*Update* Big Island’s Villages of Aina Le‘a Project Receives Financing From Singapore-Based Investment Firm

*UPDATE 9/24/09*

The Konablog has reported that the ground breaking took place on Tuesday

Media Release:

“The Villages of Aina Le‘a,” a 1,000-plus acre development on the South Kohala Coast of Hawai‘i Island, has received its first infusion of cash from Singapore’s Capital Asia Group Pte Ltd.

The Villages of Aina Le'a site in Hawaii (in blue)

The Villages of Aina Le'a site in Hawaii (in blue)

DW Aina Le`a Development, LLC and Capital Asia, marketing and sales hub for the project, signed a financing agreement today in Singapore. Capital Asia will raise a total of $62,000,000—or more—for the first phase, which includes 385 town homes to be sold under county affordable-housing guidelines.

“I am pleased to assist DW Aina Le`a with development capital in its efforts to provide a major contribution to the Big Island community,” said Winston Yau, president of Capital Asia.

Winston Yau and Robert Wessels in Singapore

Winston Yau and Robert Wessels in Singapore

“Our respect for family housing at affordable rates motivates us to participate in Aina Le`a’s initial building phase. We are also committed to providing DW Aina Le`a with future financing for the completion of its master planned community,” he said.

Robert Wessels, a managing partner of DW Aina Le`a Development, LLC praised Capital Asia for its financial contributions and assistance in meeting DW’s obligations and responsibilities for the first phase.

“All of our partners have committed their maximum resources to helping us build our town homes, which will be sold within Hawai‘i County’s affordable housing guidelines,” he said.

Wessels also added that, given the dire state of the economy, he is pleased that the project will help put so many people back to work, while providing much needed affordable housing on the Big Island.

The Villages of Aina Le`a is a master-planned golf course community that will include a lodge, homes, condos, world class golf and spa facilities, a shopping center, a Village Center, commercial offices and medical facilities, and more.

DW Aina Le`a has already begun work on the site, directly across from the Mauna Lani Resort on Hawai‘i’s Gold Coast.

3 Responses

  1. This development makes no sense at all. There are hundreds of “affordable” houses being built now in Waikoloa Village. With big Island unemployment rates at about 10%, who is going to buy these “affordable” homes at about $300,000 each. And look at the Draft Environmental Statement. No schools for 2700+ dwellings , just vacant land. The connector to Hulu Street is very iffy, and the traffic signal cost at the Queen K is planned to be paid for by the state. The infrastructure will be paid for by the owners of the homes through an undefined “assessment”. This whole thing is a fraud on the homeowners of west Hawaii, who ultimately will pay the bill. Has anyone done a background check on the developers? You might be surprised at what you find.

  2. Wasn’t there another development recently, that defaulted on the “affordable” homes because of difficulty in getting financing?

  3. I don’t get it. Do you know how many empty and foreclosed condos there are in that area? Many more underwater on the West side. What a crazy time to be developing. Kona side led Hawaii in foreclosures until recently.

    The “Gold Coast” hotels look like a ghost town compared to two years ago, or even last year. Now we are going to have even more empty town houses? Oh… of course they will be “affordable” ones eh? Is there any stipulation that these town homes must actually be lived in by full time residents?

Leave a Reply

Your email address will not be published. Required fields are marked *

I do this to keep the spammers away * Time limit is exhausted. Please reload CAPTCHA.