26 OCTOBER 2018
GYP Properties is New Name of Mainboard-Listed Global Yellow Pages
Change of name to GYP Properties marks its transformation to property company.
GYP Properties Limited (“GYPP”) is the new name of Global Yellow Pages to reflect the Company’s focus on property. The Company’s shareholders today approved the name change to GYP Properties at its Extraordinary General Meeting.
The mainboard-listed GYPP diversified into property after shareholders gave their approval at the Extraordinary General Meeting 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 Mr Mah Bow Tan said: “We are glad that our shareholders have supported us in our diversification strategy. Today’s name change marks the completion of our transformation to focus on property development, management and investment.
“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.”
GYP Properties Chief Executive Officer Mr Stanley Tan said: “Transforming the company into a property company is a strategic decision taken by the Board and is a natural fit as it taps into the existing board and management team’s deep experience in property, hotel and township development, particularly in New Zealand.
“On the ground in New Zealand, we have assembled a high-functioning team to ensure the smooth execution of our pipeline of projects.”
The Company has a property portfolio of 303,172-sqm of land, comprising commercial, retail and residential assets in Singapore and New Zealand. GYP Properties has been steadily building a project pipeline in New Zealand, a country which enjoys stable economic growth and a pro-business environment.
Currently, GYPP 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.
To support the growing portfolio, the Company has recruited a local experienced team in New Zealand.
The Group also 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.