Lamda cites brisk sales of residences at Helleniko site; down payments reaching 250 mln€

By Chr. Kolonas

Lamda Development on Tuesday announced that down payments towards the purchase of the first 327 upscale residences planned for construction at the Helleniko redevelopment project will reach roughly 250 million euros.

The ATHEX-listed property developer, which owns the concession to develop and exploit the massive 620-hectare coastal southeast Athens site, said the value of the residences together is calculated at 950 million euros.

The iconic privatization, now billed as “The Ellinikon”, features residences in the form of high-rise apartments, condominiums, as well as two- and three-storey stand-alone dwellings – all purchased from the “drawing board”.

In a press briefing, Lamda executives said most buyers so far are Greek expatriates.

Specifically, Lamda CEO Odisseas Athanasiou said down payments involve 200 apartments to be located in the planned “green tower”, or Marina Tower, which will be located within the current Aghios Kosmas marina. He said remaining units up for sale are in the higher priced upper three storeys, with the developer eyeing 500 million euros in sales from the specific high-rise tower.

Additionally, 27 future luxury villas have been sold, along with 100 two- and three-storey condominiums along the property’s seafront.

With the current sales figures, Athanasiou hinted at a stepped up construction start for another 1,000 residences in the first five-year period of the project’s master plan.

A total of 9,000 to 10,000 residences of all types are planned at the coastal site over a 20-year period, on a tract of land that once hosted, among others, Athens’ old international airport.

On the commercial real estate side, Athanasiou said demand for space in a retail park on the northern inland side of the site – off Vouliagmenis Boulevard – has reached 145 percent.

The most prominent investment so far has been announced by the Fourlis Group, IKEA partner in Greece, reaching 55 million euros.

In response to press questions, Athanasiou said deadline targets are being met, while he added that Lamda Group has made provisions for higher costs, having so far faced a public health pandemic, rising materials’ prices and even the war in Ukraine.

In terms of the actual “brick and mortar” portion, he said the winning bid for a tender involving 250 to 300 million euros worth of infrastructure works will be announced in March 2022, with construction expected to begin the next month.

More construction contracts are set to be awarded in the next two months, including for the Marina Tower, 100 million euros worth of sports facilities, the Marina Galleria, as well as twin hotels on the waterfront to be managed by Temes group.