About 550 apartments will be available for sale in Ellinikon in 2025 by Lamda Development, which is in negotiations with banks for the financing of the two new shopping centers Ellinikon Mall and Riviera Galleria.
According to Haris Goritsa (Chief Financial Officer) and Apostolos Zafolias (Chief Strategy & IR Officer), the first phase includes a total of 1,250 residential units. About 700 have already been sold and 550 will be available for sale during the next fiscal year.
The malls
Special mention was made of the shopping centers planned by Lamda Development in Ellinikon. It is estimated that by the end of 2024 the agreement with the banks for the financing of the two Malls in Ellinikon will be finalized. The total development cost for Ellinikon Mall and Riviera Galleria has been set at 800 million euros.
Lamda executives reiterated the strong demand for stores in the southern suburbs. In the two retail and entertainment destinations under development at Ellinikon, by the end of October 2024 Heads of Terms (HoT) had been agreed with tenants for 63% of the Gross Lettable Area (GLA) at The Ellinikon Mall and 69% of the GLA at Riviera Galleria.
It is recalled that Lamda has not used bank loans for the large development in Ellinikon so far. Recently its CEO, Odysseas Athanasiou, said that it is not necessary, due to the sale of a significant number of homes. Borrowing will be used only for shopping centers, the construction of which will be accelerated from next year.
The Riviera Tower
Regarding the residential tower, Riviera Tower, the next milestone is in April 2025, which will reach the 22nd floor from the 11th it is today.
Also, in the first months of 2025, a new sale of plots will take place, in a total area of approximately 40,000 sq.m., while for the five plots that have already been sold to third parties, Lamda executives estimate that a total of 80,000 sq.m. can be built.
