Reporter- Pacific Business News
Dec 12, 2013, 2:59pm HST Updated: Dec 12, 2013, 3:19pm HST
A penthouse with its own swimming pool in one of The Howard Hughes Corp.’s planned luxury condominiums in Honolulu’s Kakaako neighborhood is priced at $50 million — a record for the highest asking price ever for a new condominium unit in Hawaii, according to a Honolulu Realtor.
Jaymes Song, a Realtor-associate for Prudential Advantage Realty who was among some 50 guests invited to a sneak peek of the new tower in the Ward Village project Wednesday evening, told PBN that the new “Waiea” ultra-luxury condo planned for the surface parking lot along Ala Moana Boulevard, across from Ward Stadium 16 Theatres, is the new level of luxury in Hawaii.
“It’s a cut above the rest,” he said.
The building will include about 170 market-rate one-, two- and three-bedroom units, as well as 10 townhomes.
The $50 million pricetag for the penthouse is far above asking prices for other luxury units currently under development.
Some units at the 37-story Ritz-Carlton Residences, Waikiki Beach condo-hotel are priced as high as $15 million. Meantime, penthouse suites at the 23-story, 206-unit One Ala Moana ultra-luxury condominium that’s being built atop the parking garage of Nordstrom’s Ala Moana Center store, were priced as high as $10 million.
The other Ward Village tower, being called “Anaha,” located at the northeast corner of Auahi and Kamakee streets at the former Pier 1 Imports location, is expected to be in the luxury range, commanding up to $1,400 a square foot.
It will include about 310 one-, two- and three-bedroom units, with 82 apartments and townhomes.
Sales for both towers are expected to begin in late January for the general public.
A third tower, which will be 38 stories high and will include 424 affordable units at the site of the old Kanpai Bar and Grill on Ward Avenue, also is in the works.
The Howard Hughes Corp. (NYSE: HHC) plans to add more than 900 residential units in the first phase of its Ward master plan, which represents more than $1.25 billion in economic impact and thousands of direct and indirect jobs for Oahu, according to a study by ALH Urban & Regional Economics.
Through a spokeswoman, The Howard Hughes Corp. said that the launch date for sales of these two condos is set for early 2014, and that the price ranges are not yet publicly available.