PRIVATIZATION

Elliniko luxury housing project taking shape

Elliniko luxury housing project taking shape

Lamda Development and its partners will deliver four new hotels, 27 villas, 100 maisonettes and 200 apartments in the Elliniko Marina Tower in the next five years.

The villas, maisonettes and apartments alone will bring in revenues of 950 million euros, of which some €250 million is expected within 2022. This means the average price of sale per house will be €2.9 million.

In the next couple of months the consortium of TEMES with Lamda Development will announce the international hotel management groups it will cooperate with for the two units on the seafront, as well as the third hotel in the mixed-use tower close to Vouliagmenis Avenue that will be developed in cooperation with Brook Lane Capital. By 2025 the contractor expects to have completed the hotel that will host the integrated casino complex that will be constructed by GEK Terna.

The timetables and the amounts expected were announced yesterday by Lamda Development Chief Executive Officer Odisseas Athanasiou at a presentation yesterday at Elliniko. Almost all of the abovementioned 327 residences have provisional sale agreements, with the last few deposit payments expected by this summer. The only exception is the three top floors on the Marina Tower and the two maisonettes at its very top that Lamda implied have been reserved for whoever offers the highest price.

By end-2025 or early 2026, the underground section of Posidonos Avenue will have also been delivered, as well as the large mall on Vouliagmenis Avenue and the Galleria shopping complex at the Agios Kosmas Marina.

Regarding the deals for the stores to be hosted at the large mall on Vouliagmenis, Athanasiou said demand from fashion companies currently covers 145% of the space available for such use, while there is also very strong demand for restaurants, entertainment space and other uses.

There is a lot of interest in the prices of the first residences sold. Given that the 27 villas that have already been sold will bring the contractor at the former Athens airport site some €200 million, it would seem that the average price per villa comes to about €7.4 million.