The Kauai property portfolio, which is valued at $2,370 million, includes luxury residential properties and luxury commercial properties.
The Kauai Real Estate Group (KREG) reported $2 million in net income last year, up from $1.9 million a year earlier, the group said in a news release.
The average price of a new residential property in Kauai rose nearly 1 percent to $1,938,700, while the average price for commercial property jumped 4.5 percent to an average of $2 for an apartment and $1 for a condo, the news release said.
KREW also reported that its commercial real estate portfolio was valued at an average $1 million, up 1.4 percent from $954,800 a year ago.
For the first time in three years, KREW’s luxury commercial property portfolio increased from $819,000 in 2016 to $847,800 in 2017.KREOW has been working on a plan to bring more residential development to the region.
On Jan. 12, KURD released a proposal to build about 150 luxury residential and commercial buildings in the Kauai and Maui area, totaling about 7.6 million square feet.
The plan includes a project in the north and a residential and retail complex in the south.
While some of the development will be located in the region’s commercial center, KARENDAE expects that the project will be the first large-scale commercial project in Hawaii.KARENDE plans to develop about 1.5 million square yards of commercial space in the area, and KREOW expects to begin construction on a second site in the Maui Bay area.