The interest of foreign buyers in the residences in Ellinikoin the context of the urban redevelopment that is underway in the former airport area, after the launch of the information campaign for the project in major foreign markets, combined with the extensive international publications.

During the briefing of analysts via video conference, on the occasion of the announcement of the company’s financial results, Haris Goritsas, Chief Financial Officer of LAMDA Development, stated that 30% of the contracts that have been signed for residential properties in the new smart and green Little Athens neighborhood which is developed in Elliniko, concerns buyers from abroad.

LAMDA, it has been announced, has started making available selected apartments in Little Athens, with bookings from interested buyers amounting to 206 apartments or approximately 60% of these selected apartments. Mr. Goritsas also mentioned that the tender for the sale of plots of land in areas of Hellinikon is also underway, with the first transactions to be completed next month, which will accelerate the increase in profitability.

LAMDA Development announced a consolidated EBITDA profit of €40.2m in the first quarter of 2024 (a fivefold increase over 2023), due to the outstanding performance of the shopping centres, marinas and the Elliniko project.

Cash receipts exceeded 670 million euros

The total cash receipts from real estate sales in the Hellinikon project continue to increase with over 670 million receipts to date, as stated by the managing director of LAMDA Development Odysseas Athanasiou, on the occasion of the announcement of the financial results. Sales in the first quarter of 2024 have increased fivefold compared to the same period last year, while construction work is now underway on almost all of the coastal front developments, namely Riviera Tower, Cove Residences, Cove Villas, Park Rise, Sports Complex and in the project of undergrounding Posidonos Avenue. In the future, Mr. Athanasiou said, further acceleration of construction work on the Ellinikon project is expected, as well as the start of work on the Riviera Galleria and The Ellinikon Mall, which upon completion will almost double the EBITDA profitability of the LAMDA group MALLS

Commercial leases

According to figures released, significant progress has been made on commercial leasing for the two under-development retail and entertainment destinations in the Hellinikon project. Specifically, Heads of Terms (HoT) have been agreed with tenants for 70% of the Gross Lettable Area (GLA) at The Ellinikon Mall (formerly Vouliagmenis Mall) and 62% of the GLA at Riviera Galleria, at higher prices than the shopping centers in operation , which reflects both the strong fundamentals of an under-supplied market, as well as strong trader interest in these new developments. The target is to have HoT deals completed for 83% of GLA at The Ellinikon Mall and 75% of GLA at The Ellinikon Mall and 75% of GLA at Riviera Galleria by the end of the year.