Get to know Timothy Yi, president of SamKoo Hawaii who is overseeing the Korean developer’s affordable housing projects in Honolulu, in Pacific Business News’ feature profile published Aug. 16! According to the story, “Yi’s work with the Kapiolani Residence project recently attracted international attention from the United Nations and from FIABCI, the International Real Estate Federation, who invited him to New York … to present the project.”
When I found out the demand and the market that’s so much in need, I decided to do affordable housing. When we did the first project, sure enough, we had over 4,500 people show up for 292 units. That was an eye-opening experience for me, I got to meet most of them after the seminar. I decided to be an affordable housing developer and I was introduced to the [Hawaii Revised Statutes] 201H program in searching for the right program. From there we were successful, sold out in a few days on the affordable housing, and also the market-priced [units] were sold out in a week or two. ~ Timothy Yi, quoted in Pacific Business News
Read the Pacific Business News story
Mahalo to Janis L. Magin, Real Estate Editor at Pacific Business News, for covering the news that SamKoo Hawaii named Abe Lee’s Century 21 iProperties Hawaii as the exclusive broker for its second affordable condominium tower project in Honolulu, The Central Ala Moana.
The story was posted in the business publication’s Crane Watch section, which covers notable commercial real estate developments in Hawaii.
Read the full story
Century 21 iProperties Hawaii has been announced as the exclusive listing broker for an affordable development in Honolulu, The Central Ala Moana. The development is a first-of-its-kind in Honolulu in that 60 percent of the units will be affordable housing. The developer is SamKoo Hawaii LLC.
“We’re honored and excited to work with such a major developer and help Hawaiians improve their overall quality of life by having access to brand-new, modern homes that they otherwise may not have been able to afford,” says Abe Lee, broker/owner of Century 21 iProperties Hawaii. “Our team works relentlessly to serve homebuyers and sellers in Hawaii, and we are thrilled to see our hard work pay off and have the opportunity to exclusively list the homes within this landmark development.”
“Abe and his team have always shown a passionate commitment to their local community, and we congratulate Century 21 iProperties Hawaii as they embark on this exciting journey with SamKoo and The Central Ala Moana,” says Nick Bailey, president and CEO, Century 21 Real Estate LLC. “At Century 21, we encourage System members to always give 121 percent, and Abe and his team exemplify how hard work can go a long way.”
The Central Ala Moana is set to break ground in Spring 2019, with an estimated completion date set for 2021. This is SamKoo’s second affordable housing project in Hawaii, and is one of the few private development projects where over half of the units are allocated to first-time homebuyers under affordable housing guidelines.
“The Central Ala Moana is such an important project because we’re changing the paradigm of affordable housing in Hawaii, and we’re working hard to help the local community achieve their goals of owning a home in a central and urban area of Honolulu,” says Timothy Yi, president of SamKoo Hawaii. “We decided to name Century 21 iProperties Hawaii as the exclusive listing broker because of Abe Lee’s values and ethics—both as a person and a leader—and his commitment to serving the people and community in Hawaii.”
Century 21 iProperties Hawaii has more than 150 agents in its Honolulu office. The brokerage is led by Lee and Principal Broker Sandra Sakuma.