PSALM preps sale of prime Pampanga property


State-run Power Sector Assets and Liabilities Management Corporation (PSALM) is gearing up for the sale of its 50,447 square meter property in Mexico, Pampanga.

PSALM has positioned the Php803.2 million property as “suitable for residential and commercial land development,” since it sits along the Gapan-Olongapo Road and is close to major malls by the North Luzon Expressway.

Three companies have expressed their interest in purchasing the property, namely Panasia Energy Inc., Pan Pacific Renewable Power Philippines Corporation, and United Ascent Holdings Inc. The said firms have been given until 2PM of October 20 to submit their bids.

“This is a prime real property of PSALM, in a good location with a clean title. PSALM is selling this property on an as-is-where-is basis,” PSALM President and CEO Atty. Irene Garcia explained to the prospective bidders.

Proceeds of the sale will be used to help settle the government-owned and controlled corporation’s financial obligations.

Last week, PSALM failed to auction off the 650-megawatt Malaya Thermal Power Plant in Pililla, Rizal after Panasia and AC Energy, both pre-qualified bidders, declined to submit offers.