Turtle Bay Resort, a visitor and kama'aina retreat that struggled in past years to fill rooms including cottages transformed into office and storage space, has been selling oceanfront condominium villas for an average of $1.5 million.

The 57-unit Ocean Villas project, has sold 22 of 45 units released for sale to date since sales began in mid-April, taking in $33 million in revenue.

The project is the first residential real estate sold at the resort in more than 20 years, and would generate $100 million for owner Oaktree Capital Management LLC, a California-based investment firm, if units sell out.

Ocean Villas represents another example of the state's booming real estate market, and is contributing to rising sales at higher average prices for new homes on O'ahu.

Project broker Landmark Real Estate LLC said buyers have been a mix of residents and Mainland visitors looking for second homes.

One-bedroom to four-bedroom units at 800 square feet to 2,500 square feet range in price from $1 million to $2.5 million, and come ready to use with furnishings including linens, silverware, a Bose entertainment system and up to four flat-screen TVs.

Construction began in April, and is expected to be completed early next year.

The project, with an estimated construction cost of $35 million, is the latest upgrade to the hotel and golf course, which Oaktree renovated at a cost of $60 million since acquiring control of the property in December 2000.