A Chinese developer has purchased property along Kapiolani Boulevard near Ala Moana Center in Honolulu, with possible plans to build a high-rise condominium project, the seller and the firm representing the buyer of the property confirmed with PBN on Friday.
Hong Kong’s Qinghua International Holdings Ltd. closed on the purchase this week of a nearly 30,000-square-foot parcel at 1338 Kapiolani Blvd. for about $15.4 million, nearly triple the amount four Hawaii partners paid for the property 10 years ago.
Ron Lee, a principal for Honolulu-based Real Estate Inc. Hawaii, who is one of the partners for the sellers, told PBN that the Chinese developer is also under contract to buy the next-door property to possibly build a residential project in a joint venture with a local developer.
“They want to build something in the future,” he said. “[The buyer] made an unsolicited offer to buy our property. We had an offer for $15 million from another Chinese investor, but that fell through.”
Honolulu-based Anna International Realty represented the buyer in the sale, and its president, Anna Achauer, told PBN that it is under contract to buy the property next door at 1356 Kapiolani Blvd. in a deal that’s expected to close next week.
She also confirmed that Qinghua International is looking into possibly building a residential project that would be part of transient-oriented development in the area.
The property, which has prime Kapiolani Boulevard frontage, adjoins two streets, Kapiolani Boulevard and Makaloa Street, and includes a one-story building.
Not too far away along Kapiolani Boulevard, South Korea-based SamKoo Development is looking into possibly building two mixed-use high-rise projects with a total of 1,000 units consisting of both affordable and moderately-priced units, as first reported by PBN.
Further down Kapiolani Boulevard near the Hawaii Convention Center, a partnership between Los Angeles developer Jim Ratkovich, Bill Witte, president of Salem Partners of Los Angeles and Japan’s Kaijima Kagaku USA Inc., is planning to develop a mixed-use high-rise project that could include a hotel, as first reported by PBN.
Courtesy of Pacific Business News