Shirokiya and iProperties Hawaii have entered a merger agreement that will result in the creation of a new real estate company focused on pairing Asian buyers with high-end residential properties on Oahu.

The new Shirokiya Residential Estates LLC will target buyers in Japan, South Korea and China and feature luxury condominiums in Waikiki and upscale hotel-condominiums at Ko Olina Resort, according to a release issued today.

The new venture will be spearheaded by Shirokiya Inc. Vice President Takafumi Gomyo and iProperties Hawaii owner Abe Lee.

Gomyo predicted that Shirokiya Residential Estates will reach $100 million in sales in its first year and will aim for $1 billion in sales in its second year.

The company plans to launch a "major marketing campaign" in Japan through Shirokiya sister company Domus.

Gomyo and Lee plan to meet with potential partners in Seoul and Shanghai next month.

Lee, whose iProperties Hawaii agents will continue to serve the local market, said he was "extremely pleased" with the new partnership.