The pre-sale process of the houses in Elliniko is expected to start with prices ranging from 5,000-6,000 euros/sq.m. Specifically, it concerns almost 1,000-1,100 properties, which will be built in sections above Posidonos Ave.
“These are prices that are at the low end of the sale prices of newly built houses in the wider area of the southern suburbs and therefore these properties can be addressed to the buying public interested in buying a new house in the area”, according to Mr. Odysseas Athanasiou, managing director consultant to Lamda Development.
In the context of a related presentation on the progress of the projects in Elliniko, executives of the Lamda Development group stated that two neighborhoods will be created in the part of the property that borders the area of Alimos and in the part that is near the site of the undergrounding project of L. Neptune.
In particular, the first neighborhood will provide apartment buildings of up to four stories and about 450 apartments, and the second neighborhood will include about 600-650 apartments, which will be divided into slightly higher buildings, as well as a tower 50 meters high and 15 floors. Construction work for the above residential projects is timed for late 2023 or early 2024.
At the same time, the process of signing purchase and sale contracts for the 300 luxury properties that will be built on the beach front of the property, around the marina of Ag. Cosmas. The reason for the 28 luxury villas, an additional residential complex of 115 luxury apartments behind said villas, but also for the residential tower Riviera Tower, which will include 170 apartments.
Given that almost all of the luxury properties in question have already been pre-sold, Lamda Development’s goal is to proceed with the contract process in order to have the corresponding revenues. The listed company expects revenues of 200 million euros by the end of the year and a total of 450 million euros by the end of 2023.
“At the end of October, we will start signing the first contracts for Riviera Tower, aiming to sign contracts for 20% of the budgeted sales, that is, for around 90 million euros,” noted Mr. Athanasiou.
At the same time, the contracts for the first ultra-luxury villas, where Lamda has sold only the plots, have also begun. In fact, according to the head of Lamda, the proceeds from the sales of these first homes in Elliniko are very likely to be used to cover the company’s financing needs, in order to reduce the need to utilize the loans it has agreed to receive from the Bank Piraeus and Eurobank.
“Based on our current financing plan of 2.5 billion euros, the same participation concerns the 650 million euros we raised from the company’s share capital increase, i.e. about 25% of the total. This percentage could increase to 40%-45% in the future, through these sales, or even from part of the proceeds from the Lamda Malls IPO, which is planned for autumn 2023, conditions permitting “, said Mr. Athanasiou.
Source: kathimerini.gr
