NEW DEVELOPMENTS   Honua Kai, Kaanapali

UPDATE AS OF DECEMBER, 2005

News Release from Intrawest regarding Dec. 9 sales event

UPDATE AS OF OCTOBER, 2005

Frequently Asked Questions About Rentals 10-31-05
Preliminary Price Ranges
Features and Amenities
Sample Floor Plate
Studio Sample Floor Plan
One bedroom sample floor plan
One bedroom/den sample floor plan
Two bedroom sample floor
Three bedroom sample floor
Preliminary Estimate range of maintenance fees

July 2005

HONUA KAI, AN INTRAWEST DEVELOPMENT
KAANAPALI, MAUI, HAWAII


Honua Kai has been in the planning stages for the past two years, and recently received their final governmental approvals to commence development. The location of Honua Kai is on the 40 acres between the new Westin development and The Mahana Condominiums in Kaanapali. The beachfront area will encompass about 5 acres of land.

This IntraWest development will contain no time share units. The plans include condominium units in two 6 to 10 story towers, 76 townhomes, landscaped areas with pools, streams, gardens, a 5,000 s.f. spa/fitness center and a 250 seat public restaurant. The beachfront area will encompass about 5 acres of land.

The time frame now for the project is focused on obtaining their Preliminary Report from the Hawaii State Commission which will allow them to start marketing sometime in late August 2005. They anticipate accepting reservations in early October with an eventual Contract date in early December.

There is an invitation only event for select Realtors in late August where an overview of the entire Honua Kai Resort and details of the reservation program for the first condominiums will be provided. Registration procedures for the initial phase will be given at that time as well. Conceptual floor plans and project amenities will be available. We will be attending this event, and we will provide you with any information we receive.

The South Tower is planned for the first phase, then the Town Homes will be developed and lastly the North Tower. The total units in the South Tower will be between 308 and 320 units. Total overall units will be 624 condominiums and 76 Town Homes.

The unit breakdown in the South Tower is slated to be the following (please note that the developer may change the number of units and the price ranges in any given category and we will update you as we hear anything differently).

30 Studio units, 500 square feet, $450,000 to $550,000
110 One bedroom units, 740+ square feet, $650,000 to $800,000
15 One bedroom/den units, 800+ square feet, $800,000 to $900,000
120 Two bedroom units, 1,200 square feet, $900,000 to $1.1 million
45 Three bedroom units, 1,600 square feet
to 2,700 square feet (averaging 1,850 sq. ft.) $1.5 - $3.5 million

The first phase will be approximately a 2 - 2-1/2 year build out. Basic contract terms are 10% down when contracts are accepted, and 10% upon construction start. The balance of 80% would be due upon completion.

There is tremendous interest in this new project, and we know it will be a winner. Please let us know if you have an interest in this property and we will keep you apprised of new events.

With aloha, Sunny VerMaas and Richard Lopez