Psalm to auction Bataan properties

The Power Sector Assets and Liabilities Management Corp. (Psalm) announced on Tuesday it is auctioning its real estate assets in Barangays Luz and Kitang II in Limay, Bataan.

The Bataan properties, to be sold on an “as is, where is” basis, cover an estimated area of 139,054 square meters divided into 14 lots.

The minimum bid price for the real estate assets is P250.425 million.

Psalm said the real estate assets are ideal for industrial development and energy-related projects due to its proximity to the Limay Substation.

“Some parts can be developed for residential purposes as the terrain of the land is generally flat with rolling portions. Public markets, commercial centers and schools are also accessible from their location,” said the state-run corporation in a statement.

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Psalm said the properties used to be the site of the decommissioned Bataan Thermal Power Plant and of the housing compound for the plant’sc employees.

Currently, there remain a few building structures and other improvements on the assets but are no longer usable unless repaired.

Interested parties have until Nov. 5, 2022 to submit theirc proposals, after which the opening and evaluation of bids will immediately follow.

Psalm will hold a pre-bid conference on October 12 to provide an opportunity for prospective bidders to raise questions about the properties and the terms of sale.

Proceedings will also be shown by virtual means for those who cannot attend in person.

An interested party is required to pay a non-refundable participation fee in the amount of P100,000 until two business days before the bid submission deadline.

Remittance of the full purchase price is expected within ten business days from the date of the winning bidder’s receipt of the notice of award.

Proceeds from the sale will be used by Psalm to settle its outstanding debt it assumed from the National Power Corp. Its outstanding financial obligations stand at P367.9 billion as of June 30 from the 2003 level of P1.24 trillion.

Article was originally published by Philippine Star and written by Iris Gonzales.