PSALM to sell MTPP land in Paco, Manila

By Lenie Lectura – January 14, 2019
from Business Mirror

THE Power Sector Assets and Liabilities Management Corp. (PSALM) has decided to sell the Manila Thermal Power Plant (MTPP) land via a negotiated scheme.

The state firm said last Friday it was seeking offers for the negotiated sale of eight lots, with a total of 20,975 square meters (sq m), as part of its efforts to generate more funds to pay off obligations incurred by the National Power Corp.  (NPC).

The eight lots used to be the location of the MTPP in Paco, Manila.

The minimum offer price is set at P736.368 million. “Expressions of Interest and Acceptance of the Negotiation Procedures need to be submitted on or before January 23, 2019 to the PSALM Privatization, Bids and Awards Committee,” PSALM said.

Due diligence activities have started on January 9, with the deadline for the submission of offers set on January 31 at the PSALM Office, 24th Floor Vertis North Corporate Center 1, North Avenue, Quezon City.

PSALM has real-estate assets with an aggregate land area of 100,438,788 sq m, consisting of 6,150 lots located in various parts of the country. Around 60 percent of the total land area is located in Luzon, 39 percent in Mindanao and the remaining one percent in the Visayas.

PSALM earlier raised plans to covert some of its real-estate assets into economic zones.