Lamda Development’s CEO announced during the company’s results presentation that demand for housing and commercial property in the Ellinikon project has exceeded expectations, leading to revenue projections of more than 500 million euros in 2023. The company’s investment portfolio value surpassed 3.0 billion euros in 2022, with revenue from residential and commercial properties exceeding 220 million euros. The CEO further stated that the signing of purchase contracts for beachfront condos will begin this year.
The retail EBITDA for Lamda Development reached 68.6 million euros in 2022, a new record and a 51% increase from the previous year. The Ellinikon project’s portfolio value GAV was 1.95 billion euros, a 159 million euro increase from the previous year, while the net asset value was 1.36 billion euros, or 7.78 euros per share. However, this figure represents a 5.0 million euro decrease from the previous year’s net asset value.
These figures suggest a strong performance for Lamda Development, particularly regarding the Ellinikon project. The significant revenue projections and demand for housing and commercial property may lead to increased investment and development opportunities for the company in the future.
About Ellinikon
The Ellinikon project by LAMDA Development aims to create a pioneering urban development for Athens. The development will feature a Metropolitan Park covering an area of 2,000,000 sq.m., and will highlight the beachfront with free public access. The project is designed to combine the natural beauty of the area with unique, landmark buildings of distinctive architectural design, all while offering world-class services and infrastructure that improve the quality of life of the citizens of Attica.
The project includes the creation of residential developments, hotel units, commercial activities, family employment and entertainment areas, museums, cultural centers, health and wellness centers, sports facilities, recreational areas, and a business park for education, research, and entrepreneurship. The project will also include the complete configuration of the existing marina and the enhancement of the entire beachfront area.
This investment of €8 billion is the largest urban regeneration project in Europe and is expected to attract 1 million new tourists per year, substantially contribute to the repositioning of Athens as one of the important tourist destinations worldwide, and generate 2.4% of the country’s GDP upon completion. The project is also expected to contribute over €14 billion in tax revenue to the state.
