Lamda Development’s management expects to generate 550 million euros in revenue from pre-sales and down payments for residential properties in 2025, while the recognition of additional revenue from residential properties, amounting to €286 million, relating to corresponding pre-sales that took place in 2024, is also pending.
Also, the sale of three more plots of land intended for residential development is expected to be completed in May. These are areas with a total surface area of 39,000 square meters.
As for capital expenditures (excluding the two malls under development), they are estimated at approximately €500 million for the entire current fiscal year, while an additional €1.2 billion is expected to be spent by the beginning of 2028 – i.e. a total of €2.3 billion since works started – according to Lamda executives who briefed analysts on Thursday on Lamda’s financial performance in 2024.
Commenting on the developments in the Ellinikon project, CEO Odisseas Athanasiou made particular reference to the delays observed at various construction sites, due to staff shortages, such as the Riviera Tower residential tower, as well as the contracting of infrastructure projects carried out by Avax, which also includes the undergrounding of Poseidonos Avenue.
“By end-2026, the infrastructure projects will be completed, as we already see the situation improving, while in the residential tower, Bouygues has assured us it will have delivered the project by the summer of 2027, accelerating the work,” said Athanasiou, adding that the main reason is the lack of staff, although there has been an improvement recently.