MEDIA RELEASE
The Villages of Aina Le'a site in Hawaii (in blue)
(Honolulu, Hawai‘i—July 30, 2009)—“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.
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.
“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.
Winston Yau and Robert Wessels in Singapore
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.
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