HONOLULU -- Hoakalei Country Club is billed as the island's first resort based private country club and golf course in the past 30 years. The 18-hole championship course was designed by Ernie Els, one of the top golfers in the world.

Els said they hope it will draw a tournament but admits the economy is a problem.

"Love to see a golf tournament at some point. Obviously, the economy is not wonderful as we know at the moment but we have some golf tournaments on the island would love to see a tournament here," golf course designer Els said.

It was the blessing Monday for the community that fronts the golf course: Ka Makana at Hoakalei. The homes start in the $500,000 range, the average price is more than $600,000 and high-end homes are going for $1.2 million.

Developers said Hawaii real estate hasn't dropped like mainland real estate and are hopeful about sales.

"Over the holidays, we had a few people kind of rethink things but just the first of the year came around, foot traffic picked up, people are coming out. Interest rates are in the 4s, which is unbelievable," said Richard Dunn, V.P. Haseko.

Plans call for a private swim club, spa, tennis courts and 900 homes, but officials can't say when it all will be completed.

Els commented on whether the credit crisis has something to do with when the project will be completed.

"You know, I don't know how to answer that. We're optimistic about the future but nobody can predict the future so I don't know how to answer," Dunn said.

So the completion date is undetermined, but the grand opening is Saturday.