The added value of the residential developments planned in Ellinikon, covering a total area of 1.0 million square meters, based on the construction surface, is estimated at 1.3 billion euros based on the interest expressed on the first plots of land that Lamda Development makes available to third parties.
Lamda CEO Odysseas Athanasiou said during the annual general meeting that a tender is underway for the sale of 5 plots of land with a total buildable area of 50,000 square meters for residential use. Based on the interest expressed, the price per m2 is estimated at 2,100 euros compared to 770 euros accounted for by the company.
Taking into account that 1 million m2 of buildable surface for residential developments remains unsold in Ellinikon and multiplying the difference between the book price and the sale price (1,330 euros per m2) the hidden added value reaches 1.3 billion euros.
According to Athanasiou, the competition for the 5 lots mentioned above will be completed by the end of July and “since we have sold more than 100 thousand m2. in 6 months it is easy to see the possibilities that exist.”
It should be noted that the land in Ellinikon is also at the disposal of the shipowner and owner of a large number of properties, George Prokopiou. Prokopiou will purchase from Ellinikon SA (a subsidiary of Lamda) 4 building blocks, with the option to build 86,000 m2.
More generally, residential sales in Ellinikon are progressing at a satisfactory pace. In the Little Athens district (5 residential developments – 206 apartments) construction has started and is expected to be completed by the end of 2026. 65% of the apartments have already been sold and if the sales executives had more time they would have sold 100%.
In the coming period, Ellinikon’s property promotion activities abroad (USA, Asia and Europe) will be intensified and, as expected, foreigners’ interest in buying a home will grow.
Ellinikon will also provide homes for rent. These are developments that will be carried out by a company owned by Lamda’s main shareholder, Spyros Latsis, together with Lamda (which will hold 20% in the joint company).