The potential future revenues of Lamda Development from the first few residential projects at the Elliniko plot in southern Athens are already estimated at 685 million euros, after the company paid the first tranche of €300 million to acquire Elliniko SA, the vehicle for the development project.
The listed company announced that it has already received deposits from buyers for 75% of the property for sale at the Marina Tower landmark building the company presented on paper in July. This will amount to revenues of €338 million upon the completion of the transactions.
At the same time, Lamda has received down payments for all 27 luxurious villas to be developed on the Elliniko seafront, with potential revenues from that coming to €345 million.
The incorporation of Elliniko SA assets in the Lamda financial report as of June 25 has meant profits of €306 million for the development group over the first six months of the year. This concerns the value of all investment assets such as malls, office space, the integrated tourism resort-casino and activities related to schools and sports at the location – these are buildings whose construction will gradually begin from the first half of 2022.