Japanese billionaire Genshiro Kawamoto has new neighbors on Kahala Avenue — Christopher and Kimberly Dey, who this week purchased three vacant lots there for $34 million.

The Deys, however, don't plan to rival Kawamoto's acquisition spree of 18 parcels to date for about $100 million along the pricey street.

Kimberly Dey, through a spokesperson, said the plan is to build a house for the family to live in.

After design and construction, the Deys plan to relocate from their present residence in Lanikai to Kahala. No other major development is planned for the property.

Last year Christopher Dey proposed giving the state $70 million and 97 acres of land on the slopes of Mount Olomana for a new Kailua High School in return for the existing school site on which Dey proposed building several hundred homes. The proposal was withdrawn earlier this year.

The Dey property in Kahala is across 'Elepaio Street from a Kawamoto property.

Kawamoto has been buying Kahala Avenue property for the last four years, and earlier this week announced a plan to rent 10 million-dollar homes on the street to needy Native Hawaiian families for $100 to $200 a month.

Kawamoto also said he would like to turn five of his homes there into public museums showing his collection of art. The real-estate tycoon also is retaining one property, the former Hemmeter estate, in which to live.

Kawamoto has not said how or when he plans to make the homes available for rent. More information is expected later on his plan.