World Class Global completes first residential development in Melbourne

By
/ EdgeProp
|
August 1, 2018 12:59 PM SGT
Singapore-listed property development and investment group, World Class Global (WCG) announced the completion of Avant, its first completed residential development in Australia. To date, about 443 (97%) of the 456 units at the freehold, 56-storey tower have been sold.
About 196 units have been handed over to their owners, and this has yielded A$101.6 million ($102.6 million) in recognised revenue for WCG. The handover of the remaining units is expected to bring A$152.5 million in recognised revenue in 2H2018. WCG expects to record anet cash flow of up to A$120 million. “We are very pleased that the handover and completion were earlier than we had anticipated,” says David Ng, CEO of WCG.
Artist’s Impression of AVANT: An iconic freehold 56-storey residential development in Melbourne’s CBD (Picture: WCG)
Avant is located in Melbourne’s Central Business District and is close to RMIT University, Queen Victoria Market, and retail hub Melbourne Central.
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In Australia, aggregate sales value from the sale of pre-sold units in launched projects, like Australia 108 in Melbourne and Nova City in Cairns, is estimated to be about $A900 million. The Group also holds a large portfolio of shophouses in Penang, Malaysia. WCG is considering expanding its property development into the industrial and hospitality sectors, and may develop new properties in Australia, Indonesia, Malaysia, New Zealand, and the Philippines.