Athens Riviera Summit: Elliniko – New Residences by Lamda Development until the end of 2024
Correspondence from the Athens Riviera Summit 2024: NouPou, the Chief Local Media Sponsor of the event, is reporting on what is taking place at the Four Seasons Astir Palace Athens in Vouliagmeni, where the first Conference of the Athenian Riviera is being held.
- 18/06/2024
Angelica Touziou, Chief Development Officer, at Lamda Development, highlighted the significant progress of the first phase of construction for the Hellinikon project. She noted that in addition to the residences already on the market, other projects will also come to the forefront by the end of this year, demonstrating our commitment to continuous development.
“The initial development stage, including licensing, environmental studies, and other approvals, took about 5 years. From 2020 onwards, the company secured funding for the assessment of the first phase of the project. Further, it developed funding to implement such a large redevelopment project. Currently, over 720 people are working on the company’s first phase, while 150 people were employed when it started. We have repatriated many Greeks from abroad and also hired many employees from abroad to benefit from their experience and expertise,” Mrs. Touziou noted.
“We have made strategic choices in selecting design consultants and architects, and at this moment, we are in the construction phase. The projects along Poseidonos and Vouliagmenis Avenues are progressing well, with buildings already being delivered (the building for people with disabilities). We have already assigned projects, and project managers are supporting us in the daily management of this significant project” she added.
“As for all residential development projects, our goal is to be ready for the first operational phase in 2026. We have over 1,500 apartments and residential units that will be delivered in the first phase. In 2026, we will have the first residents entering the city. We strategically started with the coastal front and all buildings have been sold. The Covel Villas Cove Residences, located on the beach, are already under construction. We have also started building another 1,500 apartments in “Little Athens” with over 65% of these units already pre-agreed for sale.”
New Residential projects in Elliniko
The head of development at Lamda mentioned that new residential projects will be launched for construction by the end of this year, with the goal of completing the entire first phase of residential developments by 2027.
At the same time, commercial centers in Elliniko have made significant progress. On one hand, The Ellinikon Mall, located next to Vouliagmenis Avenue and designed by Aedas, a renowned company from Hong Kong known for its hybrid design approach, will feature 90,000 square meters of leasable space and 280 stores. Similarly, the Riviera Galleria will offer 20,000 square meters of leasable space, with construction set to begin this year.
“We have also made progress in leasing commercial buildings, with greater demand than supply. Regarding infrastructure projects, they are the first ones to have started. These are projects that are not visible but are being developed in the center of the broader area,” added the Chief Development Officer of Lamda.