PSALM OPENS BIDS FOR 5-HA PROPERTY IN PAMPANGA

Power Sector Assets and Liabilities Management Corp. (PSALM) is pushing for the privatization of a five-hectare real estate asset in Pampanga province, offering the site for a minimum bid price of P741.33 million.

Suitable for residential and commercial land development, the lot is along Jose Abad Santos Avenue and is 2.5 kilometers from the North Luzon Expressway.

According to PSALM, the property is covered by a clean title and includes warehouse structures and other land improvements.

“The new owner may redevelop the area for wholesale and retail stores, shops and supermarkets. The property can also be utilized as a site for battery energy storage systems given its close proximity to the National Grid Corporation of the Philippines,” the agency said in a statement.

Bids for the 50,447-square meter property located in Barangay Lagundi in Mexico town should be submitted no later than 2:00 p.m. on January 20 next year.

The sale will be on an “as is, where is” basis and will require a one-time full payment from the winning bidder.

Proceeds from the sale will be used to augment funds needed to settle PSALM’s financial obligations that it assumed from the National Power Corp.

These obligations peaked at P1.24 trillion in 2003 and, as of the end of 2019, have been reduced to P422 billion.