The beachfront property once owned by Hawaii philanthropist Cecily Johnston has been sold for $19.4 million to a Singapore-based developer.
Far East Organization, one of the largest private property developers in Singapore, paid $19.4 million for Kahala beachfront property that once hosted presidents and heads of state, according to public records.
PBN reported on the sale in November 2014, although it wasn’t known at that time who the buyer was.
Singapore-based Boo Han Holdings Pte. Ltd., an investment holding and property development firm and a subsidiary of Far East Organization, bought the properties at 4653 and 4653-B Kahala Ave. fromAlexander & Baldwin Inc., which in 2013 bought them from Japanese businessman Genshiro Kawamoto as part of a larger acquisition.
Kawamoto demolished the residence and allowed the property to deteriorate.
It had once been the home of Hawaii philanthropist Cecily Johnston, co-founder of Pacific Construction Co., who hosted such famous guests as President Ronald Reagan and former First Lady Jacqueline Kennedy Onassis.
In September 2013, A&B paid $98 million for 27 properties that Kawamoto owned and about three months later bought three more properties, including the two that Johnston had owned, for another $30 million.
Duane Shimogawa Reporter – Pacific Business News
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