The Ellinikon project has secured a total of 2.2 billion euros in revenue so far, according to data released by Lamda Development.
The largest part of the revenue, namely 1.77 billion, comes from the sales of houses and plots of land (total contract value). Of this amount, 0.95 billion has been collected, with the expected balance at 0.8 billion euros.
Based on the relevant data, the total receipts from the Ellinikon (houses and land) rose to 1.1 billion euros in 2024 from 0.5 billion euros in 2023, while it is estimated that they will reach 1.6 billion euros (also cumulatively) with 0.5 billion being the receipts for 2025.
Investment expenses
The investments (Capex) that Lamda has made from the beginning of the project until the end of this year will have amounted to 1.1 billion with 0.5 billion relating to 2025.
According to Lamda’s presentation, the investment costs include mandatory infrastructure investments, building construction costs, studies and technical management, while the cost of the two shopping centers, The Ellinikon Mall on Vouliagmenis Avenue (to be completed in 2028) and Riviera Galleria (to be completed in 2026) in the marina area are not included.
Residential developments
Regarding residential developments, all (315 residences) of those being built in the coastal zone of Elliniko (Riviera Tower, Cove Villas and Cove Residences) have been sold, as well as 93% of the Little Athens neighborhood (559 residences).
The comparative analysis shows that the residential plots within The Ellinikon have significant “hidden value”. With a selling price of 2,250 euros/sq m. and a cost of approximately 800 euros/sq m, the potential capital gain reaches 1,450 euros/sq m, i.e. a total of 1.3 billion euros. If incorporated into the current NAV (Net Asset Value of 1.585 billion at the end of the first half and 9.22 euros per share), the theoretical value per share would reach 16.7 euros (yesterday the Lamda share price closed at 7.04 euros).
On schedule
Regarding the progress of construction work in The Ellinikon and the challenges faced by the company as the first phase projects progress, it is reported, among other things, that the Riviera Galleria (the commercial destination on the beachfront) is progressing according to schedule.
Works are progressing at an accelerated pace in the residential neighborhood of Little Athens, which is expected to contribute more, as the projects progress, to the group’s profitability. Significant progress is being made in the construction of the sports facilities with the first deliveries within 2026.
At the same time, the difficulties faced by the domestic construction market as a whole and the labor shortages continue. “The construction work of the Residential Tower and the project’s infrastructure is facing challenges and remains highly demanding, however, efforts are being made to resolve outstanding issues with the aim of accelerating in the future,” Lamda’s management pointed out.
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