The houses in Ellinikon are sold out! The Little Athens project is also moving forward

Ellinikon

With the demand for the residential and commercial renovations that have been launched as part of the Ellinikon project exceeding initial expectations, Lamda Development's revenues by the end of the year (mainly from urban renovations) are expected - as the managing director pointed out of the Group, Odysseas Athanasiou - to exceed half a billion euros.

According to Mr. Athanasiou, the average cost per sq.m. for the different residential complexes is 4,500 euros. In comparison, the sales prices, according to the first pilot launch, start from 6,000-6,500 euros per sq.m.

Based on Lamda's latest corporate presentation, the 1,230 apartments under planning relate to a gross sales area of ​​153,000 sq.m., from which Lamda expects a total gross income of 1.171 billion euros and a gross profit of 447 million euros, Protagon reported.

"The targets for the individual urban regeneration projects for the first phase of Ellinikon up to 2026 may be aggressive, but the development of the projects to date shows that we can achieve them to the greatest extent", estimated the managing director of Lamda Development.

In a meeting with journalists as part of the briefing on the progress of the project, Mr Athanasiou detailed both the essential steps that allow for optimism about the development, as well as its challenges.

"What we have achieved so far (competitions, studies, licensing) are the most time-consuming parts of an urban regeneration project," noted Mr Athanasiou, which "now allows us to move forward with quick steps". Funding for the first phase, another critical issue, is fully secured so the project's development can proceed smoothly.

He recalled that LAMDA Development has already raised €650 million from the December 2019 share capital increase and an additional €550 million from two bonds (July 2020 and July 2022), while the ever-increasing interest of buyers and investors ensures an ongoing basis additional revenue for the project.

Speaking about the challenges of the Ellinikon project, but also of real estate development projects in Greece in general, Mr Athanasiou referred, among other things, to the lack of labour force, emphasising legislative interventions by the state that should be taken in the next few months, for labour force outside of Europe to be able to work in our country.

Athanasiou generally emphasised the main pillars of Ellinikon's work, which are the protection of the environment, the reduction of the energy footprint, alternative energy sources, new technologies and accessibility for all.

Little Athens - The new neighborhood of Ellinikon

With the demand for the first residential developments that went up for sale (Villa plots, riviera Tower, the Cove Residences) having, as mentioned above, exceeded the supply with the signing of relevant agreements, another sizeable residential project has been announced. Little Athens, the new neighbourhood of Ellinikon, with prices lower than the residential renovations mentioned above, with a time horizon for the completion of the first phase in 2027. Specifically, as announced, it is a new neighbourhood in the heart of The Ellinikon, accessible to all, designed to provide a contemporary lifestyle. It is a combination of high-rise and low-rise buildings designed by both Greek and international architects. The advantages of the new neighbourhood are considered to be the proximity to the park and the beach, as well as the range of shops and activities to serve the daily needs of the residents. In the first phase, 1,115 apartments (residential units) and 115 retail units (retail shops on the ground floors of buildings) will be built in ten building blocks.

The plan includes Park Rise with 50-meter, 12- and 8-story buildings designed by the Danish Bjarke Ingels. They have 88 apartments of 70 to 350 sq.m. Development with seven shop buildings and 156 apartments of 60 to 300 sq m, designed by 314 Architects. A complex of nine buildings with 79 apartments characterised by round balconies, 60 to 200 sq.m., also designed by 314 Architects, Complex of 56 apartments designed by Deda & Architects Complex of 80 apartments (Tsolakis Architects). Around 30 homes have already been put up for sale, with prices starting at 6,500 euros per square meter. Construction costs for Lamda are 4,500 euros per square meter apartment, and sales prices start at 350,000 euros.

Individual projects: The disabled building is in operation. Mr. Athanasiou also referred to individual projects that are in full development or have already been delivered by Lamda Development. Regarding the course of individual projects, information was also given during a tour of construction sites in Ellinikon by engineers responsible for the projects.

In particular, as pointed out:

- The building for the disabled, the first building complex of the redevelopment, was already delivered for use at the beginning of autumn 2023. The model building at the European and international level, with an area of ​​11,500 sq.m. and a budget of 15 million euros, was covered exclusively by LAMDA Development as it is part of the social contribution and strategic corporate social responsibility, serving more than 300 people with disabilities and has housed four unions.

- The project of the undergrounding of Poseidon Avenue, 1.5 kilometres long, of which 1.1 kilometres is the underground section (one of the most modern tunnels in Europe) with three traffic lanes in each direction, is progressing according to the schedule at a very fast pace It has progressed 75% of the total volume has been excavated, 35% of the total volume has been concreted, and the tunnel is due to be completed in 2025. In the summer of 2025, the project will be structurally completed, and the planned tests will follow so that these will also be completed by the end of the same year.

- The construction project of Riviera Tower, the first green coastal residential skyscraper in Greece with a height of 200 m and 50 floors, entered the next phase. The foundation of the building was completed, for which the most innovative internationally was applied. Until the end of 2023, the first floors of the Tower will be visible to passers-by from L. Posidonos. – The anti-flood works in the Trahonon stream, which is one of the key projects for the strong anti-flood protection of Ellinikon, while at the same time, it will also be a green recreation area, is in an advanced stage of excavation. The project is expected to be completed, according to the schedule, at the end of 2024.

- One of the largest transplants ever made in Greece is in full swing and is being implemented by Lamda Development in Ellinikon. As already announced, this gigantic operation for the protection of the environment started in parallel with the construction works and concerned the protection and transplanting of more than 3,000 trees, which are located within the Ellinikon construction site. – The adoption of construction practices in all regeneration projects that contribute to the circular economy is also in full progress, such as - among others - the large and unique European levels soil and groundwater decontamination-remediation project. The amount of soil and groundwater is reused (e.g. for the needs of construction projects in Ellinikon), further reducing the project's environmental footprint. This process started in 2022 and will be completed within 2023. The energy needs of Ellinikon, as Mr. Athanasiou pointed out, will be fully covered by Renewable Energy Sources (RES) with actions and initiatives undertaken by Lamda.

- The visitors of the Experience Park, the first part of the Park of Ellinikon with a total area of ​​2 million square meters, which will cover one-third of the total development of Ellinikon and was given to the public in Christmas 2021, exceeded 2,000,000 citizens. The Park is also home to the Experience Centre, one of the largest and most technologically advanced visitor centres in the world, which includes an interactive exhibition that presents the innovations of Ellinikon's work, with over 200,000 visitors.

READ MORE: Europe’s Largest Regeneration Project Reshapes Athens.

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