In the first quarter of 2025, Lamda Development reported a revenue of 66 million euros from residential developments, marking a remarkable 116% increase compared to the same period last year, as stated to financial analysts.
Since the project’s inception until mid-May, total cash receipts from property sales have reached 1.2 billion euros.
Lamda is set to initiate new residential land sales in the first half of 2025, with expectations of generating 38 million euros in land sale revenue and around 30 million euros in additional EBITDA during the second quarter. The company plans to avoid borrowing throughout 2025, continuing its investments in the former airport site without utilizing the approved 230-million-euro credit line.
In the Little Athens neighborhood, 559 apartments have been listed for sale, with 84% already sold or held by interested buyers.
The initial projects to be completed include sections of the sports park, being constructed by the METKA – Aktor consortium. The athletics stadium is scheduled for delivery in June 2025, while the football stadium is expected to be completed by December 2025. Riviera Galleria, also under the Mytilineos group’s construction contract, will be the first shopping center to open.
14 Distinct Developments
Lamda is actively engaged in 14 different development projects in partnership with 12 developers. Construction has commenced on all residential projects that have been offered for sale. An in-house team has been established to manage construction efforts, with four residential projects already underway in Little Athens, where profit margins exceed those of beachfront properties.
