PSALM resets bidding for Cebu, Misamis Oriental properties to Sept. 5

By Lenie Lectura – August 2, 2019
from Business Mirror

THE Power Sector Assets and Liabilities Management Corp. (PSALM) has moved the deadline for the bidding of its real-estate assets (REA) located in Barangay Aplaya, Jasaan, Misamis Oriental and Toledo City, Cebu.

The state firm rescheduled the auction from August 1 to September 5 at 12 noon to give interested bidders more time to conduct their own due diligence.

The sale of the two land assets is on an “as is, where is” basis. These lands used to be the location of the dismantled Aplaya Diesel Power Plant and the Cebu Diesel Power Plant, but are now either at ground zero or with minimal structures left.

The Aplaya, Misamis Oriental property consists of 49 lots with a total area of about 155,504 square meters (sq.m). PSALM has set the minimum bid price at P567.63 million.

The land asset in Toledo City, Cebu, consists of 21 lots with a total area of about 129,589 sq.m, with a minimum bid price of P171.47 million.

Proceeds from the privatization of PSALM’s real-estate assets will be utilized to augment funds to pay off its assumed financial obligations.

PSALM is the agency mandated by Republic Act 9136 or the Electric Power Industry Reform Act of 2001 to handle the sale of the remaining state-power assets and the financial obligations of National Power Corp.