State-run Power Sector Assets and Liabilities Management Corp. (PSALM) has asked interested parties the join the public bidding for the sale of a large real estate property in Brgy. Lagundi, Mexico, Pampanga.
PSALM said in a statement Friday the property, estimated at 50,447 square meters, has a minimum bid price of P741,327,000.
PSALM set the deadline for the submission of bids for the property on January 20, 2:00 p.m., which will be followed immediately by the opening of the submitted bids.
The property consists of one lot covered by a clean title. It includes warehouse structures and other land improvements.
The agency said the property is suitable for commercial land development and is highly accessible through the North Luzon Expressway, Subic-Clark-Tarlac Expressway, MacArthur Highway and Jose Abad Santos Avenue, and the soon-to-be operational Manila-Clark Railway System.
“The new owner may redevelop the area for wholesale and retail stores, shops, and supermarkets. 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,” PSALM said.
The bidding will be conducted at the PSALM’s office at the 24th Floor, Vertis North Corporate Center 1, North Avenue, Quezon City. A virtual platform will be provided for those who cannot attend in person.
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.
PSALM set a pre-bid conference on December 16 at 2:00 p.m. to provide an opportunity for prospective bidders to raise questions and seek clarification pertinent to the terms of the sale.
PSALM earlier bid out its Limay property in Bataan after receiving the highest bid price of P1.023 billion from Panasia Energy Inc.
The Panasia offer was four times the minimum bid price approved by the PSALM board at P250,425,045.
“We are very pleased with the result of the privatization process for the Limay asset. This shows that doing a genuine competitive public bidding truly provides a clear advantage for the government,” PSALM president and chief executive officer Irene Besido Garcia said earlier.
“The bid of P1,023,159,332 is substantially much higher than the market valuation. This is a major boost for PSALM’s efforts to raise privatization proceeds, which will be utilized for the payment of the liabilities that PSALM absorbed from National Power Corp.,” said Garcia.
The Limay Asset, located in Brgys. Luz and Kitang II in Limay, Bataan, covers an estimated area of 139,054 square meters divided into 14 lots.
Due to its proximity to the Limay Substation, the assets are ideal for industrial development and energy-related projects. Portions of the assets are also suitable for residential development as some areas are generally flat with rolling portions.