With a solid liquidity position of €700 million and a low net loan-to-value ratio (Net LTV 15%), alongside the strengthening of its internal structure through the establishment of a Construction Unit and a Facility Management Unit, Lamda Development is fast-tracking its projects to regain lost ground.
However, significant challenges remain for the company’s developments, including delays in infrastructure works due to unknown pipelines and networks, as well as complications arising from decisions by the Council of State (StE) that annul the bonuses of the National Building Code (NOK), affecting two residential projects and the Mixed-Use Tower, which has now been postponed to 2030. Additionally, disputes with local authorities, such as those regarding the fencing of the Evriali stream and decisions related to the coastal front, are causing further delays. A key lawsuit regarding the fence is scheduled for July 9.
According to the company’s CEO, Mr. Odysseas Athanasiou, speaking at the recent general assembly, the majority of residential developments are expected to be completed by 2027, with more than 1,000 homes being delivered. The beach at Agios Kosmas is also slated for completion in the same year, while the University of Nicosia and the Kostas-Getonas private school will begin operations in 2028. Developments by third-party developers are expected to be completed by the end of 2028. The Ellinikon Mall is set to be finished by the end of 2028, while Phase B projects (mainly residential) are expected to commence in the same year and be completed by mid-2030.
In line with this, the Marina Galleria is expected to open by Easter 2027, the sports facilities will be completed by 2025, and the undergrounding of Poseidonos Avenue is set for completion in October 2026, with additional works extending until the fall of 2027. A key question remains regarding the operational responsibility of the new road axis.
Work will soon begin at the Agios Kosmas Marina for dredging and reconfiguration of the docks to accommodate yachts up to 100 meters. Lamda is also proceeding with tenders for the reconstruction of the Agios Kosmas Marina and the development of the Ellinikon Mall, with contracts expected to be signed in August. The new mega mall is projected to be completed by 2028.
Regarding the Residential Tower at the Marina, the goal is to finish it by the end of 2027. The company has accounted for penalty payments of €5 million to property owners (4% of the amount each investor has paid for the residential units) if the delay exceeds one year beyond the initial delivery deadline of October 2026.
Mr. Odysseas Athanasiou highlighted the significant potential for capital gains for the company, thanks to the low acquisition cost of the land (€800/sqm, including infrastructure) and the sale prices, which range from €2,250 to €2,350 per sqm. A tender is already underway for the sale of 40,000 to 50,000 sqm for residential developments, with the possibility of selling land for office use as well.
