Artist rendering of Lobby
The eagerly awaited second project of SAMKOO Corporation, The Central Ala Moana, recently conducted buyer seminars, launched its website and opened its sales gallery. The Central Ala Moana will be a new condo building located at 1391 Kapiolani Boulevard, just east of Kona Iki Street and just mauka of the Ala Moana Center.
SAMKOO’s parent company is based in Seoul, but SAMKOO Pacific, which developed the recently opened Kapiolani Residence and SAMKOO Hawaii, developing The Central, are subsidiaries based in Hawaii. The Hawaii President, Timothy Yi, spoke at the recent seminars and describes himself as a “local boy.” He has lived in Hawaii for 36 years and spent 20 of those years as a youth pastor. He stressed in his speech how much he cares about Hawaii and the high cost of housing.
This may explain why both Kapiolani Residence and The Central Ala Moana are 60% Affordable. The Central’s website describes the project as “an urban living experience uniquely situated at the intersection of upscale and affordable.” SAMKOO has been recognized by the United Nations and other organizations for its commitment to affordable housing.
The Central Ala Moana is expected to be completed by mid-2021 and will offer 513 total residences. Residences are divided into 310 Affordable, 202 Market and 1 for the Resident Manager. The building’s architects are Design Partners Inc (DPI), the third largest architecture firm in Hawaii. The general contractor is Hawaiian Dredging, which also built Kapiolani Residence.
All residences (Affordable and Market) will include a private lanai, 8’ 5.5” ceilings, luxury vinyl tile floors in the living spaces, carpeted bedrooms, Samsung appliances, stacked washer & dryer, quartz counters, Hanssem fine kitchen and bath cabinets from Korea, split air-conditioning, floor to ceiling windows, and LED light fixtures.
Artist rendering of Residence O
The 11th floor amenity deck will include a swimming pool, hot tub, kid’s pool, 6 cabanas, 9 grill stations, a dog park, a multi-purpose room, and a fitness center. All with an ocean view! The building offers 10 floors of parking (all residences receive at least one parking stall), 5 elevators, and a designated loading zone with direct access to the service elevator. Maintenance fees are set at just $0.69 per square foot, including electricity.
Artist rendering of 11th floor Amenity Deck
All of the 93 studios (397-447 sqft) will be offered as Affordable with prices starting at $291,200. 107 of the 145 one-bedroom residences (693-702 sqft) are Affordable with prices starting at $396,000. 101 of the 223 two-bedroom residences (979-1043 sqft) are Affordable with prices starting at $493,000. And yes, even 9 of the 52 three-bedroom residences (1240 sqft) are Affordable with prices starting at $700,000.
The pricing for the Market residences range from $580,000 for a mountain view one-bedroom (702 sqft) to $1,398,000 for the 43rd floor ocean view three-bedroom (residence K, 1507 sqft). More than half of the Market residences are ocean view. And more than 80% of the Market residences are on the 25th floor or higher.
Please note, applications for one of the Affordable residences are due by 5pm on January 14th and must be delivered in person.
Of course, I’m happy to assist any buyers looking for either an Affordable or Market residence. Kapiolani Residence opened on time and with great feedback from homeowners. So the outlook is very positive that The Central Ala Moana will be another great building in the heart of urban Honolulu.
This presentation was compiled with material from The Central Ala Moana Housing Educational Seminars and Century 21 iProperties is the exclusive project broker.
All images and renderings are courtesy of SAMKOO Hawaii.