"There is no more dug-up land than Elliniko", said yesterday the CEO of Lamda Development, Odysseas Athanasiou, during a tour of the project's construction site, stressing that the works are in full swing.

RIVIERA TOWER

An indicator of the progress is that the Riviera Tower skyscraper has risen to the 10th of the total 50 floors it will have upon completion. He said that based on estimates so far, the residential tower will be delivered in 2026 and not in April of the same year as originally set. However, the clauses that are in place start from October 2026 onwards. The reason for the delay in the schedule is the lack of labour, especially in such a project with a difficult foundation. "It is a building that has volume and is done in a country and region that is earthquake-prone and on the sea. So we had to do studies and put in 300 piles at a depth of 30-50 metres. The difficulty is unusual."  

LITTLE ATHENS

Beyond all expectations, according to Athanasiou, sales are progressing for Little Athens, a fact that is also due to the international campaign that Lamda has launched to attract buyers. "Most buyers so far have been Greeks or Greeks living in Europe and people from Eastern countries, but now and because of the campaign, the project is in major airports in Europe and America, and we are also going to Australia." In this part of the redevelopment, prices are going up and apartments are selling above the company's budget. "Our prices correspond to the upper part of the southern suburbs, and the configuration is also due to the Greek."  The remaining residential part of the project is expected to be occupied by Easter or Christmas 2026 and completed in 2027, by which time "the land will have come to life." 

INFRASTRUCTURE PROJECTS

In terms of infrastructure works, 70% of the concreting of the undergrounding of Poseidon Avenue has already been completed and delivery is scheduled for 2026.  This is a project that is "going better than anything, but when it is completed someone will have to be found to operate it and this is a decision of the ministry. We will fulfill our obligation, but the state must also help to deliver it on time." Regarding the stormwater drainage networks, construction difficulties are being observed as "you dig and discover things that no one knew about." In particular, the Trachona Stream, which is expected to provide serious flood protection for Elliniko and the surrounding areas, has had its cross-section increased, reaching 15 metres (about three times the original). Also, excavations were carried out to a depth of 3.5 metres.

PROPERTIES

However, in the residential sector the company will acquire expertise, and through this the company will accelerate the pace of development. He said Athanasiou has moved forward in working with Prokopiou on a second educational institution with a foreign curriculum. We recall that Lamda has proceeded with the sale of land plots within the Elliniko project to Skiti Enterprises Company Limited, a company of the family of Georgios Prokopiou, with the total price of the transaction amounting to approximately €120 million.In the next period, plots of land towards the eastern side of Elliniko, on the upper part of Poseidonos Avenue, and on the western side of the redevelopment are to be put out to tender, and the aim is for them to come to life in 2028.

STOCK MARKET

Regarding the listing of Lamda Mall on the stock exchange, he explained that on the one hand there is no clear timetable, as this will happen when "we get the value we think is right, without giving a 20%-30% discount". On the other hand, he said that if the conditions are right, the company will take this into account and will do the same for the marinas. 

CAPITALS 

Regarding the project's financing funds, Athanasiou said that there has never been such good financial management for a project of this magnitude as there has been for Ellinikon. He also noted that by the end of the year it is estimated that the proceeds from sales will reach €1 billion and the project will proceed with equity. He stated specifically that between now and 2027, the project will need to raise about €1.5 billion, with €500 million coming from bank loans to go toward the malls, The Ellinikon Mall (which potential developers are currently researching), and Riviera Gelleria.