The Ellinikon Project Moves Forward: Lamda Development Balances Delays and Progress in First Phase

Despite delays in some projects and on-schedule progress in others, the first phase of development at Ellinikon by Lamda Development is moving forward.

During yesterday’s teleconference for the Q1 2025 financial results, updates were provided on the progress of major projects in the area.

The projects facing delays — around four months — include the infrastructure works being carried out by AVAX and the construction of the Riviera Tower, which is being built by the BOUYGUES-AKTOR joint venture. Lamda, however, believes that an acceleration of work is possible.

Slightly smaller delays are observed in self-financed and self-operated projects in the Little Athens neighborhood, mainly due to disruptions caused by decisions related to the Urban Planning Regulation (NOK), which is currently being re-evaluated.

The largest building project within the Ellinikon development — The Ellinikon Mall — is currently in the contractor selection phase.

Market sources suggest that a major group has already “secured” the project, although no official announcement has been made yet. The project is estimated to cost around €600 million, making it one of the largest new construction developments in the country.

The projects progressing on schedule

Among the projects progressing on schedule are the sports facilities, undertaken by the AKTOR-METKA consortium.

The project is already at an advanced stage and, barring any major unforeseen events, is expected to be completed and delivered by the end of 2025.

It will be the first landmark project—following the building complex for people with disabilities (PWD)—to become operational within the broader Ellinikon investment.

This is the first of the large-scale developments, with a project cost nearing €100 million.

Also progressing within schedule is the Riviera Galleria project, where the steel framework is now being erected. METKA is the contractor for this significant development, which will be the country’s first coastal mall. According to the current timeline, it is expected to be completed by the end of 2026.

Once operational in 2027, it will breathe new life into the Agios Kosmas Marina, becoming a key reference point for the area.

The Riviera Galleria is expected to act as a catalyst for the implementation of other major developments in that zone.

Also on schedule are the construction contracts for the condos, carried out by ETHNOKAT and TEKAL, with the buildings now visibly taking shape for anyone passing by the area.

Meanwhile, residential developments in the Little Athens neighborhood are progressing at a steady pace, both by Lamda Development’s in-house construction entity and by ERETVO.

The financial aspect

According to Lamda Development’s data, 84% of the 559 apartments have already been pre-sold or reserved.

Within 2025—possibly even by the summer—the tender process for the sale of three plots of land is expected to be completed.

Το ChatGPT είπε:
Revenues from the Ellinikon project have so far reached €1.2 billion, with available liquidity standing at €660 million.

No income from property sales has been recorded yet this year, but revenues of €38 million and EBITDA of around €30 million are expected in the second quarter.

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