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Patrick Malloy Communities Ends 2005 with More than $60 Million in New Home Sales - Setting a New Company Record

Atlanta , January 18, 2006 – Patrick Malloy Communities reports a second consecutive year of record homebuilding and growth for 2005. The Company posted its best quarter in eleven years of homebuilding, as well as its fourth straight quarter of growth. The Company’s revenues jumped more than 34% over year-end sales and closings for 2005.

Patrick Malloy Communities finished 2005 as one of the areas largest homebuilders closing on more than 300 single family homes and townhomes with an average selling price of $191,500. This represents a 34% growth in closings, and a 32% growth in revenue over 2004 and the second straight year the company finished with record numbers.

“2005 was not only a record year for us, but a rewarding year for our company,” said Patrick Malloy , president of Patrick Malloy Communities. “We are experiencing the dedication of our team’s service philosophy and our corporate commitment to building quality homes recognized by homebuyers as well as the industry,” added Malloy. This past year the Company was named to the Atlanta Business Chronicle’s list of the Top 25 Homebuilders, and was recognized on Builder Magazine’s 2005 Fast Track list of home builders nationwide.

Patrick Malloy Communities continues to build on its reputation of quality homes and quality service in some of the most desirable new locations and communities including: StoneBridge in Newnan, Providence Place and Union Crossing in South Fulton , and Harmony on the Lakes in Holly Springs . “These popular and well-designed communities, plus the opening of two new communities, Brookmont and Princeton Lakes , will provide another solid year in 2006,” added Malloy.

About The Atlanta Sales and Marketing Council

The Atlanta Sales and Marketing Council (SMC) is a more than 400-member council comprised of sales and marketing professionals in the homebuilding industry. The SMC is currently the largest and most viable council in the Home Builders Association (HBA). The council was established 23 years ago to enhance the sales and marketing capabilities and reputation of those who represent the Greater Atlanta Home Builders Association. The SMC is dedicated to developing a higher level of professionalism in the general membership through education and the interchange of ideas. The SMC’s governing body consists of a “working” board of directors comprised of five executive committee members and eight board of director members each of which are responsible for a committee. The SMC is committed to the following areas: education, programs, membership, awards and charity.

About Patrick Malloy Communities

Patrick Malloy Communities is among the most active builders in the metropolitan Atlanta area, having built homes in several master planned communities including: Monarch Village, Summergrove, Avery Park, Canterbury , City Square , Mirror Lake , Anneewakee Trails and Ridenour. The Company is also a key home builder at Harmony on the Lakes in Cherokee County , StoneBridge in Coweta County , and is actively building in Mill Pond in Carroll County , Brookmont in Douglas County , and Union Crossing, The Lakes at Cedar Grove, and Providence Place all in South Fulton . The Company was recognized with the distinguished Atlanta Business Chronicle’s Pacesetter Award for its performance in 2005. The award recognizes the 50 fastest growing privately held companies in metro Atlanta . Patrick Malloy Communities was also named to Builder Magazine’s 2005 Fast Track list of homebuilders nationwide.

Following both his father and grandfather into the homebuilding business, Malloy purchased the family owned business in 1994. Under his direction, the firm was restructured and the focus shifted to building in master planned communities. Patrick Malloy Communities strives to provide high quality homes to young professionals and families at affordable prices.

Homes built by Patrick Malloy Communities offer exceptional features and fine details usually reserved for higher-priced homes. These features often include spacious rooms; arched entryways; vaulted and trey ceilings; quality name brands; and nine foot ceilings on the main story. Architectural details and a variety of materials help define the distinctive home exteriors. Intricate care is taken to ensure a quality home at an affordable price. For more information visit: www.pmcommunities.com.