This specific problem was fixed with Node version update.
I had to update Node version,
sudo apt-get install nodejs
npm uninstall -g @angular/cli
npm cache clean
npm install -g @angular/cli@latest
ng new ProjectName
node --version
==> 8.9.0
ng --version
==> 1.5.0
"dependencies": {
"@angular/animations": "^5.0.0",
"@angular/common": "^5.0.0",
"@angular/compiler": "^5.0.0",
"@angular/core": "^5.0.0",
"@angular/forms": "^5.0.0",
"@angular/http": "^5.0.0",
"@angular/platform-browser": "^5.0.0",
"@angular/platform-browser-dynamic": "^5.0.0",
"@angular/router": "^5.0.0",
"rxjs": "^5.5.2",
"zone.js": "^0.8.14"
}
UPDATE :
There is also official Angular update guide available now : https://update.angular.io
You can update Angular versions from minimum of v2.0 to latest version (v15.0 currently) with proper steps