The pace of sale of apartments, houses and plots in Ellinikon, has been frenzied with buyers giving advance payments for their purchase before they are well built.
This is noted by Lamda Development executives on the occasion of the announcement of the annual financial results.
More specifically, regarding the reservations of houses-apartments for the future acquisition of apartments on the Residence Tower of Marina and the Beach Villas, the potential future income corresponding to the deposited customer advances so far far exceeds the company’s initial estimates.
For the apartments of the Residence Tower of Marina, customer advances have already been submitted for approximately ¾ of the area sold, which correspond to potential future revenues of 374m. euros, upon completion of the respective sales.
The villas and condos
For the Villas, customer advances have been submitted for all the plots, with the respective potential future revenues from the sale of the plots being estimated at 190m. euros, upon completion of the respective sales. The construction costs are borne by the buyers of the plots, while the plans and the supervision of the construction by ELLINIKO SA.
For the complexes of luxury houses or apartments (condos) on the seafront, the relevant contacts with interested buyers began at the end of February, with the interest being particularly strong on their part. Despite the short duration of contacts with potential buyers, customer advance payments have already been filed corresponding to potential future revenues of 42m. which constitute about 15% of the total estimated future income from these housing developments.
Preliminary work
Lamda Development has already carried out a variety of precursors and preparatory work in relation to the work of Elliniko. This is reflected in the significant increase in project costs in 2021 (32m versus 9m euros in 2020). Examples include:
· The studies for the main phase of construction of the infrastructures, for the Metropolitan Park and the sports facilities and for the regeneration and configuration of the beach have been completed.
· The studies of the Residence Tower of Marina, of the developments within the Business Center (“Commercial Hub”) in the area of Vouliagmeni Avenue, of the commercial development in Marina Ag. Kosma and other residential developments on the coastal front.
Regarding the demolition works of specific buildings, at the end of May, 80% of the total volume of the buildings to be demolished will have been completed. The remaining 20% of the volume of the buildings will be demolished during the construction of the infrastructure of the First Phase of the project.
In addition, in December Lamda Development selected the internationally renowned and experienced consortium Mace and Jacobs for the role of Project Management Consultant for Buildings.
Infrastructure Projects
The Company also announced in March the promotion of the AVAX SA group, as the Main Contractor for the infrastructure construction projects of the First Phase of the project. The relevant works have started and will continue until September 2025 with the gradual delivery of the relevant infrastructure projects. The infrastructure projects include the extensive road network, including the undergrounding and the uneven junction of Poseidonos Avenue, as well as the construction of utility networks to serve all the developments envisaged during the first phase of the project.
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