Newland Communities Buys 3,000 Acres in Greater Phoenix for Continued Development...

Newland Communities Buys 3,000 Acres in Greater Phoenix for Continued Development of Estrella

$51 Million Land Purchase Reflects Newland's Commitment to the
Greater Phoenix Market, the City of Goodyear and the Expansion of the
Successful Master-Planned Development of Estrella
GOODYEAR, Ariz.--(Business Wire)--
Newland Communities (www.newlandcommunities.com), the San
Diego-based owner of the planned residential community Estrella
(www.estrella.com), announces the purchase of approximately 3,000 more
acres, reflecting plans to expand the master-planned development in
Goodyear. The acquisition price for the land was $51.3 million or
about $17,000 per acre.

"For Newland, this is a long-term land acquisition as we plan to
develop Estrella for the next approximate 25 years," said Robert
McLeod, chairman and chief executive officer of Newland Communities.
"For the long-term, the Phoenix market is forecasted to continue with
strong population and job growth. Our confidence and commitment to
residential and commercial development in Phoenix is demonstrated by
this acquisition."

In 2005, Newland Communities purchased 3,750 acres of the
20,000-acre master-planned community from Sun MP. In 2006, an
additional 2,700 acres were purchased and 2,800 more acres were
acquired last May as part of the ongoing land investment in the
community and the Greater Phoenix market.

"This is the fourth purchase Newland Communities has made in
Goodyear's Sonoran Desert Valley since 2005," said Steve Pritulsky,
senior vice president of Newland Communities' Phoenix Division.
"Development of the recently purchased land will support our efforts
to expand community services and our future plans for the expansion of
the Estrella community," Pritulsky said.

Newland Communities now owns about 12,500 acres in Estrella within
the Sonoran Desert Valley. Approximately 5,000 acres are currently
developed in the existing master-planned community.

"Newland Communities is committed to the future of the metro
Phoenix market, the growing Southwest Valley and the City of Goodyear.
We are looking longer term, way beyond today's current market
correction," said Greg Bielli, president of Newland Communities'
Western Region.

About Estrella

Estrella by Newland Communities, located about 17 miles from
downtown Phoenix on Estrella Parkway in Goodyear, provides a lakeside
mountain oasis nestled in the Sierra Estrella Mountains in the Sonoran
Desert Valley. Estrella currently offers more than 500 acres of parks
and open space including 72 acres of lakes for boating and fishing,
the Starpointe Residents Club, hiking trails, basketball, volleyball
and tennis courts. Estrella is also home to a Nicklaus-design
championship golf course. Estrella's sense of seclusion is enhanced by
the adjacent 19,840-acre Estrella Mountain Regional Park. The land use
plan for Estrella calls for approximately 50,000 homes, about 1,600
acres of commercial and a build-out of approximately 25 years (about
2033). For more information, please visit www.estrella.com.

About Newland Communities

Newland Communities is a privately owned company that creates
residential and urban mixed-use communities from coast-to-coast. With
expertise in creating a special sense of community, Newland brings to
life the unique history, culture and traditions of the land they
develop. They believe it is their responsibility to create enduring,
healthier communities so people may live life in ways that matter most
to them. Newland currently has nearly 40 communities underway in 14
states. www.newlandcommunities.com.

Fleishman-Hillard for Newland Communities
Misty Zelent, 919-457-0742
misty.zelent@fleishman.com

Copyright Business Wire 2008