The developer of the planned 700-unit Honua Kai resort condominium complex on Maui's Ka'anapali Beach sold 194 units in the project's second phase for more than $200 million last week.

The sales tally exceeded the expectations of its Canada-based developer, Intrawest Corp. But it also suggests that Hawai'i's general residential real estate market slowdown is touching some luxury resort condo projects.

Last December, the first phase of Honua Kai called Hokulani Tower sold all 318 units for a combined $425 million after about two months of marketing.

The 310-unit second phase known as Konea Tower began taking sales reservations two months ago for 249 of the units, and last week reported selling 194 — 55 short of a sellout. Another 61 units were withheld for sale later.

Prices ranged from the mid-$600,000s to $5.6 million for the studio, one-, two- and three-bedroom units. Prices in the first phase ranged from $500,000 to $4.5 million.

Construction of Honua Kai's first phase is under way. The second phase is anticipated to break ground in summer 2007 and be completed in late 2009. A third phase with 72 townhomes is also planned. Townhome sales are expected to start in spring 2007.

Todd Patrick, sales director for project broker and Intrawest affiliate Playground Destination Properties Inc. said in a statement that sales for the second phase exceeded expectations.

"This is a story of strength in the Hawai'i real estate market paired with discerning buyer enthusiasm for prime beachfront property on Ka'anapali Beach," he said.

For large condo projects with a few hundred units, selling 70 percent to 75 percent of units prior to construction is typically deemed a success.

Honua Kai's second-phase release equates to 78 percent of units sold.

"It's a strong number," said Karl Heyer, a local luxury condominium broker who has worked on sales for high-rises, including Hawaiki Tower, Capitol Place, Hokua and the condo-hotel Trump International Hotel & Tower Waikiki Beach Walk.

The Trump project set a record last month by converting reservations for every one of the project's 464 units into sales for a rough total of $700 million.

By contrast, during the state's previous real estate market contraction, the 425-unit luxury Hawaiki Tower in Kaka'ako was just 43 percent sold by the time of completion in 1999.

Honua Kai is being developed as a resort condo, allowing buyers to rent out units to visitors, and has been designed with a spa, three pools and a beachside Duke's Maui restaurant.

Intrawest said the project on 38 acres is the first luxury condo added to Ka'anapali Beach in more than 20 years.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.