Ellinikon: Homes sold out – Advances of 250 million euros

The advances for the purchase of the first 327 houses that will be developed in Ellinikon will reach 250 million euros by the end of the year.

Their total value amounts to 950 million euros, most of which have already been sold. The buyers, mostly Greeks from abroad, have “seized” apartments, villas, two-story and three-story houses straight from the architectural plans.

These emerge from the press briefing made yesterday by the CEO of the listed firm Odysseas Athanassiou and concerned the progress of the work of the emblematic investment plan for the renovation of 6,200 million sq.m. at the Metropolitan Pole of Ellinikon – Agios Kosmas.

According to what Athanassiou said, the first “package” of residential development will bring a total revenue of 950 million euros. These concern:

· 200 apartments of the “green tower – Marina Tower” that will be built in the Marina of Ag. Cosmas. Most of them have been sold, except for the last three floors. The expected revenue is 500 million euros and by the end of the year about 250 million euros will have been collected from advances.

· 27 luxury villas and the 100 apartments in two-story and three-story luxury houses that will be built on the coastal part of the property that extends in front of the basketball and fencing courts. The expected revenues from the 27 villas that will be in front of the sea amount to 200 million euros, while they have been set at a value of 100 million euros, which will be collected at the end of the year. In the 100 apartments, the revenue is estimated at 250 million euros and around 50 million euros will be collected by the end of the year.

With these data, the CEO of the company did not rule out the possibility that the development of another 1,000 homes in the first five years of the master plan of the redevelopment of Ellinikon will follow. A total of 9,000 to 10,000 homes will be developed in the project throughout the duration of the investment plan (20 years).

Professional settings

There is also a great demand for professional housing. In the large commercial park of 70,000 sq.m. which will be developed on the side of Vouliagmeni Avenue, the demand for stores from fashion companies amounts to 145%, as the CEO said.

The agreement for the investment of 55 million euros of the Fourlis group with the development of Retail Park is proceeding normally.

In relation to the offices, Mr. Athanassiou also said that the demand is high and for this reason some agreements are being considered to come forward.

The war in Ukraine

Mr. Athanassiou was also asked about the consequences that may exist in the reconstruction of Ellinikon due to the Ukrainian crisis. He replied that “we were faced with the crisis of the pandemic, the effects on the cost of materials and now with the war in Ukraine. To the extent possible, we have estimated any additional costs.” As for the project schedule, the CEO of the company replied that everything moves within the set milestones.

New competitions

In relation to the next major projects, the CEO of Lamda Development announced that on March 15-20, the contractor for the infrastructure development of 250 to 300 million euros will be announced, so that construction activities can begin in April.

Also by the end of the month or the beginning of April, the contractor for Marina Tower will be announced.

In the next few days, the tender of 100 million euros for the sports facilities will be released, while the second package of infrastructure projects will be announced soon.

The competition for the Marina Galleria is expected to be announced within the year, while in the coming months the agreements of TEMES and Lamda Development for the two hotels on the beach of Agios Kosmas as well as the one in the mixed-use tower on Vouliagmeni Avenue will be announced.