www.maluhiaatwailea.com FOR MORE INFORMATION: SHEILA DONNELLY & ASSOCIATES Elizabeth Fitzgerald 808/949-4131 elizabeth@sheiladonnelly.com MALUHIA AT WAILEA RESPONDS TO DEMAND WITH CONSTRUCTION ON THREE MORE HOME SITES Wailea Real Estate Appreciates 70% in First Quarter 2003 WAILEA, MAUI (November 4, 2003) – Sales of Maluhia homes continue at a brisk pace. Hale Ola or House of Life located on Site 4, recently sold within three days of completion. The asking price for the unfurnished home was $7 million. Hale Ola, a single family residence situated within the exclusive oceanfront Maluhia at Wailea was custom built and filled with uniquely designed furniture, artifacts and art chosen by the Honolulu-based design and procurement team of Crisscross, LLC; the home was intended to be used as a showcase for the development. With six of the 14 sites now sold, sales at Maluhia are valued at over $ 70 million. “For a sale of this significance to take place so quickly is indicative of a very strong demand for our market-niche and a keen appreciation for the unique attributes of these luxury oceanfront homes,” said Rob Harte, Managing Director of Chicago based PRM Realty Group, LLC. According to Rick Cassiday, Maui real estate analyst, the rapid sales are also indicative of the fact that Wailea real estate continues to hold value over time. "Wailea prices have grown 214% since 1995 with a slight 8% dip last year and a price appreciation for the first quarter of this year of 70%,” said Cassiday. In comparison, Cassiday's research indicates prices across the State have appreciated 80% since 1995 with a price dip in 2002 of 15%; prices have recovered in 2003 and are up 4%. PRM Realty Group, LLC, the development company for the private, upscale, community, is responding to the strong market demand by beginning construction on three additional residences, Hale Luakaha or "House that is Pleasant,” located on Site 6 and Hale Mohalu, “House of Relaxation” on Site 3. Construction on Hale Lani, “House of Heaven” on Site 10 will break ground in December 2003. The homes on Sites 3 and 6 are approximately 6,800 square feet with four bedrooms including two master suites with private lanais, two master bathrooms, two guest suites with baths, a powder room and separate pool bath. Dramatic deeded views of the Pacific Ocean and large private swimming pools and spas as well as private beach access via Maluhia's private Beach Club, staffed by a full-time resident concierge, insure maximum enjoyment of this tropical paradise. Hale Lani on Site 10, located beachfront on the white sands of Mokapu Beach is a single story residence throughout, has five bedrooms, including two master suites, plus an expansive indoor/outdoor living environment totaling 10,000 square feet. All three residences are currently available for sale at asking prices ranging from of $7.2 to $15.5 million, unfurnished. Homes are available with and without Crisscross treasures – a difference of between $1 and $2 million depending upon the size of the home. Maluhia at Wailea is a single-family detached condominium development which offers the only beachfront single family living in Wailea. Maluhia at Wailea is a project of PRM Realty Group, LLC. Led by Peter Morris and Robert Harte, PRM Realty specializes in adding value to high-end residential and resort developments. PRM and its principals have master-planned and value-enhanced successful projects around the world and have extensive experience in Hawaii. The architect for Maluhia is Group 70 International and the landscape architect is Walters Kimura Motoda, both of Honolulu. Recent PRM projects include the Columbus Hotel in Monaco, Yacht Haven Marina Resort in the U.S. Virgin Islands and Lake Valhalla Estates and The Residences at Jackson Pond. PRM Realty maintains offices in Chicago, St. Thomas, the Hudson Valley New York, Honolulu and Maui. For more information on Maluhia at Wailea, contact Coldwell Banker Island Properties or the Maluhia Site Office at 808-874-5851 or toll-free at 877-700-5851, address: Sales Office, 3400 Wailea Alanui, Wailea, HI 96753.