PSALM slates auction for Pampanga property
By Myrna M. Velasco – October 6, 2020, 7:00 AM
from Manila Bulletin
In a series of real estate divestments, state-run Power Sector Assets and Liabilities Management Corporation (PSALM) is scheduling sometime this month on the auction block a prime property in Mexico, Pampanga.
The company said it is eyeing to fetch P803.151 million from that asset sale, which spans around 50,447 square meters or 5.447 hectares.
The bid submission date is on October 20 this year at 2:00pm; and the opening of bids will follow immediately on that same day.
For interested parties, PSALM announced that pre-bid conference will be held on Thursday (September 24); and this will be a venue for the asset-seller firm to answer queries relating to the terms of the sale.
The state-run company assured that “the property has a clean title,” and its location is best suited for commercial land development, as it is highly accessible via the North Luzon Expressway as well as the Subic-Clark-Tarlac Expressway, MacArthur Highway and Jose Abad Santos Avenue.
“It is in close proximity to community centers like schools, hospitals and major shopping malls,” the company said.
For the taker of the property, PSALM noted that development prospects may include wholesale and retail stores, shops and supermarkets.
“The area is also projected to benefit from the planned Manila-Clark railway system which will be completed by the last quarter of 2021,” PSALM added.
The company has been accelerating the sale of various real estate assets so it can have wider base of proceeds that it can in turn use to settle maturing financial obligations.
PSALM previously indicated that the universe of its real estate assets comprised of: 5,991 lots for a total area of roughly 75 million square meters for those considered as ‘alienable and disposable’; while 107 lots for a total area of 22.367 million square meters had been labeled inalienable or cannot be sold. And the balance of 3.192 million square meters had been undergoing titling and other documentation processes.
The disposal of the real estate assets of its precursor company National Power Corporation had been part of the mandate bestowed upon PSALM under the Electric Power Industry Reform Act.
Apart from property divestments, PSALM is also scheduling the privatization of various power assets – including the Malaya thermal plant which is due for bidding this week.
The company’s corporate life will last until year 2026, hence, it is speeding up the sale of disposable assets so it can wipe out power sector debts before its operation will fold up.
