Its design is evolving Lambda Development for a joint development with TEMES of two modern luxury five-star hotels and related tourist residential complexes (branded residences) on the seashore Hellenicwith a development completion horizon at the end of 2026. That is why they were signed between companies (special assignments Lamda Development and TEMES) Belt Riviera And Riviera Malt And her Greek MAE (100% subsidiary of Lamda Development) have agreed to acquire 100% ownership of the property in which the hotels will be built.
In particular, Belt Riviera acquires 100% full ownership rights to an 80-acre site in the RM-A2 development zone of the Hellinikon metropolitan pole – Agios Kosmas. It will feature a 160-room 5-star hotel, large outdoor areas and symbolic restaurants and entertainment shops by the sea, a luxurious beach club, a health club with leisure facilities, fitness and beauty salons. It will also have a residential complex of 17 branded luxury houses/apartments (branded residences) with unobstructed sea views. The development under consideration will be located next to the main waterfront residential area of ultra-luxury residences (The Cove Villas and The Cove Residences). The total amount of the transaction, payable in installments, is about 38.3 million euros, including the cost of acquiring the property (22.3 million euros) and participation in the corresponding cost of the capital’s supporting infrastructure (16 million).
Malt Riviera acquires 100% ownership of 132.8 acres in the “PM-A1” development area of Hellinikon’s metropolitan pole – Agios Kosmas. It will build a 200-room 5-star hotel, large outdoor areas and emblematic restaurants and entertainment stores by the sea, a luxurious beach club, a health club with leisure, fitness and beauty facilities, and a residential complex of 49 branded houses/apartments (branded residences) with unobstructed views of the sea and Marina Ag. Cosmas. The complex under consideration will be located next to the modernized shopping center Marina Ag. Cosmas and close to the Riviera Galleria and the iconic residential high rise Riviera Tower. The total value of the transaction is approximately EUR 52.5 million, including the cost of the acquisition (EUR 32.5 million) and participation in the corresponding capital pole infrastructure cost (EUR 20 million).
Both companies are 70% and 30% controlled by TEMES and Elliniko MAE respectively.
Source: Kathimerini
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