PSALM sets auction for Limay property

Power Sector Assets and Liabilities Management Corp

State-run Power Sector Assets and Liabilities Management Corporation (PSALM) will bid out a real estate asset in Limay, Bataan that is seen ideal for industrial development.

In a ‘notice to bid’ issued by the company, PSALM apprised interested parties that the submission of tenders will be on November 5 this year, at 2:00 pm at the PSALM corporate office in Quezon City. Opening of bids will follow immediately.

A pre-bid conference is likewise slated on October 12 at 2:00pm, and this will be a venue for the prospective bidders to raise their questions relating to the terms of the property’s divestment. For parties that cannot physically attend the auction process, PSALM emphasized that proceedings will also be shown virtually.

The real estate asset spans 139,054 square meters, comprising 14 lots. The minimum bid price approved by the PSALM board for its privatization had been pegged at P250,425,045.

“Remittance of the full purchase price is expected within 10 business days from the date of the winning bidder’s receipt of the notice of award,” the asset-seller firm said.

“The Bataan assets are ideal for industrial development and energy-related projects due to its proximity to the Limay substation,” PSALM noted.

The asset-seller firm added that some parts of the property “can be developed for residential purposes, as the terrain of the land is generally flat with rolling portions.”

The property used to be the site of the decommissioned Bataan thermal power plant. Part of it also served as housing compound of the plant’s former employees.

The privatization of the asset, according to PSALM, will be executed on “as is, where is basis,” with it qualifying that “there remain a few building structures and other improvements on the assets but are no longer usable unless repaired.”

The state-run firm indicated that “an interested party is required to pay a non-refundable fee in the amount of P100,000.00 until two (2) business days before the bid submission deadline.”

The privatization of the transferred National Power Corporation (NPC) real property assets is being accelerated by PSALM so it can raise additional proceeds to settle the remaining financial obligations of its precursor-company.