The former Global Yellow Pages will be renamed GYP Properties Ltd to reflect the company’s focus on property. The Singapore-listed company’s shareholders approved the name change at an extraordinary general meeting on Oct 26.
“Today’s name change marks the completion of our transformation to focus on property development, management and investment,” says Mah Bow Tan, GYP Properties chairman and former Minister for National Development from 1999 to 2011. Mah was also a former Member of Parliament representing the Tampines GRC (Group Representation Constituency) from 1988 to 2015.
GYP Properties had diversified into property after shareholders approved the move at an extraordinary general meeting in May 2015. Until then, the company’s core activities were the publication of print directories and the sale of advertising in these directories.
Board of Directors from left to right: Andrew Tay, Stanley Tan, Pang Yoke Min, Mah Bow Tan, Ng Tiong Gee, Loo Wen Lieh
Formerly known as the Yellow Pages Singapore, the company started in 1967 with the publication of telephone directories. It was listed on the Singapore Exchange mainboard in December 2004, and has a base in Singapore, Australia and New Zealand.
The company has a property portfolio totalling 303,172 sqm in land area, comprising a mix of commercial, retail, residential and hospitality assets in Singapore and New Zealand. The total property portfolio amounts to $139 million.
GYP Properties has been steadily building a project pipeline in New Zealand, and has recruited a local experienced team to handle its projects in the pipeline. It currently has three projects there. Pakuranga town centre in Auckland, which has a total land area of 41,212 sqm and will be developed into a vibrant hub with retail, commercial, residential and hospitality assets; Frankton Flats in Queenstown, with between 200 and 225 townhouses called Remarkables Residences built on a 38,400 sqm site; and Bellfield Estate in Papakura, Auckland, where the company 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.
Townhouses at Remarkables Residences to be built on a 38,400 sqm site; and Bellfield Estate in Papakura, Auckland (Photo Credit: GYP Properties)
A fourth land acquisition is in progress in New Zealand. The two-hectare site at Lakes Resort, Pauanui is undergoing due diligence at the moment, says GYP Properties. The group continues to search for projects in Asia and Australia as part of its strategy to build a diversified portfolio.
“Our property investment strategy calls for a diversified portfolio to drive financial performance and deliver sustained growth for our stakeholders,” says Mah. “We want to be a trusted property developer that delivers value in our projects to owners and users, and uplift the surrounding communities.”