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RESIDENTIAL PROPERTY

Australia 108 delivers $147m bonanza for Singaporean developer

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SINGAPOREAN developer Aspial’s property arm, World Class Global, is expecting to bank $147.3 million in sales proceeds from the first phase hand over of Australia 108.

WCG will settle 277 residential units in the first stage of the 101-storey skyscraper.

The hand over of Australia 108 shortly follows that of AVANT in February, which has to-date contributed $78.4 million in recognised revenue for the group in first quarter FY2018.

Combined, the group expects to recognise over A$251.1 million in revenue from the first phase hand overs of AVANT and Australia 108.

Australia 108 will feature 1,105 apartments and the penthouse was sold to a Chinese billionaire in December 2015 for $25 million. Aspial bought the site in 2014 for $42.3 million from architect Nonda Katsalidis and his backers Adrian Valmorbida and Benni Aroni.

CEO David Ng said the Australia 108 tower is to transform the Melbourne city skyline.

“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 added.

The group currently has property development projects in Melbourne, Cairns and

Brisbane. As at the time of this news release, the aggregate sales value from the sale of pre-sold apartment units in Australia 108 (Melbourne), AVANT (Melbourne) and Nova City (Cairns) is estimated to be about $1.1 billion.

Australian Property Journal