Centex Destination Properties Breaks Ground on Oahu's First New Beachfront Condominium Homes in Two Decades; Sales Reservations Being Accepted for Beach Villas at Ko Olina.

KO OLINA, Hawaii -- Overlooking a beautiful lagoon at the spectacular Ko Olina Resort and Marina, Centex Destination Properties today broke ground on Beach Villas at Ko Olina, Oahu's first new beachfront condominium homes in more than two decades.

Beach Villas at Ko Olina is the newest luxury resort residential offering by Centex Destination Properties. When completed, it will consist of 247 elegant villas in two exclusive condominium towers: the eight-story Beach Tower (92 villas) and 15-story Ocean Tower (155 villas). Further adding to its value is the abundance of recreational amenities to enhance the quality of life that can be enjoyed on the 642 coastline acres of Ko Olina Resort and Marina.

Prices for a two-bedroom villa are expected to start at $1.8 million, with the first homes targeted for completion by first quarter 2008.

Taking part in today's groundbreaking ceremony, which featured a traditional Hawaiian blessing, were several elected officials including Governor Linda Lingle, as well as State Senator Colleen Hanabusa and Honolulu City Councilmember Todd Apo, both of whom represent Ko Olina and the Leeward Oahu district.

Bruce Sloan, president of Centex Destination Properties' Hawaii Division, noted, "This is a rare opportunity for beachfront ownership on Oahu with a sparkling new home in a fabulous resort setting. Ko Olina is known as 'Place of Joy' in Hawaiian and that's the spirit of lifestyle we're offering with Beach Villas at Ko Olina."

Centex Destination Properties is currently accepting sales reservations, which includes a $50,000 refundable deposit, for the first phase of 75 villas in the Ocean Tower. Sales of the new homes will commence on Oct. 15-18.

Jeff Stone, president of Ko Olina Resort and Marina, applauded Centex Destination Properties for enhancing the resort's vision of paradise with world-class residences. "Beach Villas at Ko Olina is a perfect match for Ko Olina Resort and Marina. It will be beachfront living on Oahu at its finest," said Stone.

The best designers Hawaii has to offer have been assembled by Centex Destination Properties: Architects Hawaii is providing superior building design; Philpotts & Associates the stylish interiors; and renowned chef Roy Yamaguchi the customized signature kitchens that he is offering in residential homes for the first time. The general contractor is Hawaiian Dredging Construction Company.

Crafted with a classic Hawaiian sense of place, the two- and three-bedroom villas will range from 1,350 to 2,150 square feet of livable space. Each villa will offer an outdoor lanai with sweeping ocean, coastline or mountain views to further embrace Hawaii's refreshing trademarks of oceanfront real estate.

Each villa is backed by a 10-year structural warranty and Centex Destination Properties' two-year fit and finish warranty -- twice the industry standard.

"Like Ko Olina Resort and Marina, every aspect of Beach Villas will be distinctive and enhance the appealing qualities of the lifestyle here so residents can live life to its fullest," said Michael Kosmin, vice president of sales and marketing for Centex Destination Properties' Hawaii Division.

Beach Villas' residents will enjoy two private outdoor swimming pools, one for laps and the other a lagoon-style design with spas and a sand-bottom children's area. A private on-property fitness center, as well as a one-year membership at the Ko Olina Sports Club, is also provided, compliments of Centex Destination Properties.

In addition, residents will be able to relax and socialize at Nanea Hale, an owners-only beach bar serving beverages and breathtaking sunsets.

By taking advantage of Ko Olina Resort and Marina's amenities, residents can also golf at the Ko Olina Golf Club, set sail from the world-class Ko Olina Marina, or be pampered at the spa facilities and restaurants of the award-winning JW Marriott Ihilani Resort and Spa.

Highlighted among the other recreational pleasures and natural attractions are four magnificent lagoons ideal for beach activities and family gatherings, and winding hiking and jogging trails that provide picturesque coastline and mountain views.

Beach Villas at Ko Olina is the fifth resort residential community in the Hawaii collection of Centex Destination Properties. It follows successful efforts with Kolea and Hali'i Kai at Waikoloa Beach Resort on the Big Island, and Ko Olina Kai Golf Estates and Villas and Ko Olina Hillside Villas on Oahu.

About Centex Destination Properties

Centex Destination Properties (www.centexdestinationproperties.com) develops highly amenitized resort communities in the continental United States and Hawaii. Centex Destination Properties is part of Centex Homes, a subsidiary of Dallas-based Centex Corporation. Centex (NYSE:CTX), a Fortune 250 company founded in 1950, is one of the nation's leading home building companies. Centex Homes operates in major U.S. markets in 25 states and delivered more than 33,000 homes in the United States in its most recent fiscal year ended March 31, 2005.

In addition to its home building operations, Centex's (www.centex.com) related business lines include mortgage and financial services, home services and commercial construction. These businesses provide operational or financial support to home building operations and are leaders in their respective industries. Centex ranks No. 1 in its industry on FORTUNE magazine's 2005 list of "America's Most Admired Companies."

Access to the amenities of Ko Olina Resort and Marina may be subject to the payment of fees, membership requirements and other restrictions. Centex Destination Properties does not own or control land outside Beach Villas at Ko Olina and does not guarantee the current or future use thereof. These materials shall not constitute an offer in any state where prior registration is required. Void where prohibited by law. Project Broker -- Centex Homes d/b/a Centex Destination Properties.