Alexander & Baldwin's The Collection condo project in Honolulu 93% sold

Alexander & Baldwin Inc.’s The Collection residential project in Kakaako, which started construction in October, has pre-sold 93 percent of its 450 units, the vast majority of which are being purchased by local buyers, the company said Monday.

Honolulu-based Alexander & Baldwin (NYSE: ALEX) said 88 percent of the units pre-sold at The Collection were under binding contracts.

A&B paid $23 million to Kamehameha Schools for the former CompUSA lot it is developing as its The Collection project in Kakaako.

“We…