The Ka Malania condos have certainly improved the esthetics of that part of Kailua town, but as an investment, I would not recommend buying a condo there. I've heard and seen in listings a lot of people having trouble re-selling or renting due to the high cost of mortgage and the very high condo fee. There's no pool so the condo fee does not offer much compared to other area condos.
One effect these new units may have is to raise the value of other nearby units as people price-compare cost per square ft and realize they get much more just by going with an older unit.
If someone were interested in buying a condo or any real estate in Kailua, I recommend seeking out For Sale by Owners and serving as your own representative so the seller has more wiggle room to lower the price. To ensure adequate counsel, you should hire a real estate attorney which usually costs $1-2,000.