World Class Global’s Melbourne project nearly sold out

Romesh Navaratnarajah27 Feb 2018

AVANT crop

Artist’s impression of the AVANT residential project in Melbourne.

UPDATED: Singapore-listed developer World Class Global (WCG) has sold more than 96 percent of the 456 units at its 56-storey AVANT residential project in Melbourne. Based on the number of units sold, WCG has locked in total sales of AU$252.7 million (S$261.96 million).

According an SGX filing on Tuesday (27 February), the company informed buyers last Friday that it is set to hand over 203 completed apartments on the first 30 levels of the building under the first phase of the project. Subject to actual settlements, it expects to recognise up to AU$104.8 million in revenue from this.

“AVANT’s first phase handover is an important and significant milestone for our group as it also marks the very first handover among WCG’s portfolio of five property projects across Australia, spanning Melbourne, Brisbane and Cairns,” said WCG’s Executive Director and Chief Executive Officer Ng Sheng Tiong.

This will be followed by the delivery of the remaining 238 units sold under the second phase, which is anticipated to be ready over the next six months. From this, the developer expects to post revenue of up to AU$147.9 million (S$153.32 million).

AVANT is situated at 60 A’Beckett Street in the heart of Melbourne’s central business district (CBD), within proximity to RMIT University and Queen Victoria Market. Designed by Australian architecture firm Elenberg Fraser, the building’s exterior features tinted glass and a distinct weave-like pattern.

As of 27 February, WCG has raked in overall sales of around AU$1.1 billion (S$1.14 billion) from previously launched projects, namely Nova City in Cairns as well as Melbourne’s AVANT and Australia 108. The firm’s other two residential developments in the country are yet to be released.

Look out for listings of new projects in Australia, or check out other overseas property investment opportunities.


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