Condo sales at Ward Village, a 60-acre master-planned community located between downtown Honolulu and Waikiki, continue to perform well in early 2022, Howard Hughes' first-quarter earnings report reveals.
Ward Village's fifth condominium, A'ALI'I, which opened in October, reportedly sold 24 units and reached $19.6 million in condo sales revenue. 92.7% of A'ALI'I has been purchased, leaving 55 units remaining.
Additionally, ULANA Ward Village, the ninth condominium, achieved 82.8% pre-sale as of May 5th after a virtual lottery.
“The completion of ULANA Ward Village will provide a rapid supply of nearly 700 reserved homes, creating even more Kamaaina homeownership opportunities in the heart of Honolulu,” Ward Village officials said. are announcing. “This project is expected to generate more than $100 million in co-ownership income and support the Hawaii Regional Development Authority’s next-generation affordable housing plan. “We plan to add open green space to the neighborhood through the creation of Lai O Kukuruaeo Park.”
"Our community has been thoughtfully designed to be a truly walkable city with diverse retail, parks, and open spaces," said Doug Johnstone, president of Howard Hughes Corporation Hawaii. It's been rewarding to drive smart growth like this in Kakaako and welcome over 620 Hawaiian residents out of the 700 that will live in ULANA Ward Village. I did,” he said.
The earnings report also notes that 14 units have been contracted for sale in two towers that are still under construction. The 6th condominium KOULA and the 7th condominium VICTORIA PLACE. These condos recorded 91.5% and 99.7% presales respectively in the first quarter.
The last unit of VICTORIA PLACE was sold after the end of the first quarter, and the tower is currently sold out.
In addition, 88.6% of The Park Ward Village, which will start pre-sale in July 2021 and is scheduled to start construction in the second half of 2022, is currently pre-sold.
Howard Hughes Corporation expects 2022 condo sales of $650 million to $700 million and a gross margin of 26.5% to 27.5%, with projected condo sales of KOULA's unit will be closed during this period, which will be brought about by additional sales at A'ALI'I.
Source：Pacific Business News