Ward Village has announced that its seventh tower, Victoria Place, is 93.4% pre-sold. The tower, expected to open in 2022, will be 40 stories tall, and feature 350 residences comprised of one-, two-, and three-bedroom units. This news was announced just as Anaha, the second tower in Ward Village, officially sold out.
Ward Village continues to be an attractive area for buyers, who are seeking a convenient lifestyle in an urban, oceanside setting. Additionally, more exciting retailers and restaurants continue to open in the neighborhood. We are most excited about the recently opened Fat Cheeks Hawaii, famous for their lobster and other seafood rolls, and Tacos De Gallo Rosa slated to open in late August.
Read more from Pacific Business News, below:
Condominium sales at Ward Village's seventh Honolulu tower, Victoria Place, remained strong in the second quarter of 2021, as its units are 93.4% pre-sold, developer Howard Hughes Corp. (NYSE: HHC) announced this week.
Put together with the other two mixed-use Ward Village towers under construction, Aalii and Koula, units were 86.4% pre-sold at the quarter's end.
The 350-unit Victoria Place broke ground in March. Of the 45 Ward Village units sold in the quarter — a 246.2% jump from Q2 of 2020 — 28 were at Victoria Place.
Meanwhile, a penthouse at Anaha closed for $12.9 million in April, making Anaha sold out. "Demand at Ward Village continues to surpass expectations with 91 units contracted in the first half of 2021 despite travel restrictions to Hawaii," said David R. O'Reilly, Howard Hughes Corp. CEO, in a statement to investors. "The pace of condo sales has remained vigorous ..." In its earnings report, Howard Hughes showed a quarterly net income of $4.8 million, or nine cents per diluted share, for the quarter, compared to a net loss of $34.1 million, or 61 cents per diluted share, in the same quarter last year. In Q1, Howard Hughes reported a net loss of $66.6 million, or $1.20 per diluted share.
“We appreciate the collaboration from the construction, business and community partners throughout Honolulu that make today’s progress possible,” said Doug Johnstone, Hawaii president for Howard Hughes, in a statement. “With three mixed-use residences under construction in the core of the Ward Village neighborhood, we are excited to welcome an array of retailers, restaurateurs and families to our vibrant community.”
Howard Hughes reported that retail net operating income increased 23.3% from the prior quarter to $14.8 million, "due to improving rent collections of 79.7% and strong leasing activity primarily in Downtown Summerlin [in Las Vegas] and Ward Village." RECOMMENDED Ward Village told Pacific Business News about a handful of new retail offerings:
The Social Honolulu opened in June
Fat Cheeks Hawaii has just opened
Tacos De Gallo Rosa is expected to open at the end of August
Island Brew Coffeehouse is expected to open in September