Clouds are gathering over Elliniko

The first problems have emerged in the Lamda Development investment at Elliniko. Material price hikes, a sharp increase in borrowing costs and Lamda’s own teething problems, as it strives to strengthen its structures and staff, are some of the challenges the management has recently faced. The aim is not to limit profitability and certainly not to derail the timetable.

“The five-year plan we announced in the summer of 2021, regarding the completion of the projects of the first phase of the investment in Elliniko, remains as it is. Our goal is to deliver these projects for use by the beginning of 2026. I am referring to the waterfront, which includes the Riviera Galleria residential tower, another apartment building and the Riviera Galleria mall, the infrastructure projects, the sports facilities, a significant proportion of the leisure park and Vouliagmenis Mall Complex. Also, the entire beach, in the marina of Agios Kosmas, will have been shaped,” says Lamda CEO Ulysses Athanasiou to Kathimerini.

He accepts the plan is ambitious, both in time and technically. It also creates major challenges for the company and the builders, given the volume of projects that the plan entails.