Howard Hughes Corporation has reported that it has sold 93%, or 1,286 of 1,381 condo units, across its Waiea, Anaha, Aeo, and Ke Kilohana condominium projects in Ward Village. The update was a part of the company's Fourth Quarter and Full Year 2017 results, released on Monday, February 26, 2018. Investors and the public can read the financial report on their website here.
With 93% of condos already sold, inventory is tight. However, we currently have three beautiful units at Waiea and eight in Anaha. Plus, there are still great available units in Aeo and Ke Kilohana. Please contact me to learn more!
Read the full Star Advertiser report, below:
The Texas-based developer of Ward Village signed 55 more sale contracts for condominiums in its Ae‘o tower in the fourth quarter, bringing total sales to 91 percent of the project scheduled for completion by the end of this year.
Howard Hughes Corp. gave the sales update Monday as part of announcing its financial results for the last three months of 2017.
The company also said that in the recent quarter it sold two condos in its recently finished Anaha tower, two units at its Ke Kilohana tower that is on pace for completion next year, and no units at its Waiea tower that opened at the end of 2016.
Total revenue recognized from Ward Village condo sales in the fourth quarter was $122 million, which compared with $123 million in the same quarter the year before.
Hughes Corp. “recognizes” revenue from condo sales for accounting purposes even though buyers have not completed their purchases, as allowed under federal tax regulations that permit developers to count a certain percentage of revenue in reflection of how much construction of a tower is completed.
For all of last year, Hughes Corp. recognized $464 million in revenue from Ward Village condo sales, compared with $486 million the year before.
At Waiea, 165 of 174 condos have been sold, or 95 percent of the “ultra-luxury” tower where the average unit price is $3.6 million.
At Anaha, 309 of 317 condos have been sold, or 98 percent of the luxury building where unit prices average $1.2 million.
Ke Kilohana is 92 percent sold, with 390 of 424 units under contract in the “workforce housing” tower where most units are priced between roughly $300,000 and $600,000.
The 55 additional sales at Ae‘o bring pending sales in the upscale tower to 422 out of 466 units priced at $1 million on average.
Overall, Hughes Corp. has sold 1,286 of 1,381 condo units in the four towers, or 93 percent of the total.
Besides Ward Village, Hughes Corp. is developing several master-planned communities and large commercial real estate projects on the mainland. The company said it earned $147 million in the fourth quarter on $301 million of revenue, up from a $44 million profit on $279 million of revenue in the same quarter the prior year. Profit for all of last year was $167 million on $1.1 billion of revenue, down from $202 million on $1 billion of revenue in 2016.