3 firms keen on PSALM property

Three firms have signified interest to bid for the Power Sector Assets and Liabilities Management Corp.'s (PSALM) real-estate asset in Pampanga worth P803 million.

These are United Ascent Holdings, Inc., Panasia Energy Inc. and Pan Pacific Renewable Power Philippines Corp. They participated in last week’s pre-bid conference as part of the process for the sale of PSALM’S 50,447 sq. meter property in Barangay Lagundi, Mexico, Pampanga.

PSALM has set the bid submission deadline for this asset on October 20 at 2:00 PM. It has set the minimum bid price at P803,151,000.00

This pre-bid conference gave prospective bidders the opportunity to clarify issues and concerns they may have on the terms of the sale.

“This is a prime real property of PSALM, in a good location with a clean title. It can be utilized for various commercial purposes. PSALM is selling this property on an as-is-where-is basis,” said PSALM President and CEO Irene Besido Garcia.

The property is within Barangay Lagundi, Mexico, Pampanga along Jose Abad Santos Avenue and 2.5 kilometers from the North Luzon Expressway. The Mexico Property is suitable for residential and commercial land development.

Only parties who paid the participation fee and submitted duly executed Form of Acceptance of the Bidding Procedures will be allowed to participate in the sale of the real estate asset.

Proceeds of the sale will be used to augment collections needed to settle PSALM'S financial obligations.