Elliniko mega-project contractor Lamda Development has been approaching selected candidates for its planned Marina Towers luxury apartments, at rates starting from 7,500 euros per square meter and up to €26,200/sq.m., depending on the view and level.
According to the company, interest is particularly strong, both from foreign and, particularly, from domestic investors. It matches the interest being shown for the individual houses on the seafront in the northeastern part of the plot of Athens former airport. It even appears that all 25 villas in the front row facing the sea have already been snapped up.
This high demand for the Elliniko residential market is being expressed both at the in-person presentations being carried out by Lamda, in cooperation with consultants, but also during impromptu contacts with interested buyers.
It is also seen as the reason behind the listed construction firm’s decision to proceed with the closure of the financial transaction for the acquisition of Elliniko SA, the vehicle that will carry out the project’s development, last Friday, despite the as-yet unfulfilled condition of the casino contract signing.
Investment bankers who have worked with Lamda argue that the so-called “Plan B” the company’s chief executive referred to at the general meeting in case the casino project falls through, concerns the development of another high-rise with apartments and possibly a hotel, as well as more residential developments in the space set aside for the casino.
Still, both the Inspire Athens consortium that has won the state tender for the casino, and the Finance Ministry (which expects major takings from its operation), are optimistic that the integrated casino complex will go ahead. Lamda says that it has given an end-September deadline to the consortium so that it clears out its share composition, that will apparently be led by GEK Terna.
In any case, buying interest in Elliniko residences has been so high that CEO Odisseas Athanasiou said demand has exceeded expectations. Friday’s signing of the agreement allows Lamda to make provisional deals and collect deposits for the properties it will sell when it completes their construction.