The Ellinikon gathers pace, targeting 1,500 residents in 2027

As stated, approximately 500 apartments are expected to be occupied between 2027 and the end of 2028, marking the transition of the project from the construction phase to the gradual emergence of a fully functioning new city. A significant portion of the residential units is already at an advanced stage of development, while particular emphasis was placed on the Residential Tower, which was described as the most technically demanding component of the project.

He noted that the building has reached the 50th floor and that, despite challenges in mechanical and electrical installations and interior fit-outs, the target for completion in the summer of 2027 remains achievable. Although the project is still in a construction phase, he estimated that upon completion it will be one of the most impressive buildings in the area.

Special emphasis was also placed on infrastructure development, with Mr. Athanasiou responding to criticism regarding the project. According to him, connections to utility networks and key infrastructure are progressing better than initially expected and are on track to be ready in time to support the first residents. He also underlined that the project remains self-financed to date, without bank lending for its core development phase.

Regarding financing, he noted that two bond issuances totalling €850 million have recently been completed, while total cash reserves have exceeded €1.7 billion. Investments in the project have already surpassed €1 billion, with construction activity now significantly accelerating.

On the delivery side, it was announced that the first sports facilities within the Hellinikon development will be opened to the public within the next month. This includes a sports park with football, tennis and basketball courts, a track, and indoor facilities, representing the first socially oriented project of the redevelopment.

By the end of the year, the artificial lake is also expected to be completed, while the Experience Park has already attracted millions of visitors. In parallel, the Riviera Galleria shopping centre is expected to open in 2027, while the first residential units and homes within the project will begin to be occupied during the same period.

According to the plan, approximately 1,500 residents are expected to be living within Hellinikon by 2027, with the first homes along the coastal front to be delivered earlier. Subsequently, additional residential units will follow across different zones of the project, including more affordable housing areas such as Little Athens.

The company has already made around 650 apartments available on the market, of which 87% have been sold, reflecting strong demand. A second phase of development is also planned, adding several thousand additional residential units progressively through 2028 and beyond.

Particular reference was made to infrastructure works such as the undergrounding of Poseidonos Avenue. The main construction works under LAMDA Development have been largely completed; however, delays remain in the entrance and exit ramps due to permitting issues and involvement of public authorities. Similar delays are also observed in related works, such as the flyover connection to Agios Kosmas.

Mr. Athanasiou also referred to the severe traffic congestion in the area, describing it as a major issue and stressing the need for immediate interventions. Proposed measures include changes to traffic signalling, regulatory adjustments, and a potential metro extension, for which the company has expressed willingness to contribute to feasibility studies.

Regarding the agreement with the technology company ION for the creation of an international research and innovation centre, the CEO stated that the process is in its final stage following the completion of due diligence, but remains under negotiation. He estimated that a final outcome could be reached within the coming months, while not excluding alternative scenarios should an agreement not be reached.

At the same time, partnerships with universities and schools are progressing, alongside investments in tourism and healthcare infrastructure, with completion timelines ranging from 2028 to 2029. The project also includes hotels, a medical centre, and an integrated resort with a casino, expected to commence operations in 2029.

In the commercial real estate segment, the company’s existing shopping centres are delivering record performance, with increased profitability and millions of visitors annually. The two new malls within Hellinikon are also progressing, with the Riviera Galleria scheduled to open in 2027 and a second major mall expected to operate by 2030.

In the marina segment, financial results are also improving, while new projects are underway in areas such as Agios Kosmas and Corfu.

Concluding, the head of LAMDA Development underlined that 2025 is developing positively for the group, with increased profitability and strong liquidity. However, he clarified that no dividend will be distributed for the 2025 financial year, as capital is being reinvested into the Hellinikon project. He also left open the possibility of resuming dividend policy from 2029 onwards, once the first major phase of the investment has been completed.