Global Yellow Pages shareholders approve name change to GYP Properties

Global Yellow Pages shareholders approve name change to GYP Properties

By: 
PC Lee
26/10/18, 03:49 pm

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.

See: Global Yellow Pages acquires New Zealand land for $5.6 mil

See: Global Yellow Pages to buy New Zealand real estate for $37.3 mil

See: Global Yellow Pages announces restructuring and retrenchments; to cease publication of print directories from 2018

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.

DBS kept at 'buy' with still more upside expected ahead: RHB

SINGAPORE (Jan 21): RHB Research is maintaining its “buy” call on DBS Group Holdings with an unchanged target price of $29.80. This comes on the back of expectations of still more upside ahead, led by widening net interest margin (NIM). Analyst Leng Seng Choon notes that the 3-month SIBOR has been on a rising trend. It currently stands at 1.89%, after hitting an average of 1.73% in 4Q18 – some 0.1 percentage point higher than the preceding quarter. While he explains that there is some lag effect from the SIBOR rise to filter through to NIM widening, Leng believes DBS’ 4Q18 NIM....
Read More >>

Temasek ramps up pressure over Standard Chartered turnround: FT

SINGAPORE (Jan 21): Standard Chartered’s largest investor Temasek has grown frustrated with the slow pace of chief executive Bill Winters’ turnround, according to a report by The Financial Times of UK, and is stepping up pressure on the UK-listed bank ahead of his pivotal strategy update in February. The Singapore state investment company, which owns about 16% of StanChart, was reported by FT to be asking for more frequent and detailed briefings from top executives and even floated the prospect of taking a board seat in a meeting last year, two people with knowledge of the discussion to....
Read More >>

Ascendas-Singbridge properties to house public EV charging network with help from SP Group

SINGAPORE (Jan 21): Ascendas-Singbridge Group is appointed as Singapore Power (SP) Group’s first major location partner in its plans to build “Singapore’s largest and fasted public EV charging network” with 1,000 charging points island-wide by 2020. Under the partnership, 24 charging points were installed in six buildings owned by Ascendas-Singbridge – Hyflux Innovation Centre at  80 Bendemeer Road, Corporation Place, Techlink, Techplace I, The Capricorn and The Kendall – with operations commencing in phases since Dec 2018.   Main image: SP Group CEO Wong Kim Yin (l....
Read More >>