Global Yellow Pages buys third New Zealand property for NZ$38m
GLOBAL Yellow Pages (GYP) on Thursday said it has signed a conditional agreement to buy a plot of land in Papakura, New Zealand from Motleon Limited, a company that does land development and subdivision, for NZ$38 million (S$37.3 million).
It said that the acquisition is in line with its strategy to further develop its core property business by increasing its development pipeline and building up its property portfolio, as well as to broaden the group's revenue stream, and to pursue opportunities with good prospects for income and long-term growth.
If completed, this will be the group's third purchase of real estate in New Zealand.
The freehold land of about 21.9 hectares, located at Bellfield Road, currently forms part of a plot of land known as Bellfield Park, and is proposed to be subdivided by the vendor to create a separate legal title to the land. It is currently vacant with no activity happening on it.
The land title is subject to a development agreement between the vendor and the Auckland Council to also develop the adjacent land owned by the Auckland Council; this will be novated to GYP when its payment is completed.
On its latest acquisition, it plans to develop the land and subdivide it for sale, and explore the development of part of the land into residential houses and commercial units.
The counter last traded at S$0.152 on Wednesday.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Frasers Centrepoint Trust posts 1.8% drop in H1 DPU to S$0.06022
TSMC says ‘A16’ chipmaking tech to arrive in 2026, setting up showdown with Intel
US seeks 36 months’ jail for Binance founder Zhao
Keppel’s Q1 revenue down 6.3% to S$1.5 billion; net profit up with exclusion of legacy O&M assets
Cisco says hackers subverted its security devices to spy on governments
Stocks to watch: Keppel, FCT, Suntec Reit, OUE Reit, Clint, Digital Core Reit, OKP, Cordlife