By Eleni Botas
The construction of the Marina Tower in Elliniko is expected to start in 2023, while as the group’s CEO Mr. Odysseas Athanassiou estimated during the start period of the main construction works, the prices may have balanced.
However, according to the data so far, the burden so far for the construction of the Marina Tower amounts to 20 million euros (with a total project budget of 250 million euros).
Regarding the infrastructure projects of Elliniko that have been undertaken by AVAX, in any case of cost adjustment, Lamda Development will negotiate with the contractor for the “sharing” of the charge.
Mr. Athanassiou reiterated that the whole project has secured sources of funding, both from the share capital increase and the 2020 bond, as well as from the 1.1 billion euro loan agreement with Eurobank and Piraeus, while recently in the Alpha Bank also joined.
Regarding the pre-sales, Mr. Athanassiou stressed that they have reached 100% for the first row of villas facing the beach of Agios Kosmas, the Residence Tower (MRT), and the maisonette complex in the southern part of the property, with estimated revenue 1 billion euros.
From the above pre-sales, the group expects to register revenues of 200 million euros this year, and 350 million euros in 2023, while the building permit procedures are already underway so that they can be issued by October and then start to be signed. housing transfer contracts
On the sidelines of the regular general meeting of the listed company, Mr. Athanassiou stated that Lamda Development plans within the first five years, the creation of another Residential Tower of 50 meters and 15 floors, with a total area of 16,500 sq.m., where 90 apartments will be developed. .
It is also planned to develop an additional 1,000 more economical properties (they will be located in Alimos).
The new bond and Lamda Malls
Conversely, the time counts for the issuance of the green bond of 7 years duration and amounting to 260 million euros, while as Mr. Athanassiou stated “we are a few weeks before the approval of the Prospectus by the Hellenic Capital Market Commission, so that we can proceed first 10 days of July “.
Finally, regarding Lamda Malls, the management of the company reiterated its intention to secede from the activity of the shopping centers, creating a separate entity that will be listed on the Athens Stock Exchange in 2023.
The possibility of entering a strategic investor is open, while the future goal is to convert it into Investment Real Estate (AEEAP).
Source: Capital
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