State-run Power Sector Assets and Liabilities Management Corporation (PSALM) will re-bid its prime property in Mexico, Pampanga by early next year.
In a statement to the media, PSALM noted that the next round of auction will be slated on January 20 next year. Interested buyers will be given leeway to raise concerns and questions relative to the property sale during a pre-bid conference on December 16.
The Pampanga property spans roughly 50,447 square meters. The PSALM Board had set a minimum bid price of P741.327 million for the asset.
“The deadline for the submission of bids for the property is on January 20, 2022 at 2:00pm, which will be followed immediately by the opening of the submitted bids,” PSALM has specified in the notice to bid.
The property being auctioned consists of one lot, covered by a clean title, hence, sparing the buyer of any headaches on the documentation part.
“The new owner may redevelop the area for wholesale and retail stores, shops and supermarkets,” PSALM said, adding that the property can also be “utilized as site for battery energy storage systems given its close proximity to the National Grid Corporation of the Philippines-Mexico substation.”
The asset-seller firm expounded that the property includes “warehouse structures and other land improvements,” and it is classified as ideal for commercial land development, given its high accessibility to the North Luzon Expressway, Subic-Clark-Tarlac Expressway, MacArthur Highway and Jose Abad Santos Avenue as well as the soon-to-be-operational Manila-Clark Railway System.
Interested parties are required to avail of the bidding package for a non-refundable participation fee of P100,000.00 two business days before the bid submission deadline.
The government-owned firm stated that “the sale of the Mexico property will be on an ‘as is, where is’ basis and will require a one-time full payment from the winning bidder.”
As previously noted by the state-run firm, “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 some of the remaining state-incurred power sector liabilities before the Duterte administration’s reign will wind down in June next year.