PSALM’s Paco property up for negotiated sale

PSALMâ��s Paco property up for negotiated sale — *_{PSALM said the minimum offer price for the project located in Isla de Provisor is P458 million.}*

MANILA, Philippines — State-run Power Sector Assets and Liabilities Management (PSALM) is seeking offers for the negotiated sale of its property in Paco, Manila.

PSALM said the minimum offer price for the project located in Isla de Provisor is P458 million.

“The financial offer of the interested party with the highest offer must be equal to or higher than the minimum offer price in order to qualify as the winning interested party,” PSALM said.

The property has eight lots and will be sold on an “as is, where is” basis.

PSALM said the offer security should be at least 10 percent of the financial offer of the interested party, and shall be in the form of cashier’s or manager’s check, stand-by letter of credit issued by any commercial or universal bank licensed to do business and operating in the Philippines, or surety bond callable upon demand issued by a surety or insurance company duly certified by the Insurance Commission as authorized to issue such security.

Within 10 business days from the date of the notice of award, the winning interested party shall make a one-time full payment of the purchase price in accordance with the payment instruction to be issued by PSALM.

The negotiation is open to individuals/sole proprietorships, corporations, cooperatives or partnerships duly registered and organized under the laws of the Philippines and at least 60 percent Filipino-owned, joint ventures or consortiums, government corporate entities and local government units authorized by law to acquire, own, hold, or develop real properties in the Philippines.

Interested parties can download the negotiation package at the PSALM website.

Deadline for the submission of offers is on Dec. 2, 12 noon, at the PSALM office in Quezon City.

A pre-negotiation conference will be held on Nov. 19, through video conferencing or webcasting.

Last month, PSALM also opened up the 650-MW Malaya Thermal Power Plant and its underlying area in Pilila, Rizal for negotiated sale after three rounds of failed bidding.

Proceeds from the sale of all PSALM assets are utilized to settle maturing obligations and minimize the corporation’s borrowings.

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Article and Photo originally posted by Philippine Star last November 14, 2020 12:00am and written by Catherine Talavera.