PSALM sells assets in Puerto Azul

BY LENIE LECTURA – FEBRUARY 7, 2022
from Business Mirror

The Power Sector Assets and Liabilities Management Corp. (PSALM) has successfully bid out its Puerto Azul assets for P6.57 million.

The state firm said the asset was sold via Offer to Sell (OTS) to the members of the Puerto Azul Golf and Country Club (PAGCC) last February 2.

The OTS was done in accordance with the Master Deed with Declaration of Restrictions for the Condominium Units, which prescribes that a unit owner shall offer first the condominium unit to PAGCC members.

PSALM received the bid offer of Maria Desiree Moy amounting to P6,570,000. The Minimum Bid Price (MBP) for Package 1 was set at P3,450,000, while the MBP for Package 2 was set at P3,120,000.

The results of the bidding will be subject to a post-qualification process to ensure that the bid offer meet all the financial and legal requirements as indicated in the bidding procedures.

The bidding consisted of two packages: one condominium unit (Unit 20) with CCT No. 01-23, inclusive of furnishings and appliances and one condominium unit (Unit 21) with CCT No. 01-22, inclusive of furnishings and appliances, with one proprietary share in the PAGCC.

Full payment is required prior to the turnover of the properties.

“We are very pleased with the successful privatization of these assets in Puerto Azul. The proceeds from this sale will be used to settle the remaining stranded contract costs and stranded debts that PSALM had assumed from the National Power Corporation,” PSALM President and CEO Irene Besido-Garcia said.

Located in Ternate, Cavite, the properties consist of two condominium units, each with a lot area of about 83.95 square meters with total floor areas spanning 247.22 square meters.