Lamda Development aims at 0.6-billion-euro receipts in 2026
Receipts from residential developments and land plot sales at Lamda Development’s Ellinikon project are estimated to reach approximately 0.6 billion euros this year, bringing cumulative inflows to 2.08 billion euros by year-end.
According to the company’s latest presentation, total inflows as of 31 December 2024 stood at 1.07 billion euros, of which 0.73 billion euros originated from residential developments and 0.34 billion euros from land plot sales. By 28 February 2026, cumulative inflows had risen to 1.53 billion euros. Of this amount, 1.11 billion euros related to residential properties and 0.42 billion euros to land sales. These figures include proceeds from signed sale and purchase agreements (SPAs) as well as down payments from preliminary agreements.
At the same time, Lamda estimates that investments in buildings and infrastructure at The Ellinikon (capex) will reach 1.64 billion by the end of 2026, with approximately 0.6 billion relating to the current financial year.
The company refers to strong residential absorption rates at The Ellinikon development, both along the coastal front and in the Little Athens neighbourhood.
A total of 315 residential units have been allocated across the coastal-front developments, achieving a 100% absorption rate. These include the 173 residences at the Riviera Tower, the 27 homes at The Cove Villas and the 115 residences at The Cove Residences.
In the Little Athens district, a total of 671 residences have been allocated, corresponding to an 85% absorption rate. More specifically, 89 homes have been allocated at Park Rise, 156 at Pavilion Terraces, 79 at Promenade Heights, 56 at Atrium Gardens, 80 at Trinity Gardens and 211 at Sunset Groves. As noted, 100% of the units are either under SPA or at the final stage of negotiations.
Regarding construction progress on the country’s first residential skyscraper, the Riviera Tower, concrete works have reached the 48th floor of the core structure and the slabs of the 46th floor.
Lamda’s management also expressed satisfaction with the commercial maturation of The Ellinikon Mall, the major retail complex under development at the Ellinikon site. Three years ahead of the project’s estimated completion, agreements covering 70% of the total gross leasable area (GLA) have already been reached at Heads of Terms level, meaning preliminary commercial terms have been agreed with tenants.
The Ellinikon Mall is expected to host around 350 stores, while construction is expected to be completed in the second half of 2029.
At the same time, agreements have been reached for 77% of the total gross leasable area of Riviera Galleria, which is expected to accommodate approximately 100 stores. Concrete works are 99% complete, while interior fit-out works are currently under way.
At The Ellinikon Sports Park, the running track, throwing field, football pitches and administration building have all been completed.
Regarding the undergrounding of Poseidonos Avenue, the company stated that 96% of excavation and concrete works have been completed, while excavation and concrete works for the underground section of The Ellinikon Mall have also been finalised.
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