Elliniko: an additional 1,000 apartments will be built

Concern Lamda Development is focused on the creation of a residential tower on the seashore in the Elliniko area. The move is part of a decision to build an additional 1,000 apartments in the first phase of the investment, due to the high demand for housing in the area.

Design for the new building has already begun and the first pre-sales are expected to begin next September, said Mr. Odysseas Athanassiou, CEO of Lamda Development, in his remarks at an analyst and shareholder briefing on financial results for the past year. cathimerini.gr.

According to Mr. Athanassiou, the pre-sale process of 100 luxury apartments and houses, which will also be built in the Elliniko coastal zone, is expected to be completed by June, bringing the total potential future income from housing projects to more than 1 billion euros. “It is expected that by the beginning of the summer we will begin to receive the first income (prepayment) for 18 luxury villas and start signing the final contracts,” said Mr. Athanassiou. During 2022, Lamda management expects to receive more than 200 million euros in advances for already sold (prepayment / full payment at the 1st stage of construction) objects.

The second tower on the Elliniko embankment – September, start of pre-sales

It should be noted that the sale price of 100 luxury apartments and houses has increased. This was done in order to partially offset the increased construction costs. Accordingly, within the framework of pre-sales of housing in skyscraper “Marina Tower” the design was optimized to increase living space by 10%. As a result, potential revenues will increase accordingly, reaching now 374 million euros.

As Mr. Athanassiou emphasized, the Marina Tower will be the only building whose construction cost has increased (due to recent events). However, given that the construction of the skyscraper is not scheduled to begin until October next year, there is optimism for further increases in material prices. In any case, a 20% increase in the construction cost of the Marina Tower will have a significant impact on the €25m sales profit.

As for the malls to be built in Elliniko, Lamda said they have already signed agreements for 80% of the total area of ​​the leased areas and it is expected that the corresponding process will be completed no later than mid-2023.

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