Telephone directories publisher Global Yellow Pages (GYP) on Friday said that the deal value for purchase of a property in New Zealand has been reduced to about S$35.3 million.

Bellfield Estate Ltd (BEL), an indirect wholly-owned subsidiary of the company, last month agreed to buy a plot of land in Papakura, New Zealand from Motleon Ltd for NZ$38 million (S$37.3 million).

BEL said it now entered into a variation agreement to reduce the acquisition price for the property. Accordingly, the deposit is now NZ$3.6 million and the final instalment stands at NZ$7 million, it said in a statement.

The final instalment will be further reduced to NZ$6.65 million if GYP pays it on or before March 31, 2020.

The property is a plot of freehold land of approximately 21.8521 hectares located at Bellfield Road, Papakura, New Zealand.

GYP, which diversified into the real estate business in recent years, has invested in properties such as Pakuranga Plaza shopping mall and residential project Remarkables Residences in New Zealand.

Shares in Global Yellow Pages rose 0.5 percent to S$0.19 on the Singapore Exchange. The stock has gained about 18 percent so far this year.