Display the latest content from subpages of another page

you can use the number param to limit the number of pages you want and get the custom field in the foreach loop 🙂 (child of = your parent page, or the current page)

$mypages = get_pages( array( 'child_of' => $post->ID, 'sort_column' => 'post_date', 'sort_order' => 'desc', 'number' => 3, ) );

foreach( $mypages as $page ) {      
    $content = $page->post_content;
    $content = apply_filters( 'the_content', $content );
    ?>
      <h2><a href="https://wordpress.stackexchange.com/questions/61211/<?php echo get_page_link( $page->ID ); ?>"><?php echo $page->post_title; ?></a></h2>
      <div class="entry"><?php echo $content; ?></div>
   <?php
}

http://codex.wordpress.org/Function_Reference/get_pages