You are here

Global Yellow Pages unit completes purchase of 38,400 sq m land in NZ

A SUBSIDIARY of Global Yellow Pages (GYP) has completed its acquisition of a plot of freehold land in Queenstown, New Zealand.

The publisher said in a Wednesday morning release that Remarkables Residences, an indirect wholly-owned subsidiary, had completed the purchase of a 38,400 square metre plot of land located at Eastern Access Road in Queenstown. The vendor is Queenstown Central Limited.

Net proceeds of S$5.2 million through the placement of about 34.1 million new shares have been used for the purchase.

In May, the company had said its subsidiary had entered into a deal to buy the land for NZ$19.2 million (S$19.1 million) and had intended to develop it into residential properties for sale.

GYP had said in September that to fund the Queenstown purchase, two placees - Yong Yin Min, non-executive director of Pacific Radiance Ltd, and Thomas Riber Knudsen, chief executive of Damco Asia - will subscribe for these new ordinary shares at an issue price of S$0.154 per placement share.

Your feedback is important to us

Tell us what you think. Email us at

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to