Lamda Development is proceeding with a second phase of apartment development in the Elliniko site, for 1,230 apartments, of which 115 will be retail uses on the ground floor of the buildings. The apartments will be erected on 10 plots of the old airport site with the new neighbourhood called Little Athens.
These are developments on plots behind the three-storey residences (condos) and on plots bordering Alimos and Trachona Stream. According to the CEO of Lamda Development, Odysseus Athanasiou, the work will start in 2024 with a target completion date of 2027. It is recalled that Lamda has already sold 170 apartments in the Riviera Tower skyscraper, 115 three-storey residences and 27 plots for villas.
As Athanasiou said during a briefing for journalists, in 2023 and 2024, about 180 apartments will be launched, out of a total of 459 apartments expected to be created in the new neighborhood. At this stage, the company has launched the first 58 apartments of one of the residential complexes (Parki Rise), which is part of the wider Little Athens area.
According to Athanasiou, the average cost per square meter for the different residential complexes is 4,500 euros, while the sales prices from the first pilot launching start from 6,000 - 6,500 per square meter.
According to Lamda's latest corporate presentation, the 1,230 apartments under construction will bring the company gross revenue of EUR 1.1 billion and gross profit of EUR 447 million.
As for the other developments, Lamda's management said that by early 2024 a contractor will have been selected for the project of the second shopping centre on the beach (Marina Galleria). Also, the infrastructure projects (undergrounding of Poseidonos Avenue, foundation of Marina Tower, excavations for Vouliagmeni Mall, etc.) are progressing on schedule.
Athanasiou estimated that by the end of 2026 the first 5-year projects will be completed, but admitted that there is concern about the lack of workers for the construction work,