Can you believe it’s been 10 years since One Ala Moana welcomed its first owners? This luxury condo development, perched atop Ala Moana Shopping Center, was one of Honolulu’s most talked-about projects when it launched. But now that a decade has passed, it’s time to look back and ask: Was buying at One Ala Moana a smart investment?
Let’s break down how 1-bedroom, 2-bedroom, and 3-bedroom units have performed over the years — and whether investors made or lost money.
A Quick History of One Ala Moana
📍 Location: 1555 Kapiolani Blvd, Honolulu, HI
🏗️ Developers: General Growth (Former Ala Moana Center owners), McNaughton, and Kobayashi
🌍 Investor Buzz: Sold out quickly, with many buyers from overseas markets
One Ala Moana was a huge hit when it launched — units sold fast, and buyers were eager to own a luxury condo connected to Hawaii’s largest mall. But did the hype translate into long-term returns?
1-Bedroom Units: The Clear Winners 🟩
📊 Original Price (2015): ~$850K
📈 Current Value (2025): ~$1M+
✅ Gain: ~$150K+
If you bought a 1-bedroom unit at One Ala Moana and held onto it, congratulations — you’re up! 🎉 These units, which had the lowest entry price, saw the most consistent appreciation over the past decade.
2-Bedroom Units: The Big Losers ❌
📊 Original Price (2015): $2M+
📉 Current Value (2025): ~$1.7M
🔻 Loss: ~$500K
Unfortunately, owners of 2-bedroom units didn’t fare as well. Prices dropped by around half a million dollars, meaning many investors would have lost money if they sold today — not even accounting for maintenance fees, property taxes, and carrying costs.
3-Bedroom & Penthouse Units: Flat or Worse 🟨
📊 Original Price (2015): Up to $16.2M
📉 Current Value (2025): $16M
🔻 Loss: ~$200K (or more with expenses)
The 3-bedroom and penthouse units were a mixed bag. While prices stayed relatively flat, some high-profile buyers — like Mr. Sekiguchi, who paid $16.2M for two penthouses — are sitting on a $200K loss after a decade of ownership. And that doesn’t even include the hefty maintenance fees and property taxes.
What Happened? Why Did Prices Fall?
Several factors may have contributed to the price drops in larger units:
- COVID Market Disruptions: The pandemic slowed sales and altered buyer preferences.
- Increased Competition: New luxury condos like Park Lane and Ward Village stole some of the spotlight.
- Changing View Planes: Rumors suggest Park Lane 2 might be built on the east side of Ala Moana, potentially blocking views for some units.
Is One Ala Moana Still a Good Buy?
Despite some price drops, One Ala Moana remains a fantastic luxury building with a prime location. And for buyers, today’s lower prices might present an opportunity to buy into a high-end condo at a discount.
If you’re looking for a long-term lifestyle investment — not just a quick flip — One Ala Moana could still be worth considering.
Final Thoughts: A Decade of Ups and Downs
Looking back, One Ala Moana has been a mixed investment depending on the unit type. 1-bedroom owners came out ahead, while 2-bedroom and penthouse owners likely lost money. But with Oahu’s real estate market always evolving, who knows what the next 10 years might bring?
📞 Thinking about buying or selling at One Ala Moana? Call me at 808-371-3509 — I’d love to help you navigate the market!
Would You Buy a Unit at One Ala Moana Today?
Drop a comment below and let me know what you think! 👇