Anyone watching the phenomenal redevelopment of Kakaako over the past several years might wonder when the public’s appetite for luxury condominiums would top out. The answer may be, “No time soon.”
That’s the takeaway from Howard Hughes Corp.’slatest financial report, for the three months ending June 30, which the Dallas-based company released Wednesday. The latest sign of the developer’s upbeat outlook: Howard Hughes reported it recently contracted to sell 45 units in the luxury Koula condo tower, its latest project announced for the Ward Village master planned community.
Not counting Koula, Howard Hughes has sold just shy of 2,000 residential units since its inception. That might seem like a lot of fancy dwellings for a market to absorb. But, as the company describes it, rather than saturating the luxury condo market, the growth in sales is creating even greater demand.
“With four towers and key retail offerings delivered, Ward Village is beginning to reach a critical mass that continues to enhance its appeal,” the company said in its earnings press release. “Demand to live in our community remains high as evidenced by sales at Kō’ula, our newest building which is already 64% pre-sold.”
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