans to triple its home deliveries by 2002, MBK Homes Ltd., a division of Irvine-based MBK Real Estate Ltd., has acquired a 76-lot residential parcel in Gardena, California within the master-planned community of Emerald Square. MBK acquired the property from Greystone Homes for an undisclosed sum.

MBK Homes at Emerald Square will offer single-family, two-story homes featuring an eclectic blend of European, California ranch and craftsman architecture. Construction is scheduled to begin in early March for a projected summer grand opening.

Priced from low to mid $300,000s, the homes will range in size from approximately 2,450- to 2850-square feet, with up to four bedrooms and three baths.

"The acquisition of MBK Homes at Emerald Square represents another step forward in MBK Homes' expansion strategy," said Stefan Markowitz, president of MBK Homes Ltd. "Over the next year, MBK will increase its residential deliveries by more than 100 percent and more than triple its home deliveries by 2002."

MBK Homes is currently marketing several new home communities throughout Southern California with neighborhoods in Aliso Viejo, Newhall, Castaic, Murrieta, Corona Valley and Fontana.

Company Background
MBK Homes Ltd. is active in the development of single-family home communities for first-time and move-up homebuyers throughout Southern California. Through its "Better ways and Greater means," MBK Homes delivers quality housing that is innovative in design, comfort and craftsmanship, all at an excellent value. With more than a decade of experience constructing homes in Southern California, MBK prides itself on its ability to meet the needs of today's most discriminating homebuyers. Currently, MBK Homes is building residential neighborhoods in Los Angeles, Orange, Riverside and San Bernardino counties, and is aggressively pursuing additional land acquisitions throughout the Southland. For more information about MBK Homes Ltd., please contact MBK Homes at (888) 943-HOME, or visit its Web site at www.mbkhomes.com.

MBK Real Estate Ltd. and its five wholly-owned subsidiaries, comprise the U.S. real estate development and construction arm of Mitsui & Co., Ltd. The company's core business activities include the acquisition, redevelopment and development of retail/entertainment, commercial, office and industrial properties; the development and sale of single-family homes, and construction services including general contractor, construction management and program management responsibilities with special emphasis on theatres, retail, hospitality and multifamily projects.

MBK Real Estate Ltd. is headquartered in Irvine, CA, with regional offices in Los Angeles, CA, and Portland, OR. Corporate offices are located at 175 Technology Drive, Irvine, CA 92618; phone 888.MBK.TODAY; fax (949) 789-9300; or visit its Web site at www.mbk.com.

Posted on March, 15th 2000

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