Two Filipino firms are eyeing to participate in the scheduled auction of a prime Pampanga real estate asset that state-run Power Sector Assets and Liabilities Management Corporation (PSALM) will be divesting next month.
The interested investors are Panasia Energy Inc., a subsidiary of Millenium Energy Inc. which owns thermal power assets in Navotas City and Limay, Bataan; and then Toplis Solutions Inc., a company that is into manpower services as well as warehousing and logistics.
Asset-seller firm PSALM had undertaken pre-bid conference on the targeted property divestment last Wednesday (September 15) and that provided a venue for the prospective bidders to raise their questions, concerns and clarifications relating to the terms of the sale package.
As announced, the bid submission deadline will be on October 20, 2021 at 2:00pm – and that will be immediately followed with the opening and evaluation of bids.
The property on sale is sited in Barangay Lagundi in Mexico, Pampanga and it spans around 50,447 square meters. The minimum bid price set by PSALM Board for the property is at P741,327,000.
The enticement dangled to prospective buyers is the property’s strategic location in Central Luzon – as this is just 2.5 kilometers away from the North Luzon Expressway (NLEX), making it geographically well placed to targeted economic developments north of Manila.
“It is suitable for residential or commercial real estate development,” PSALM said, when it comes to build-out options that the taker would be able to pursue.
According to the government-owned firm, the bidding package for that property divestment will be available to all other interested parties until October 18, 2021 and it will also be downloadable in the company’s website.
“Only interested parties who paid the participation fee and submitted a duly executed form of acceptance will be allowed to participate in the bidding of said property,” PSALM has emphasized.
The company further noted that “the proceeds from the sale of the asset will augment PSALM’s funds for the settlement of maturing obligations and reduction of the corporation’s financial obligations.”
PSALM has been speeding up the privatization of various power plants and real estate assets so it can defray substantial fraction of the remaining State-incurred power sector liabilities before the Duterte administration’s reign will wind down in June next year.