PSALM divests 2 real estate assets via negotiated deal
By Myrna M. Velasco – December 6, 2020, 6:00 AM
from Manila Bulletin
State-run Power Sector Assets and Liabilities Management Corporation (PSALM) is gaining traction on its divestment of real estate assets, with it successfully clinching buyers for the Loboc property in Bohol province; and another one in Camalaniugan, Cagayan province through a negotiated deal.
The company announced that the real estate asset in Loboc was cornered by Sta Clara Power Corporation; while the Camalaniguan property was won by Cagayan II Electric Cooperative.
Sta Clara’s winning tender for the Bohol property was at P12.2 million; while the Cagayan power utility offered P3.2225 million for the Camalaniugan asset.
“The two firms will still undergo the post-qualification process before they can be finally declared as the new owners of the said properties,” PSALM noted.
The government-owned company nevertheless noted that in the auction process last December 2, “only one bid each was submitted for the Loboc property and the Camalaniugan property.”
Taking off from that and in keeping with the rules set forth by the PSALM bids and awards committee, the company stated that it was constrained “to declare a failure of the public bidding having received only one bid for each property.”
Subsequently, the asset-seller firm opted to enter into a negotiated deal for the divestment of the real estate assets. “The process led to the successful privatization of the Loboc property and the Camalaniugan property,” PSALM said.
As stated in the previously issued tender notice, the Loboc property comprises of four lots and these straddle two barangays – Gotozon and Bagumbayan – within a sprawl of 13,204 square meters; and the sale was inclusive of structures and improvements in the area.
For the Camalaniugan property, this consisted of only one lot which has an area of 2,148 square meters, according to the government-run firm.
The proceeds fetched from the sale of the assets will be utilized to partly retire the financial obligations transferred to PSALM following the privatization of the National Power Corporation (NPC) assets.
PSALM’s corporate life is until June 2026, hence, it has more than five years remaining to fully settle the power sector liabilities as well as to complete the privatization of all remaining NPC power plants and real estate assets.
