Elliniko: 70% of pre-sales at Marina Tower

Considering that 70% of the apartments in Marina Tower have already been sold, as well as the great interest from well-known retail chains in the rental of commercial premises, the rays of investment interest are focused on the Elliniko project.

According to the information, most of the apartments in Marina Tower of the tallest skyscraper in Greece, which will be built in the Elliniko area, have already been sold, there are not many unsold ones left, that is, 30% of the total number of apartments.

It is noted that prices for apartments on the first floors of Marina Tower start from 7,500 euros per square meter and rise to 11,500 euros per square meter on the upper floors, or even 14,000 euros per square meter, depending on the location and type of property, and reach from 25,000 to 26,000 euros per square meter in a penthouse.

Of the elite villas on the seashore, according to the company’s management, 21 were pre-sold at an average price per square meter of 17.5 thousand euros.

By the end of the year, it is expected that a total of 27 villas will be sold with an average price per square meter of 14.5 to 17 thousand per square meter with a total revenue of 300 to 360 million euros.

However, in the near future, it is expected that “economical” objects will be on sale, which Lamda Development plans to develop in Elliniko.

This is 1000 additional properties, which were recently announced by the management of the company, which it will build during the first 5 years of the development of the project due to high demand.

These apartments are located above Poseidonos Avenue, at the height of the sports facilities of Agios Kosmas.

The pre-sale of these homes will be in line with Lamda Development’s plans.

The properties to be offered for sale are also the “cheapest” compared to the apartments in Marina Tower, with prices ranging from 5,500 to 7,000 euros per square meter (with a slight difference).

High interest in commercial lease – Discussion continues
High interest from large retail chains is observed in both shopping centers designed in this area, Marina Galleria, where on an area of ​​22,000 sq.m. will house about 70 shops and 30 restaurants, and to the Vouliagmenis Mall, a new mega-shopping center will be built in the northern part of the Metropolitan Park, near Vouliagmeni Avenue, in close proximity to the road and the metro exit.

The Vouliagmenis Mall will have a total area of ​​130,000 sq. M. with about 72,000 sq.m. for rent and will be 20% larger than Lamda’s Mall Athens in Maroussi, which is currently the largest shopping center in Greece.

Chains such as Louis Vuitton, which plans to open 4 to 5 more stores in Attica and other parts of Greece, Kalogirou and the Sklavenitis supermarket chain are some of the names of retail stores that have expressed interest in leasing commercial space. However, so far there are no closed trade agreements, except for the Fourlis chain.

Cooperation with the Fourlis group was announced for the first time and concerns the creation of a retail park in a shopping center on Vouliagmeni Avenue with an area of ​​30,000 square meters and a total value of 55 million euros.

First auctions in November
Construction processes for the project are in full swing, and Lamda management is planning investments in infrastructure projects in the first phase totaling 500 million euros.

A significant portion of these are expected to be auctioned within a month with a view to awarding contracts in the first quarter of 2022. These are projects related to road networks, including underground work on Poseidonos Avenue, coastline reconstruction, flood protection, telecommunications networks, and other projects that will help advance the Elliniko rehabilitation project.

In the near future, according to the company, auctions for the sale of new projects will be announced and large construction companies will be invited to participate in the relevant tenders.

As for the work in different directions of Elliniko, they have already begun. According to his plan, most of the project, including most of the park, will be commissioned to the public by 2025.

In terms of development, the first project to be completed in Elliniko in 2023 will be an 11,000 sqm complex that will house the associations Amymoni, Hermes, Niki and the Multiple Sclerosis Association.

At the same time, other renovation projects of the first five years are ongoing, such as the modernization of the marina, which is reportedly expected to increase the number of berths from 337 currently to 408, Agios Kosmas beach and other residential projects.