Profit keeps flowing as more cement gets poured and construction cranes raise the "ultra luxury" Waiea condominium tower in Kakaako where units have sold for an average price of $3.7 million.

The development firm transforming 60 acres in Kakaako into a largely high-rise condominium community called Ward Village said it has already collected $12.2 million in profit from its first tower, which is now about 20 percent built.

Howard Hughes Corp. reported taking the profit on Waiea in a report filed Monday that covers operations during the first three months of this year.

The first-quarter profit on Waiea followed a $27 million profit on the tower that Texas-based Hughes Corp. claimed last year.

The company began Waiea sales in early 2014 and had binding contracts to sell 148 of 177 units representing 86.5 percent of the building as of April 30.

Hughes Corp. has collected $106 million of nonrefundable buyer deposits representing about $550 million in sales that are expected to close when the building is finished at the end of next year.

The average sale price for the 148 units was $3.7 million.

Much pricier units are available, though the developer hasn’t published a price for a grand penthouse spanning the tower’s top two floors. One prospective buyer has claimed this unit was available for just under $100 million. One of Waiea’s other penthouses has been advertised for $19.8 million.

The number of sales at Waiea was unchanged from a previous count through Feb. 1 that the developer provided in March.

Hughes Corp., which began building Waiea about a year ago at the Ewa-mauka corner of Kamakee Street and Ala Moana Boulevard, recognizes incremental revenue and profit on its condo tower projects based on buyer deposits and development costs before the towers are completed.

Waiea is projected to cost $403 million excluding land value. Hughes Corp. said it had spent $90.7 million on Waiea through March 31.

One other tower is under construction at Ward Village. Work on this tower, called Anaha, began in November, though Hughes Corp. doesn’t expect to start claiming income for it until the second quarter.

Through April 30 the developer took in $58 million in deposits for 241 Anaha units, representing $312 million in sales contracts at an average $1.3 million per unit. Those sales represent 77.5 percent of the 311 units in the tower, which is expected to cost $401 million.

Construction on Anaha is projected to be completed in mid-2017.

Hughes Corp. has four more condo towers approved for development but has yet to start sales. One tower could be converted to rental apartments if the company obtains state permission at a public hearing Wednesday.

Overall, Ward Village is envisioned for up to 22 towers with 4,300 residential units and 1 million square feet of retail space on

60 acres previously known as Ward Centers. The company anticipates that it can complete full build-out in 12 to 15 years subject to market demand.

Hughes Corp. was created in 2010 through the bankruptcy reorganization of giant shopping center owner General Growth Properties Inc., which transferred numerous nonmall assets in 18 states to Hughes Corp. Those assets included Ward Centers, master-planned communities such as Summerlin in Las Vegas and The Woodlands in Houston, as well as retail development projects such as South Street Seaport in Manhattan and Riverwalk Marketplace in New Orleans.

David Weinreb, Hughes Corp. CEO, said in a statement that the company’s development projects are proceeding according to plan.

"Pre-leasing and pre-sales activity at our on-going developments was strong during the first quarter of 2015, with the exception of demand for new office space at The Woodlands, which decreased due to uncertainty caused by the decline in oil prices," he said.

Hughes Corp. reported $155 million in total revenue during the first quarter, up from $98.7 million in the same quarter last year. However, noncash items resulted in a $106 million net loss compared with an $86 million loss a year earlier.

The overwhelming noncash item in the first quarter was a $109 million liability tied to stock acquisition rights. The rights allow certain shareholders to acquire Hughes Corp. stock for which the company could be forced to pay cash if the company is acquired.

Excluding this liability along with a tax indemnity and property depreciation and amortization, Hughes Corp. claimed an adjusted net income of $24.4 million in the quarter, up from $20.6 million a year earlier.