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  • Gavin King

    TropicNow editor

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    Sales figures released for Nova City amid plans for company spin-off


    About 30 apartments have been sold in the first tower of Nova City since its launch in October last year, according to a company announcement on the Singapore stock exchange.

    Aspial’s property subsidiary World Class Global released 101 apartments to the market from a total of 187 available in the 17-storey tower called Nova Light, where prices start at $395,000 for a one-bedroom unit.

    The stockmarket update revealed 28% of the 101 Cairns units launched to the market had been sold, compared to 96% of the 456 units offered at its Avant project and a remarkable 98% of the 1105 units at Australia 108 skyscraper, both in Melbourne.

    Aspial expects to book revenue and profit upon completion of its Australian projects “in phases from 2018 to 2020”.

    An estimated $5 million worth of civil works at the Nova City site on Spence St are nearly complete, with Aspial noting it will “focus on the sales of Nova City project and the planning and launching of Albert Street project in Brisbane” over the next 12 months.

    The new sales drive for the Cairns CBD project has already begun, with Nova City on display at a two-day exhibition in a showroom of luxury Hong Kong hotel The Conrad from 20-21 May.

    Despite steady sales in Cairns, Aspial’s financial report included strong profit forecasts for World Class Global’s activities with expectations it would make “substantial” profits from its development projects in Australia and Singapore.

    WORLD CLASS SPIN-OFF

    Aspial’s confidence in World Class Global – the financial report notes $1.1 billion in sales had been "locked in" from its two Melbourne projects alone – has reignited plans (first mooted in 2015) to spin off the property subsidiary on the Singapore stock exchange.

    Analysts are calling the move a “sign of confidence” in World Class Global's suite of Australian and Malaysian projects, with expectations the float will help fund construction activity and potential new acquisitions.

    A preliminary offer document for the float, scheduled for the Singapore Exchange’s Catalist board, was lodged on 16 May. Aspial noted the spin-off would be subject to “investor demand and prevailing market conditions”.

    No date has been set for the float of World Class Global or the start of construction on the first tower at Nova City.