The consideration was arrived at “after arm’s length negotiations with the purchaser on a willing-buyer and willing-seller basis,” GYP says in an Aug 4 regulatory filing.
Remarkables Residences – the subsidiary of real estate developer GYP properties – has entered an agreement with Classic Developments for the sale of part of the land parcel at 1, Corner of Shearers Road and Munro Road, Frankton at Queenstown, New Zealand for NZ$15 million ($14.2 million).
The gain on disposal is estimated at $3.1 million, based on the consideration price of $14.2 million.
