WARD VILLAGE® SUSTAINS STRONG SALES IN THIRD QUARTER 2021

HONOLULU – Ward Village^®, a 60-acre master planned community by The Howard Hughes Corporation^® (NYSE: HHC), continued to experience strong condominium sales across its residential towers, which integrate enhanced community programming and retail activations throughout their streetscapes and public spaces. According to HHC’s third-quarter earnings report, 316 Ward Village condominium residences were contracted to sell during the quarter—61 at its three towers recently completed or under construction and 255 at The Park Ward Village which launched pre-sales in July.

“We’re grateful for the tremendous response from the community,” said Doug Johnstone, President, Hawai‘i at The Howard Hughes Corporation. “We appreciate our many local partners, retailers and homeowners whose support and partnership contributes to the vitality and success of the Ward Village community.”

‘A‘ali‘i^®, Kō'ula^® and Victoria Place—Ward Village’s three towers recently completed or under construction—are 90.1% sold, with the 61 units sold in the third quarter reflecting a 154.2% increase compared to the same period last year. Victoria Place, which began construction in February 2021, accounted for 16 of the units contracted during the quarter and was 98.0% sold as of quarter-end.

Impressive sales activity accelerated the pre-sales launch of the eighth residential building, The Park Ward Village. Since launching sales in July, The Park Ward Village is already 64% sold as of Oct. 29, 2021. ​

“We’re excited about the opening momentum at The Park Ward Village with strong sales that are a testament to our vibrant neighborhood taking shape,” said Bonnie Wedemeyer, Executive Vice President, Sales & Strategy, The Howard Hughes Corporation.

In early October, Ward Village completed construction at ‘A‘ali‘i and began welcoming residents to their new homes. As of Nov. 2, 2021, Ward Village closed on 495 units, totaling $332.1 million in net revenue, and with the proceeds, repaid the $229.6 million outstanding construction loan balance for ʻA‘ali‘i.

Last Saturday, sales began for Ulana Ward Village, a mixed-use condominium adjacent to the new Ka Laʻi o Kukuluāeʻo Park that will provide 697 homes reserved for qualified Hawai‘i residents. The third reserved housing offering in Ward Village, Ulana front-loads the delivery of much-needed workforce housing for first-time, kama‘āina home buyers.

For more information on Ward Village, please visit https://www.wardvillage.com. ​

About Ward Village^®

Ward Village is a 60-acre master-planned community by The Howard Hughes Corporation^® in the heart of Honolulu, located between downtown and Waikīkī. Honoring the distinct history of its land, Ward Village is at the forefront of sustainable community development— integrating striking architecture, culture and arts, and public open space. At full build-out, the community will include approximately one million square feet of unique retail and thousands of homes, in what Architectural Digest named “Best-Planned Community in the United States.”

As a result of strong demand for new housing in urban Honolulu, Ward Village is quickly approaching sellout of its first five mixed-use residential towers—Waiea^®, Anaha^®, Ae‘o^®, Ke Kilohana^®, and ʻAʻaliʻi^®—transforming the popular shopping and dining district into a thriving urban neighborhood that offers ocean views and open space, including its newest outdoor gathering place, Victoria Ward Park. New residential buildings in development or under construction include Kō‘ula^® and Victoria Place. Since launching public sales in January 2020, Victoria Place has become the fastest-selling market tower in the history of Ward Village. Approved by the Hawaiʻi Community Development Authority (HCDA) in 2021, The Park Ward Village and Ulana Ward Village will be the newest mixed-use developments to join the neighborhood.

As a LEED-ND Platinum-certified master planned community, Ward Village demonstrates its commitment to responsible, mixed-use development by investing in public benefits and amenities for Honolulu’s urban community. For more information, visit www.wardvillage.com. ​

About The Howard Hughes Corporation^®

The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned cities and communities, as well as operating properties and development opportunities including: the Seaport in New York City; Downtown Columbia^®, Maryland; The Woodlands^®, The Woodlands Hills^®, and Bridgeland^® in the Greater Houston, Texas area; Summerlin^®, Las Vegas; Ward Village^® in Honolulu, Hawai‘i; and Douglas Ranch in Phoenix, Arizona. The Howard Hughes Corporation’s portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC.

Safe Harbor Statement

Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in The Howard Hughes Corporation’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. The Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this release. The Howard Hughes Corporation does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.