Sales contracts are subject to a 30-day rescission period, and the buyers are required to make a deposit equal to 5% of the purchase price at signing and an additional 5% deposit 30 days later at which point their total deposit of 10% of the purchase price becomes non-refundable. Buyers are required to make an additional 10% deposit within approximately four months of signing.
Approximately 52% of the 482 total units in the two towers have been contracted and passed their 30-day rescission period for which the buyers have made 10% non-refundable deposits (61% in the Waiea tower and 47% in the Anaha tower). Including signed contracts that have not passed their 30-day rescission period, approximately 70% of units in Waiea and 54% of units in Anaha have been sold.
Another Howard Hughes high-rise project, ONE Ala Moana, a 206-unit luxury condominium tower being developed in a 50/50 joint venture, is now 52% complete. The boutique 23-story tower will offer one, two and three bedroom condominium homes ranging from 760 to 4,100 square feet. In addition to exceptional interiors, the building will feature an exclusive service, amenity and concierge package unique to Hawaii. After selling out in less than two days, the construction of the tower began in April 2013 and completion is scheduled for December 2014.
David R. Weinreb, CEO of The Howard Hughes Corporation, said in an earnings statement, “Including our joint ventures, we have over $1.8 billion of major projects underway, of which $1.1 billion are slated for completion this year. I expect that each will be completed substantially on time, within budget and will be significant generators of NOI for us when they are completed.”