PSALM: 3 firms keen on real estate assets

By Lenie Lectura – November 18, 2020
from Business Mirror

Three power firms have signified interest to join the second round of public auction for the sale of 3 real estate assets of the Power Sector Assets and Liabilities Management Corporation (PSALM).

PSALM said Sta. Clara Power Corp., SPC Power Corp. and Cagayan Electric Cooperative II (CAGELCO II) participated in the pre-bid conference last November 17.

They are vying for PSALM’s Loboc, General Santos City, and Camalaniugan properties valued at P26.34 million.

The bid submission deadline for these assets is set on December 2 at 2:00 p.m.

The pre-bid conference provided an opportunity for prospective bidders to raise any questions that they may have relative to the terms of the sale.

The bidding for the above-mentioned assets is on a “Cash” and “As-is, Where-is” basis.

The minimum bid price for the 13,204 sq. meters Loboc Property is set at P12,139,000. The General Santos City Property with an indicative area of 1,868 sq. meters has a minimum bid price of P10,974,500. Lastly, the Camalaniugan Property with an indicative area of 2,148 sq. meters is set at P3,222,000.

Meanwhile, PSALM said it will hold a pre-negotiation conference on November 19 for its Paco-Manila property.

The property, located in Isla de Provisor, Paco, Manila, is composed of 8 lots with an indicative area of 20,975 square meters. The minimum offer price is set at P458,337,002.30.

Interested parties must submit their offer for the Paco-Manila Property not later than December 2. They are also required to post an Offer Security in an amount equal to at least 10 percent of the financial offer. Proceeds from the sales of all PSALM assets are utilized to settle maturing obligations and minimize the corporation’s borrowings. “Proceeds of the sale will be used to augment collections needed to settle PSALM’s financial obligations.”