The Ellinikon brings more than €1.5B in revenues to Lamda

The construction of Riviera Tower has been undertaken by the Bouygues–Aktor joint venture, with the project scheduled for delivery in mid-2027. The tower, designed by the international architectural firm Foster + Partners, will host nearly 200 luxury apartments with views stretching from Cape Sounion to the marina of Ellinikon, as well as the Metropolitan Park and Mount Hymettus.

According to company executives, the sale prices of residences in the skyscraper range from €10,000 to €32,000 per square metre, while Lamda Development states that all apartments have already been placed on the market.

Overall revenue from residential developments reached €291 million in 2025, marking an increase of 96% compared with 2024. This development is expected to strengthen the cash flows of the listed real estate development company, allowing management—for the time being—to avoid seeking additional financing from the market.

It is recalled that last month the company accepted an offer from NELLENCO S.M.S.A., a subsidiary of TEN Brinke Hellas, for the purchase of two plots in the “A-P2” zone with a total area of approximately 21,000 sq m for €41.5 million, corresponding to an average price of €2,650 per square metre of buildable area.

According to the presentation made yesterday by the management of Lamda Development to analysts regarding the 2025 results, total receipts by February 2026 had reached €1.53 billion. Of this amount, €1.1 billion came from residential sales and €0.4 billion from the sale or lease of land plots. At the same time, total capital expenditure (CAPEX) from the start of the project until the end of 2025 amounted to approximately €990 million, of which €271 million concerned infrastructure projects and €718 million building developments.

Regarding the remaining projects, construction of the structural framework for the large shopping centre on Vouliagmenis Avenue is expected to begin within the first half of the year. The project has been awarded by Lamda Development to Terna, while excavation works for The Ellinikon Mall have already been completed.

Commercial real estate

At the same time, concreting works at Riviera Galleria are nearing completion, while mechanical, electrical and plumbing (MEP) installations and interior fit-out works are progressing, carried out by Metka of the Mytilineos group.

For the two malls, Heads of Terms (HoT) have so far been agreed with tenants covering 70% of the total gross leasable area at The Ellinikon Mall and 77% of the area at Riviera Galleria, demonstrating strong demand from major retail groups seeking a presence in the new metropolitan complex of Ellinikon.

In the education sector, construction of the school of Costeas‑Geitonas School is progressing rapidly and is expected to welcome its first students in September 2028. At the same time, plans are advancing for University of Nicosia (UNIC), which has already begun operating this year in the fully renovated building of the former Olympic Catering Building, located on a neighbouring plot adjacent to the development site.