SINGAPORE (June 7): World Class Global (WCG), the property arm of Aspial Corporation, is expecting to recognise A$147.3 million ($150 million) in sales proceeds from its first phase handover of its Australia 108 project, comprising 277 completed residential units.

The development is a 101-storey freehold skyscraper located in Southbank, Melbourne, Victoria, Australia.

Will there be trouble down under for World Class Global?

It is marketed as “the highest residences in the Southern Hemisphere” at the point of its launch in Nov 2014, and is located in close proximity to cultural and entertainment destinations such as the National Gallery of Victoria and Crown Casino.

In a press release on Thursday, WCG says the anticipated sales proceeds are expected to contribute positively to WCG’s financial performance over 2Q18 and 3Q18 barring any unforeseen volatility in the AUD/SGD exchange rate.

Australia 108’s first phase hand over follows shortly that of AVANT in Feb 2018, which has contributed A$78.4 million in recognised revenue for the group in 1Q18.

In all, WCG expects to book over A$251.1 million in revenue from the first phase handovers of both its AVANT and Australia 108 projects.

World Class Global reports $69.9 mil in sales revenue so far from AVANT residential units

The group also estimates the aggregate sales value from the sales of pre-sold apartment units in both projects, in addition to that of its Nova City development in Cairns, to come in at A$1.1 billion in total.

“We are very pleased by the solid progress we have made in delivering the first phase hand overs of two landmark development projects [AVANT and Australia 108], which are set to transform the Melbourne city skyline,” comments David Ng, executive director and CEO of WCG.

“Buyer demand for our Australia 108 and AVANT developments continue to be robust, which attests to the healthiness of Melbourne’s property market and WCG’s ability to deliver high-quality projects that appeal to our target market,” he adds.

Shares in WCG closed flat at 24 cents on Thrusday.