The construction of two large shopping malls, Vouliagmenis Mall and Riviera Galleria, in Elliniko, with a total investment (capital cost) of 480 million euros, is the subject of large-scale tenders that Lamda Development will announce in a few days.
Nearly all of the homes for sale (169 at Riviera Tower, 28 Beach Villas and 115 at Cove Residences) have already been sold.
By the end of 2023, Lamda’s revenue (mostly from residential development) will be about $450 million ($200 million this year and $250 million next).
The construction of the Riviera Tower (total investment $250 million), the country’s first 200-meter-high building (50 floors), will be undertaken by the Bouygues Batiment International consortium. It is expected that the contract for the construction of the tower (a project worth between 180 and 190 million euros) will be signed with the consortium before the end of the year, and a specialized technical company that will take over the construction of the Riviera Tower.
Odysseas Athanasiou, Managing Director of Lamda, announced this when presenting the progress of work in Elliniko to the press. According to him, work is progressing according to schedule. “Not only considering the proportions, but also considering the overall economic climate, we are moving very well given the size of the project,” said the head of Lamda.
The most basic infrastructure project, the deepening of Poseidonas Avenue (at a cost of about 85 million euros), has already begun (developer Avax took over the infrastructure of the first phase), with a view to completion at the end of 2024.
The most advanced project is the home for the disabled ΑΜΕΑ (total investment of 15 million, which will fully cover Lamda), which will be commissioned in autumn 2023.
As for the increase in the cost of construction, Mr. Athanasiou said that it is between 10 and 15% (increase during the year). He added that most of this amount will be borne by the buyers of real estate.
The tender for the selection of a technical company for the construction of the Vouliagmenis shopping center (capex 350 million) will start in about a month and a half, after which the next tender for Riviera Galleria (capex 130 million) will be held. A tender for the construction of the first stage of the park will be announced in the near future.
The two new malls will become assets of the Lamda Malls subsidiary, along with four existing ones (The Mall Athens, Mediterranean Cosmos, Golden Hall and McArthurGlen) and possibly one more (whose name has not yet been disclosed).
In 2023, residences will also go on sale, which will be built in two more locations in the main part of the former airport (above Poseidon), with an average estimated sale price of 5000-6000 euros per sq.m.
The vast majority of homebuyers in Elliniko are Greeks. Lamda will launch overseas home sales communications next year as it believes foreigners need to see projects under construction to be credible.
According to Lamda management, the total construction volume in Elliniko will be 2.7 million sq.m. In the first five years, 800,000 square meters will be built, including major developments that will attract foreign visitors and, although they will account for about a third of the project, will account for 75% of its success.
Waste management in Elliniko will be carried out by a unit that will be built on the site of the former airport.
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