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World Class Global bags A$156.8m revenue from two Melbourne projects

WORLD Class Global yielded A$156.8 million (S$158.5 million) of revenue from the first phase handovers of two residential projects, AVANT and Australia 108 in Melbourne, Australia, as at the end of June.

The real estate player said after Tuesday’s trading hours that this would positively impact its first half financial performance for FY18.

The purchase settlements for 195 units at AVANT were successfully completed.  This contributed A$101 million recognised revenue for the group.  The final handover for AVANT is expected to be completed in the second half of 2018 and will yield up to A$157.6 million in revenue.  

The developer also completed the first phase handover for 108 residential units of its Australia 108 project.   That generated A$55.8 million in recognised revenue.   It expects to begin the second phase handover for 191 units at this project between July and October 2018.   

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