Hovnanian Enterprises Enters Charleston, South Carolina Market

company logo

RED BANK, N.J., Aug. 6, 2014 (GLOBE NEWSWIRE) -- Hovnanian Enterprises®, Inc. (NYSE:HOV), a leading national homebuilder, announced that it is expanding into the Charleston, South Carolina market with plans to build K. Hovnanian's ® Four Seasons at Lakes of Cane Bay in Summerville, South Carolina. This new community provides Hovnanian with a complementary presence to its Hilton Head operations in the Charleston market, which is the 32nd largest housing market in the United States, based on 2013 new home starts.

K. Hovnanian's® Four Seasons at Lakes of Cane Bay will be the newest neighborhood in Cane Bay Plantation and will feature an expansive lake system and waterfront properties. Cane Bay Plantation is a master planned community currently ranked the 19th best-selling community in the United States, and is located approximately 30 minutes from downtown Charleston, South Carolina. The new community will be a private gated community featuring over 800 energy efficient homes with countless amenities that will bring new excitement to the historic Summerville and Charleston area while retaining the beautiful heritage of Cane Bay Plantation. While K. Hovnanian's® Four Seasons popular active adult communities are sought out nationwide, this will be the Company's first active adult community in South Carolina.

"We are extremely excited about the opportunity to build a K. Hovnanian's® Four Seasons community in South Carolina," commented Ara Hovnanian, Chairman of the Board, President and Chief Executive Officer of Hovnanian Enterprises®, Inc. "Given the strong demographic trends, we have talked about expanding our active adult offering into new markets, and we believe we found a great location that will allow us to take advantage of the growth opportunities that are present in Charleston."

Ben Gramling III, President of Gramling Brothers Real Estate & Development, Inc., the developers of Cane Bay Plantation expressed his enthusiasm for the new community by adding, "We are thrilled to have K. Hovnanian's® Four Seasons at Cane Bay. As one of the most respected builders in the industry, their commitment to quality and innovation is a welcome addition to our community. Hovnanian's attention to detail in both design and construction set against the backdrop of our expansive lake system and walking trails will give residents an unsurpassed quality of life."

This unique lakefront community will offer homeowners the opportunity to enjoy lakefront and wooded preserve homesites with access to over seven miles of navigable waterways, a main 250+ acre lake and over 10 miles of nature trails and pathways. Fishing, kayaking, boating and bird watching from countless vantage points will punctuate the lifestyle associated with K. Hovnanian's® Four Seasons at Lakes of Cane Bay community. In addition, numerous amenities will include a lakefront clubhouse with fitness center, indoor and outdoor pool complexes, pickle ball, bocce ball courts, tennis courts and much more.

A welcome center is expected to open at the community in the fall of 2014.

About Hovnanian Enterprises®

Hovnanian Enterprises®, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank, New Jersey. The Company is one of the nation's largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, Minnesota, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company's homes are marketed and sold under the trade names K. Hovnanian® Homes®, Brighton Homes, Parkwood Builders, Town & Country Homes and Oster Homes. As the developer of K. Hovnanian's® Four Seasons communities, the Company is also one of the nation's largest builders of active adult homes.

Additional information on Hovnanian Enterprises®, Inc., including a summary investment profile and the Company's 2013 annual report, can be accessed through the "Investor Relations" section of the Hovnanian Enterprises' website at http://www.khov.com. To be added to Hovnanian's investor e-mail or fax lists, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.

CONTACT: J. Larry Sorsby Executive Vice President & CFO 732-747-7800 Jeffrey T. O'Keefe Vice President of Investor Relations 732-747-7800

Source:Hovnanian Enterprises, Inc.