SINGAPORE (Oct 26): Global Yellow Pages will be renamed GYP Properties to reflect the company’s focus on property, after shareholders approved the name change at an EGM today.
The mainboard-listed company diversified into property after shareholders gave their approval at an EGM in May 2015.
Until then, its core activities were the publication of print directories and the sale of advertising in these directories.
GYP Properties Chairman Mah Bow Tan says, “Our property investment strategy calls for a diversified portfolio to drive financial performance and deliver sustained growth for our stakeholders. We want to be a trusted property developer that delivers value in our projects to owners and users, and uplift the surrounding communities.”
The company has a property portfolio of 303,172 sqm of land, comprising commercial, retail and residential assets in Singapore and New Zealand.
Currently, GYP Properties has three projects in New Zealand, namely:
• Pakuranga town centre in Auckland. With a total land area of 41,212-sqm, the Company plans to upgrade the existing Pakuranga Plaza and also create a vibrant hub that includes retail, community, residential, hospitality and commercial offerings.
• Frankton Flats in Queenstown. Between 200 and 225 townhouses, called Remarkables Residences, will be built on the 38,400-sqm site in the heart of Queenstown’s Frankton area.
• Bellfield Estate in Papakura, Auckland. The Group intends to develop the 218,521-sqm plot of land and sub-divide it for sale. It is also exploring the development of the land into residential houses and commercial units.
A fourth land acquisition is in progress. The 2-hectare site at Lakes Resort, Pauanui is undergoing due diligence at the moment.
GYP Properties says it continues to search for projects in Asia and Australia as part of its strategy to build a diversified portfolio at different cycles of the property market and in different geographies.
Shares in GYP Properties last traded at 18 cents before the EGM.