PSALM selling real estate estates worth over P380m

By Alena Mae S. Flores – December 25, 2024, 7:50 pm
from manilastandard.net

State-run Power Sector Assets and Liabilities Management Corp. is selling its Bantay and Talon properties with a combined minimum bid price of P389 million.

PSALM said in an invitation to bid that it is selling on an “as-is, where is” basis the Bantay property in Ilocos Sur consisting of a total area of 6,027 squarer meters for a minimum bid price of P19.286 million.

It is also selling the Talomo property in Davao City and Davao Del Sur with a total area of 66,962 sq. m. for a minimum bid price of P369.585 million. It said only three of the 35 lots of the Talomo property are for sale.

PSALM said the submission of bids would be on a per property basis, and a bidder may submit a bid in any or in all properties.

PSALM said the sealed bids would be accepted on or before Jan.10, 2025, and interested buyers should physically inspect the properties and conduct due diligence on Jan. 6, 2025.

The agency set the bid submission deadline on Jan. 10, 2025.

PSALM said it would use proceeds from the sale of the assets to pay of its debts.

PSALM, tasked to manage the assets and liabilities of National Power Corp. under the Electric Power Industry Reform Act of 2001, has outstanding financing obligations amounting to P339.4 billion as of Oct. 31, 2024.