The Ellinikon: the new “Little Athens” residential project begins – The road towards the completion of the 1st phase in 2026

In addition to the large construction projects currently underway, Lamda is embarking on a new “neighborhood” at the Elliniko , known as the Little Athens project.

During a recent press meeting, a tour of the under-construction projects took place, followed by a presentation on all ongoing work and their progress.

The New Little Athens Project

Little Athens is an area within Elliniko, situated at the western edge of the municipality of Alimos. Currently, the construction has begun for the first 58 apartments in one of the residential complexes (Park Rise). A total of 10 blocks with 460 apartments are expected to be created. The pre-sale of the first 168 apartments will begin in the next quarter.

Little Athens bears the signature of significant architectural firms. In the first building block, 30 buildings (88 apartments) are designed by BIG, in the second, 314 Architects with 156 apartments, and in the third, 9 buildings (79 apartments) by the same firm. In the following block, Deda Architects will contribute 56 apartments, and finally, Tsolakis Architects will be responsible for a total of 80 apartments.

The average cost per square meter for different residential complexes is approximately 6,000-6,500 euros, while the selling prices, according to the initial pilot launching, start from 6,000-6,500 euros per square meter.

According to the latest corporate presentation of the group, the planned 1,230 apartments cover a mixed-use area totaling around 153,000 square meters. Lamda anticipates a total gross income of 1.171 billion euros and a gross profit of 447 million euros from these developments.

How are the large projects progressing?

Progress is being made on the major projects in Elliniko, with the underground work on Poseidon Avenue reaching 75% excavation and 35% concrete casting. Excavation for the Trachones Creek development has reached 70%. Simultaneously, other infrastructure projects by AVAX are ongoing.

Recently, the foundation for the Riviera Tower was completed by the Bouygues-INTRAKAT consortium. Excavation is also underway for the future site of Vouliagmenis Mall and Retail Park, contracted to AKTOR.

Contracts have been awarded for the construction of sports facilities to the METKA-INTRAKAT consortium, and AKTOR-ETHNOKAT will handle the construction of Condos. The contractor for the park is still pending.

Within the next two months, the contractor for Riviera Galleria, the mall being developed in the Marina of Agios Kosmas, is expected to be announced, with preliminary work starting by Spring.

Towards the end of 2024, construction is set to begin on the Mixed-Use Tower (for residences and a hotel) in collaboration with Brooklane (the contractor for the building is also awaited).

There are also two tourist projects in collaboration with TEMES, where one will bear the signature of Mandarin Oriental, and another involves the development of 20 residences on the waterfront in partnership with Orilina Properties AEEAP.

The Ambitious Goal for 2026

The ambitious goal of completing the first phase by 2026 remains achievable, according to Odysseas Athanasiou, CEO of Lamda Development. During the update, he also highlighted the significant challenges encountered in the extensive investment in Elliniko.

These are the well-known challenges of labor shortages in construction, which Mr. Athanasiou emphasized is important to address through relevant legislation to enable the recruitment of workers from third countries.

Another significant issue is the observed increase in costs, particularly since 2021. However, this has been incorporated into the final selling prices.

Lamda’s major goal is to have the majority of the construction for the first phase completed by the end of 2026.

Financially, the entire investment is secured, and, as mentioned, pre-sales are going exceptionally well. Two bonds totaling 550 million euros have been issued with a fixed interest rate. Simultaneously, the project has capital from a share capital increase amounting to a total of 650 million euros.