Plots and apartments in Elliniko sold out, revenue exceeded 200 million euros

The Elliniko renovation project is in full swing. Some facilities are being built ahead of schedule and will be commissioned in the coming months.

The first to be handed over is a typical building, which will accommodate the needs of 4 associations of the disabled. The work will be completed, as announced, in the summer of 2023, and the facility will be commissioned equipped on a turnkey basis no later than the autumn of this year.

The work is at an advanced stage and Lamda Development has taken full responsibility for the construction costs, which will exceed 15 million euros. The building, which is a complex of 11,000 square meters on an area of ​​7,400 square meters, with a special focus on landscaping. The facility will be handed over by Lamda Development to Ellinikon-Argyroupolis Municipality as part of a memorandum signed a few days ago.

Among other things, the infrastructure projects of the first phase are at an advanced stage and are already in full swing, of which the dominant one is the construction of a tunnel (underground highway) on Poseidon Avenue (at the height of Agios Kosmas), as well as work on the construction site of the Trachoni stream. A water channel will be created here, which will have a dual role: to offer recreational activities in a wider area, as well as to protect the area from floods.

Concern Lamda Development, in accordance with Regulation 596/2014/EU and the Regulations of the Athens Stock Exchange, announces the following in relation to the total proceeds from the sale of land and apartments on the coast of Ellinikon:

-Plots for villas (The Cove Villas): completed the sale (signing of a notary deed) of 19 plots out of 28 available, the total revenue was about 77 million euros (50% of the value of the plot). In addition, customer advances were made for 7 plots, the total amount of advances amounted to about 2 million euros. Completion of the sale and purchase of 7 sites under consideration is expected in the second quarter of 2023.

-Riviera Tower: completed the sale of 127 apartments out of a total of 169 (75% of the total, signing a notary deed), with a total revenue of 71 million euros (20% of the price). In addition, customer advances have been made for 27 apartments (16% of the total), with a total advance of around 8 million euros. Completion of the purchase and sale of these 27 apartments is expected in the second quarter of 2023. Negotiations for the remaining 15 apartments are at the final stage in order to make appropriate advance payments from interested buyers.

– The Cove Residences (Condos): with regard to booking for the future acquisition of these apartments, the client has already made advances that correspond to approximately 91% of the sold area, amounting to approximately 26 million euros. It is expected that the signing of the notarial deeds on the completion of the purchase and sale will begin in the second quarter of 2023, where 25% of the total cost will be collected.

-Sale of real estate within the framework of a strategic cooperation between the company and TEMES SA: according to the announcement of the company, on 06.03.2023, the first installment was paid in the total amount of about 30 million euros in relation to the sale of HELLENIKO MAE:

a) 100% full ownership of the property with an area of ​​80,011 sq.m. in the building area “PM-A2” of the metropolitan pole “Greece-Agios Kosmas”,

b) 100% rights to land with an area of ​​132,821 sq.m. in the development zone “PM-A1” of the Hellinikon-Agios Kosmas metropolitan pole.

The properties under consideration relate to a strategic cooperation for the joint development of two modern luxury 5-star hotels and related tourist-residential complexes (branded residences) on the Elliniko coastal front.