Leasehold units in Waikiki Landmark, a 35-story luxury condo project vacant since its 1993 completion, go on sale Sunday at prices ranging from $155,000 to about $1.9 million. Three years ago, prices started at $347,000 and topped off around $8 million.

The reductions reflect the discounted price Pacific Waikiki Partners, the new owner, paid for the project in June 1995 and the slowdown in the local real estate market, especially for leasehold properties.

Herbert Conley, managing director of Coldwell Banker Pacific Properties, which is marketing the units, said the building was built by another owner for another market. "That market is no longer available," he said.

The project previously was owned by Waikiki Landmark Partners, a partnership affiliated with developer Sukarman Sukamto. Mitsui Trust & Banking Co., the project's lender, took back the twin-tower development and eventually sold the mortgage on it to Pacific Waikiki for an undisclosed price.

The new owner has spent roughly $2 million on cosmetic changes and upgrades, Coldwell Banker said.

Conley said 188 of the buildings 196 units are for sale. The others were sold under the previous owner.