More than €1B in Lamda's coffers from the sale of houses in the Ellinikon
More than €1B in Lamda's coffers from the sale of houses in the Ellinikon
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More than €1B in Lamda's coffers from the sale of houses in the Ellinikon

Reservations for the future purchase of the 169 apartments on the residential tower correspond to c.95% of the net saleable area.
RE+D magazine
24.11.2022
Pre-sales for the majority of apartments, houses and plots in the Ellinikon are high, according to Lamda Development.

According to the company's official press release and in relation to reservations for the future purchase of the 28 available plots, customer deposits have been already submitted for 90% of the available plots. The estimated total revenues from the land plots sales, in Phase 1, amount to c.€190m, after completion of the said sales. The construction costs are undertaken by the buyers, while the designs and the supervision of the construction are assumed by HELLINIKON.

Meanwhile, in relation to reservations for the future purchase of the 169 apartments on the residential tower -the so called Riviera tower- on the Coastal Front, customer deposits have been already submitted, which correspond to c.95% of the net saleable area (NSA). The estimated total revenues for all apartments, in Phase 1, amount to c.€620m, after completion of the said sales.

And the Condos (The Cove Residences) reservations for the future purchase of apartments in the complexes of luxury homes/apartments (condos) on the Coastal Front, customer deposits have been already submitted, which correspond to c.85% of the net saleable area (NSA). The estimated total revenues for all condos, in Phase 1, amount to c.€270m, after completion of the said sales.

Lamda Development reported tha the total portfolio asset value (GAV) of The Ellinikon project as of 30.09.2022 amounted to €1.86bn, increased by c.€67m vs. 31.12.2021 on account of (a) the accelerated project execution (c€57m increase) and (b) the fair value gain (c.€10m), based on the independent valuer’s assessment of the investment property value. 

The total portfolio asset value (GAV) of the Malls as of 30.09.2022 exceeded €1bn, following the consolidation of the newly acquired Designer Outlet Athens (since 06.08.2022). Excluding the Designer Outlet Athens value (€109m), the total GAV of the Malls as of 30.09.2022 increased by €21m vs. 31.12.2021, based on the independent valuer’s assessment.

The financial results for the 9months period

LAMDA DEVELOPMENT