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Global Yellow Pages units enter into New Zealand land acquisition, property sales

GLOBAL Yellow Pages (GYP) announced on Tuesday that wholly-owned subsidiary GYP Properties has entered into a conditional agreement for the sale and purchase of a freehold, 1.9905 hectare plot of land for NZ$6 million (S$5.57 million) in cash from vendor The Lakes International Golf Course in Pauanui, New Zealand.

GYP intends to build holiday accommodation on the land.

"The proposed Pauanui acquisition is part of the company's strategy to further develop its core property business by increasing its development pipeline and building up its property portfolio, broaden the group's revenue stream, and pursue opportunities with good prospects for income and long-term growth of the company," GYP said in an exchange filing.

Separately, GYP's indirect wholly-owned subsidiary Remarkables Residences Limited entered into a conditional agreement to sell six units of its Remarkables Residences residential development in Queenstown, New Zealand to the same vendor.

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Meanwhile, GYP noted in its exchange filing that its chief executive and executive director Stanley Tan and his daughters had also entered into a conditional agreement with the same vendor for the sale and purchase of Lakes Resort, Pauanui Golf Course, through their investment vehicle Global Media Holdings (GMH).

The land GMH is interested in is adjacent to GYP's own Pauanui land acquisition. GMH has informed GYP that the GMH Pauanui acquisition is separate and distinct, and not conditional upon, GYP's own Pauanui acquisition or the Remarkables sale.

In the interest of good corporate governance, GYP said Mr Tan has abstained from the board's deliberations, and from voting on both the Pauanui acquisition and the Remarkables sale.