Growing interest in residential and commercial developments in Elliniko

With the individual regeneration projects in Elliniko being in full progress, the expression of interest in both residential and commercial developments is increasing with the signing of relevant pre-agreements.

In particular, according to data released by Lamda Development on the occasion of the announcement of the nine-month financial results, the following emerges:

– For Vouliagmenis Mall: regarding the commercial development within the Commercial Hub in the area of ​​Vouliagmenis Avenue, an Expression of Interest (EoI) has already been submitted by tenants for 92% of the Gross Lettable Area (GLA) while they already have signs Heads of Terms (HoT) for about 25% of GLA. By 2023, HoTs are expected to have been signed for 65% of the gross leased area.

– For the Riviera Galleria: regarding the commercial development in the area of ​​Marina Ag. On the Coastal Front, Expression of Interest (EoI) has already been filed by tenants for 71% of the gross lettable area while HoTs have already been signed for around 3% of the gross lettable area.

With regard to residential developments, customer advances for the future acquisition of properties, as has been announced, have exceeded initial expectations, in several cases. In particular, based on what was announced for the individual developments, the following emerges:

– For the plots for villas (The Cove Villas): regarding reservations for the future acquisition of the 28 available plots, customer advances have already been deposited for 90% of the plots. The estimated total revenue from the sale of the plots, during the first five years (Phase A’), is estimated at approximately 190 million euros upon completion of the respective purchases and sales. The construction costs are assumed by the buyers, while the management of the design and construction by Elliniko.

– For Riviera Tower, which will be the tallest green coastal skyscraper in the Mediterranean with site work starting soon, in terms of bookings for the future acquisition of the 169 apartments, customer advances have already been lodged, representing around 95% of of sold area. The estimated total revenue for all the apartments, during the first five years (Phase A’), amounts to approximately 620 million euros upon completion of the respective sales.

-For Condos (The Cove Residences): regarding the reservations for the future acquisition of apartments in the complexes of luxury houses/apartments (condos) on the Coastal Front, customer advances have already been deposited, which correspond to approximately 85% of the sold area. The estimated total revenue for all the condos, during the first five years (Phase A’), amounts to approximately 270 million euros with the completion of the respective sales.

Lamda has included allowances for unquantifiable risks in cost estimates

With reference to the inflationary pressures observed in the international markets and in Greece and the Hellinikon project, as stated by the company, among other things, the Group does not have agreed-contracted final sales prices for the large majority of the projects and developments included in the Hellinikon project . This fact provides the Group with the ability to pass on to counterparties all or part of the increased raw material and energy costs observed in the market, while still maintaining selling prices at competitive levels based on broader market conditions. It is further noted that, in accordance with international practices for preparing future budget estimates for projects of such size and complexity, the Group has included margins for immeasurable risks in the cost estimates for all projects and developments included in Hellinikon.

The announcement also mentions the significant acceleration of the implementation of its strategic plan for the infrastructure projects at the Hellinikon property. For example, the construction works for the undergrounding of Posidonos Avenue, the excavations in the Trahonon stream, the concreting of central rainwater collectors, the construction of new high-voltage power supply lines. Also, the start of construction works on the main road network, the earthworks for the installation of the high voltage network and the completion of the concreting of the foundation, basement and part of the ground floor in the new building for the relocation of disabled associations as well as the progress of construction work on the ground floor and the first floor of the four buildings of the complex. Also the work of remediation and decontamination of the soil and underground water, etc.

Emphasis on green

A few days ago, the Minister of Development and Investments, Adonis Georgiadis, who visited the ongoing projects, was informed in detail about the progress of the projects, pointing out that the project is progressing at a very fast pace. For his part, the managing director of Lamda Development, Odysseas Athanasiou, emphasized the “green” and environmentally friendly nature of the project, pointing out that 70% of the area will be green, from just 25% that was before.

RES-EMP

Read the News today and get the latest news.
Follow Skai.gr on Google News and be the first to know all the news.