GYP Properties shutters New Zealand retail centre, halts development activities

MAINBOARD-LISTED GYP Properties - the former Global Yellow Pages - announced on Tuesday that the group's retail centre in New Zealand Pakuranga Plaza, with the exception of the supermarket and pharmacy, will be closed for the next four weeks. 

The group's development activities for the Remarkables Residences project in Queenstown and Bellfield project in Papakura will also halt during this period. 

This comes as the New Zealand government announced on Monday that its Covid-19 alert level will be raised to 4, with effect from 11.59pm New Zealand time on March 25. As a result, all non-essential businesses and services will be closed for the next four weeks. 

In the meantime, the company will tap into the New Zealand government's Covid-19 economic response package measures where available and appropriate, and support and comply with measures rolled out. 

"The extent of any financial impact from the closure is not possible to ascertain at the moment as the Covid-19 situation remains fluid," noted GYP Properties in its regulatory update. 

GYP Properties shares closed flat at S$0.12 on Tuesday.