The surplus value from the planned residential developments in Ellinikon, in a total area of 1.0 million square meters, based on the building surface, is estimated at 1.3 billion euros based on the interest expressed in the first plots of land that Lamda Development makes available to third parties.
The CEO of Lamda, Odysseas Athanasiou, during the annual general meeting, said that a tender is underway for the sale of 5 plots of land with the possibility of a total buildable area of 50 thousand square meters for residential uses. Based on the interest that has been expressed, the price per sq.m. is estimated at 2,100 euros compared to 770 euros in the company’s books.
Taking into account that 1 million sq.m. of buildable surface for residential developments remains to be sold in Ellinikon and multiply the difference between the book price and the sale price (1,330 euros per sq.m.) the hidden surplus value reaches 1.3 billion euros.
According to Athanasiou, the tender for the above-mentioned 5 plots will be completed by the end of July and “since we have sold more than 100 thousand sq.m. within 6 months it is easy to perceive the possibilities that exist.”
It is recalled that land in Ellinikon is also available to the shipowner and owner of a large number of properties, George Prokopiou. Prokopiou will buy from Ellinikon SA (subsidiary of Lamda) 4 building blocks, having the option to build 86,000 sq.m.
More generally, residence sales in Ellinikon are progressing at a satisfactory pace. In the Little Athens neighborhood (5 residential developments – 206 apartments) the construction of which has started and is expected to be completed by the end of 2026. Already 65% of the apartments have been sold and if the executives in sales had more time they would have sold 100%.
In the next period, the actions to promote Ellinikon’s properties abroad (US, Asia and Europe) will be intensified and as it is estimated, the interest of foreigners in buying a residence will grow.
Ellinikon will also provide houses for rent. These are developments that will be made by a company of interests of the main shareholder of Lamda, Spyros Latsis, together with Lamda (which will retain 20% in the joint company).
