Lamda Development’s revenue from residential developments in the first quarter of 2025 amounted to 66 million euros, an increase of 116% compared to the corresponding period last year, according to a statement to financial analysts.
Total cash receipts from property sales have totaled 1.2 billion euros from the start of the project until mid-May.
Lamda plans new residential land sales in the first half of 2025. In the second quarter of the year, 38 million euros in land sales revenue and approximately 30 million in additional EBITDA are expected. The company will not proceed with borrowing for the entire year of 2025, continuing investments in the former airport site without disbursements from the approved 230-million-euro credit line.
In the Little Athens neighborhood, 559 apartments have been put up for sale, of which 84% have been transferred or retained by prospective buyers.
The first projects to be delivered are parts of the sports park, which is being built by the METKA – Aktor consortium. The athletics stadium is to be delivered in June 2025 and the football stadium in December 2025. Riviera Galleria, also under the construction contract of the Mytilineos group, will be the first of the shopping centers to open.
14 different developments
Lamda maintains construction sites in 14 different developments in collaboration with 12 different developers. Work has started on all residential developments that have been put up for sale. An internal team has already been established to undertake construction projects, so far 4 residential projects in Little Athens, where the profit margin is higher than that of beachfront homes.
