The foundation works of the facilities have already been completed, and the concreting is in progress. When will it be completed?
The sports park of Ellinikon is under construction in an area of 444,000 square metres with facilities for the most popular sports, such as basketball courts, football fields, areas for athletics, a tennis club, etc.
According to the latest news from the investor, LAMDA Development, the foundation works for the new sports park, which will be open to all, have already been completed (work on the sports park started in July 2023).
Concreting is in progress, and work is in full progress for the entire sports park area.
The sports facilities will be completed in 2025.
Stefania Souki is a columnist for New Money. Translated by Paul Antonopoulos.
Elsewhere, the surplus value from the planned residential developments in Ellinikon, in a total area of 1.0 million square meters, based on the building surface, is estimated at 1.3 billion euros based on the interest expressed in the first plots of land that Lamda Development makes available to third parties.
During the annual general meeting, the CEO of Lamda, Odysseas Athanasiou, said that a tender is underway for the sale of 5 plots of land with the possibility of a total buildable area of 50 thousand square meters for residential uses.
Based on the interest that has been expressed, the price per sq.m. is estimated at 2,100 euros compared to 770 euros in the company's books.
Considering that 1 million sq.m. of buildable surface for residential developments remains to be sold in Ellinikon and multiplying the difference between the book price and the sale price (1,330 euros per sq.m.), the hidden surplus value reaches 1.3 billion euros.
According to Athanasiou, the tender for the five plots mentioned above will be completed by the end of July, and "since we have sold more than 100,000 sq.m. within six months, it is easy to perceive the possibilities that exist.”
READ MORE: Costa Navarino on Business Insider's list of the ten best destinations for luxury travel.