Centex Destination Properties Launches Beach Villas at Ko Olina; Distinctive Condominium Homes Overlook Lagoon

A blue chip design "dream team" has been assembled by CentexDestination Properties to make the residences truly distinctive:Architects Hawaii is providing superior building design; Philpotts &Associates is on board for stylish interiors; and renowned chef RoyYamaguchi is creating custom-designed signature kitchens. The generalcontractor is Hawaiian Dredging Construction Company. Prices for atwo-bedroom villa are expected to start at $1.8 million.

Oahu's first new beachfront condominium homes in two decades,Beach Villas at Ko Olina offers 247 luxurious villas in twostate-of-the-art condominiums: the eight-story Beach Tower (92 villas)and 15-story Ocean Tower (155 villas).

"Beach Villas at Ko Olina is an opportunity for Centex DestinationProperties to create a living environment framed by Ko Olina Resortand Marina and all it has to offer," said Bruce Sloan, president ofCentex Destination Properties' Hawaii Division. "It will be veryappealing to the discerning individual: an exceptional home in arelaxed beachfront setting, yet within reach of the cosmopolitanofferings of Honolulu."

Beach Villas at Ko Olina will break ground on Sept. 29, with salesof the first 75 Ocean Tower villas commencing on Oct. 17-18. Salesreservations, which include a $50,000 refundable deposit, arecurrently being accepted.

"We are inviting our reservation holders, most of whom are comingfrom the U.S. mainland, to preview their villa selection and thetropical-based lifestyle they can expect to enjoy here at Ko Olina,"said Michael Kosmin, vice president of sales and marketing for CentexDestination Properties' Hawaii Division.

The two- and three-bedroom villas will range in size from 1,169 to1,623 square feet of interior living space, and each will feature anoutdoor lanai to further enhance the beachfront living experience.

Designed with a classic Hawaiian sense of place, the villas willoffer ocean, mountain or coastline views. Among the numerous featuresof elegance will be an exclusive Roy Yamaguchi signature kitchen,designed by the master chef and offered for the first time inresidential homes.

Jeff Stone, developer of Ko Olina Resort and Marina, said, "BeachVillas at Ko Olina provides the opulent, world-class living we havealways envisioned at Ko Olina Resort and Marina. Everything is of thehighest caliber and beautifully matched to our resort."

As inviting and luxurious as the interior living space is, theamenities found outside will make life at Beach Villas a truly specialand memorable experience.

Homeowners will enjoy two swimming pools, one for laps and theother a lagoon-style design with spas and a sand-bottom children'sarea. An on-property fitness center, as well as a one-year membershipat the Ko Olina Sports Club, are also included, compliments of CentexDestination Properties.

For relaxing and socializing, Beach Villas residents will be ableto unwind at Nanea Hale, an owners-only beach bar that serves upbeverages to go with a magnificent view of the painted-sky sunsetsthat dive into the ocean each evening.

Homeowners will also enjoy the abundance of recreational andresort amenities that are stretched across Ko Olina Resort andMarina's 640 coastline acres. They can golf at the Ko Olina Golf Club,set sail from the world-class Ko Olina Marina, or pamper themselves atthe spa facilities and restaurants of the award-winning JW MarriottIhilani Resort and Spa.

Highlighted among the other recreational pleasures and naturalattractions are four magnificent lagoons perfect for beach activitiesand family gatherings, and winding hiking and jogging trails thatprovide beautiful views of the coastline and Waianae mountain range.

All construction is complemented by a 10-year structural warrantyand Centex Destination Properties' two-year fit and finish warranty --twice the industry standard.

Beach Villas at Ko Olina is the fifth resort residential communityin the Hawaii collection of Centex Destination Properties. It followssuccessful efforts with Kolea and Hali'i Kai at Waikoloa Beach Resorton the Big Island, and Ko Olina Kai Golf Estates and Villas and KoOlina Hillside Villas on Oahu.

About Centex Destination Properties

Centex Destination Properties addresses the significant demand forhomes in the resort vacation community segment. Centex DestinationProperties is part of Dallas-based Centex Homes (www.centexhomes.com),which is one of the nation's leading home builders and operates inmore than 90 U.S. markets in 25 states.

Centex Homes is a subsidiary of Centex Corporation (NYSE:CTX), aFortune 250 company that, through its subsidiaries, is one of thenation's premier companies in home building, financial services, homeservices and commercial contracting. Centex ranks No. 1 in itsindustry on FORTUNE magazine's 2005 list of "America's Most AdmiredCompanies."

Access to the amenities of Ko Olina Resort and Marina may besubject to the payment of fees, membership requirements and otherrestrictions. Centex Destination Properties does not own or controlland outside Beach Villas at Ko Olina and does not guarantee thecurrent or future use thereof. These materials shall not constitute anoffer in any state where prior registration is required. Void whereprohibited by law. Project Broker -- Centex Homes d/b/a CentexDestination Properties.