From the beginning of the year through the end of October, a total of €488 million has been collected. Of this amount, approximately €255 million derives from residential developments, while €194 million has been generated from the sale of land. An additional €16 million is expected to be collected by the end of 2024, with a further €43 million anticipated in 2025.
A significant portion of the proceeds, amounting to €120 million, is attributable to the sale of land in the casino district to a company associated with the family of Mr. Georgios Prokopios. This land, covering approximately 86,000 square meters, is earmarked for various developments, including 30,000 square meters for residential use, 20,000 square meters for educational institutions, and 36,000 square meters for office space.
In July 2024, an agreement was reached for the sale of five distinct plots of land in the vicinity of The Ellinikon Mall, with a total allowable buildable area of approximately 51,000 square meters. The sale was valued at approximately €106 million.
Furthermore, in October, a preliminary purchase agreement was signed for a 30,000 square meter plot in the Commercial Hub area, where The Ellinikon Mall is also set to be developed. This land is designated for the establishment of a "Retail Park" by TRADE ESTATES REIC.
Little Athens residentials on high demand
Following the successful sale of residential developments along the Coastal Front, the apartments available in the Little Athens Neighborhood have also achieved significant commercial success. Reservations from prospective buyers have now reached 383 apartments, representing approximately 85% of the available units in this selection.
Lamda has allocated €171 million for capital expenditures (CAPEX) in the first nine months of 2024. This brings the total CAPEX from the start of the project through September 30, 2024, to €486 million, with the nine-month allocation representing approximately 40% of the total expenditure to date.
Among the ongoing projects is the Riviera Tower skyscraper, where the construction of the two cores for the central elevators and staircases has reached the 11th floor. Additionally, concreting of the slabs on the 8th floor is progressing.
Work is also advancing on the prestigious "The Cove Residences." On plots 5-6, which comprise a total of seven buildings, finishing and electromechanical (E/M) works have commenced. Meanwhile, on plots 7-8, which include 14 buildings, the foundation concreting has been completed, and the concreting of the ground floor, first, and second-floor slabs is currently underway.
In April 2024, the Phase 1 contractor for Park Rise (VIG) was appointed, with all excavation work now completed. Construction and concreting of the building's foundation have commenced. Similarly, excavation work has been completed across the other complexes within the neighborhood, and foundation work has begun for the buildings in the Promenade Heights, Atrium Gardens, and Trinity Gardens projects. Excavation for the Pavilion Terraces project began in October.
Progress is also being made on the plot designated for The Ellinikon Mall, with excavation work completed by September. Additionally, approximately 30% of the excavation work at the Riviera Galleria site has been completed.
Regarding the undergrounding of Posidonos Avenue, 83% of the excavation work and 72% of the concreting have been completed to date.
