Real estate developer Lamda Development plans to pick up the development of residential and office projects in Romania, Bulgaria, Serbia and Montenegro from where it left off, after 30-40% of the projects will be booked for lease or sale, the CEO of the company said in a statement.
Lamda, the largest mall developer in Greece, hopes to pick up the construction process at its projects in the Balkans from where it left off and to extend operations to Turkey in 2010, once the market revival takes hold.
Lamda that has residential projects, malls and office buildings under management in Greece and Balkans, has put 408-mln euro worth projects on hold earlier this year, due to global economic crisis.
“We will probably continue the development of one of these projects or even a new investment, depending on the economic conditions”, said Odisseas Athanassiou, Lamda’s CEO.
Athanassiou said the company’s prudent strategy and liquidity reserves of 230 million euros, coupled with its efforts of reducing operating expenses was helping the company cope well with the financial crisis.
Athanassiou added Lamda was interested in Turkey, where it plans to start the construction of shopping centers in Istanbul, Izmir, Antalya and Adana.
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