The first “clouds” began to appear over her investment. Lambda Developmentfor the development of the territory of the former airport in the city of Greek. Substantial repricing, soaring borrowing costs and Lamda’s own “childhood illnesses” as it seeks to strengthen its structures and staff are some of the challenges their management has been asked to deal with in recent months. The goal is not to limit the profitability of the project, much less to disrupt the schedule.

“The five-year plan that we announced in the summer of 2021 to complete the projects of the first phase of investments in Elliniko remains the same. Our goal is to put these facilities into operation by the beginning of 2026. I mean the embankment, which includes the Riviera Gallery residential tower, another apartment building and the Riviera Gallery shopping center, infrastructure projects, sports facilities, a significant part of the Vouliagmenis leisure park and shopping complex. In addition, the entire beach in the harbor of Agios Kosmas will be changed.” Mr. Odysseas Athanasiou reports “K”, Managing Director of Lamda Development. According to him, the really set goal is very ambitious both in terms of time and technical characteristics. This also creates serious problems for the company itself, as well as for builders, given the total volume of construction projects currently underway.

“We became aware of complaints from construction companies about delays in the conclusion of some contracts. They are right about some things. For example, the sports facilities project was delayed because we wanted to negotiate with the government and other departments to build some of them in other parts of the city in order to get more punitive benefits. for society,” emphasizes Mr. Athanasiou. He adds that “along with the projects, we build the Lamda itself. In this context, we passed on our childhood illnesses. I believe that this process is coming to an end, and from the new year our pace will accelerate significantly.” According to him, in the next period, proposals will be requested to improve the project of the Vouliagmenis shopping complex in order to select a contractor no later than the beginning of May.

As for the issue of funding, although it is secured for the first five years, Lamda is not going to use the open credit line of 1.16 billion euros for the whole of 2023. On the contrary, the share of income from the pre-sale of houses in total funding will increase. According to the latest data from Lamda Development, published a few days ago, the total revenue from the three residential developments in the coastal zone is estimated at 1.1 billion euros to date.

Lamda’s goal is not to limit the profitability of the project, and even more so not to disrupt the schedule.

According to the company, contracts have been signed for 127 Riviera Tower apartments, i.е. 75% of all apartments and 20% of the cost have already been collected, and advance payments have been made for the rest and contracts are expected to be signed. will be signed in the second quarter of 2023. For 28 luxury villas (The Cove Villas), advances were made on 90% of the plots, contracts were signed on 17 of them, and 50% of the price was collected.

On the other hand, there are also protests from some buyers of apartments in the residential tower Riviera Tower. The main complaints relate to the individual characteristics of the properties and the choice of design. It should be noted that after the completion of sales and completion of larger and smaller apartments, the average price/sq.m. now it is about 14,000 – 15,000 euros/sq.m.

Recently, a tour of the future owners took place, where some of them were not particularly satisfied. The reason was that they were asked to choose between two finishes (final choice of materials, etc.), basic and deluxe, with a corresponding difference in cost. Those who initially chose a basic apartment were disappointed by its low quality and immediately upgraded it to an elite one, otherwise their apartment would not have differed much from a typical building in other areas of the city.

“If you look at the quality of the basic choice, you would think that this is a small and medium class housing, while the purchase price is four to five times higher,” says a representative of one of the future owners.