Another new residential high-rise in Kaka'ako has opened — but in another sign of O'ahu's cooling housing market, nearly one-fourth of its units are still available for sale.

The developer of the 36-story tower 909 Kapiolani reported selling 76 percent, or about 173 of the building's 227 condominiums from $263,000 to $1.2 million as of Sunday when the building opened to the public. The building's first residents began moving in Aug. 28.

Still available at prices from $490,000 to $2.4 million are 24 percent of the project's inventory, or about 54 units, including seven penthouse condos.

Bill Chee, president of Prudential Locations, the firm handling project sales for developer Posec Hawaii Inc., said the response reflects a market that has calmed down from a frenzy that peaked in 2005.

"The market seems to be fairly good, although it's down from the last two years in terms of the number of transactions," he said. "I think all these Kaka'ako developers should be happy with how well 909 Kapiolani has done."

The 909 Kapiolani project at the corner of Kapi'olani Boulevard and Ward Avenue makai of Blaisdell Center is the fourth residential high-rise project completed in Kaka'ako in the past two years, and is one of eight that sprouted during Hawai'i's recent real-estate boom.

But unlike the three condo towers that opened last year and earlier this year as sellouts or near sellouts, 909 Kapiolani has about a quarter of its units still unsold.

The first Kaka'ako high-rise in the group, the 247-unit Hokua at 1288 Ala Moana, was sold out upon completion in January 2006, and was followed two months later when Ko'olani at 1189 Waimanu St. reported selling 359 of 369 units.

Moana Pacific, a pair of 46-story towers with a combined 720 units at 1288 Kapi'olani Blvd., was the third Kaka'ako high-rise and was sold out when it opened about six months ago.

Four others are under construction or planned in Kaka'ako, while about as many are planned or under construction in Waikiki and downtown.

Sales reservations began for 909 Kapiolani in April 2004 to a rousing response of more than 500 interested buyers. In mid-2005, the project reported 80 percent of units were presold.

But Chee said there is always some uncertainty as to how many buyers will complete their sales, given changes in interest rates and other market factors that can arise during the roughly two years it takes to build a condo tower and finalize sales.

Some projects during past real-estate cycles have not fared as well, such as the 425-unit Hawaiki Tower in Kaka'ako that was less than half sold when finished in 1999.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.