The Howard Hughes Corporation has announced that its second development, the luxury Anaha tower, has sold out. Constructed 8 years ago, Anaha was noted for its distinctive glass bottom pool and stunning architectural design.
The first development to sell out was Ae'o, followed by Ke Kilohana - both at price points lower than Anaha. Ward Village's other ultra-luxury tower, Waiea, is almost sold out, with 174 of 177 units sold.
The Honolulu Star-Advertiser also reports that recent sales volume has been highest at its latest tower to break ground, Victoria Place, where 326 of 349 units, or 93%, have been sold. The company called sales at Victoria Place, which began at the start of 2020, the fastest for any tower at Ward Village except for Ke Kilohana, where most sales happened through a lottery restricted to moderate-income households.
Sales of ‘A‘ali‘i are at 87%, and the tower is estimated to be complete by the end of this year. Ko‘ula, the third tower under construction, is at 81% sold.
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The community’s developer, Howard Hughes Corp., noted the sale in its most recent quarterly financial report, which also touted a “vigorous” pace of sales at three Ward Village towers under construction.
Anaha’s sellout represents the third sold-out tower out of four completed towers that opened between 2016 and 2019 in the growing high-rise community of mostly luxury residences.
The time it took for Anaha to sell out was long, though it can often take years to sell exceptionally high-priced homes. Sales began in late 2013 at Anaha, known for its glass-bottom pool partially overhanging the sidewalk below. The last sale in the 317-unit tower was a top-floor residence with 6,737 square feet of living space that includes five bedrooms and 6-1/2 bathrooms.
According to property records, Tokyo-based Himawari Co. Ltd. purchased the unit in April for $12.8 million, which was the most expensive sale in the 38-story tower. Anaha’s next most expensive unit, also on the 38th floor, was sold by Hughes Corp. in February to an initial buyer for $10.3 million. Three years ago all but three units had been sold in Anaha, where the average original unit price was $1.2 million.
The first tower at Ward Village to sell out was A‘eo shortly before construction was completed in 2018 on the 465-unit project with an average unit price of $1 million.
Ke Kilohana, a 423-unit tower where prices mostly ranged from roughly $300,000 to $600,000, was the second to sell out and opened in 2019.
Ward Village’s priciest tower, Waiea, with an average initial sale price of $3.6 million, was the first to be completed in 2016. Sales for that tower began in late 2013 at the same time as sales for Anaha.
To date, 174 of Waiea’s 177 units have been sold, including four units that were sold in the second quarter covered in the developer’s financial report released last week.
As for the three towers under construction at Ward Village, Hughes Corp. said sales remain strong with 86% of all units having binding sales contracts with buyers.
“Demand at Ward Village continues to surpass expectations with 91 units contracted in the first half of 2021 despite travel restrictions to Hawaii,” David O’Reilly, CEO of the Texas-based company, said in a statement.
Hughes Corp. said recent sales volume has been highest at its latest tower to break ground, Victoria Place, where 326 of 349 units, or 93%, have been sold, including 28 units sold in the three months ended June 30. Construction began in February.
The company called sales at Victoria Place, which began at the start of 2020, the fastest for any tower at Ward Village except for Ke Kilohana, where most sales happened through a lottery restricted to moderate-income households.
Sales at ‘A‘ali‘i, where construction is projected for completion by the end of this year, is at 87%, or 653 of 750 units.
The third tower under construction at Ward Village, Ko‘ula, has 459 of 565 units sold, or 81%.
Earlier this year Hughes Corp. received state approval to proceed with its next two towers, The Park Ward Village and Ulana Ward Village. The company’s long-term master plan calls for up to around 4,500 residential units in 16 towers, along with 1 million square feet of retail space on 60 acres of largely retail and industrial property.