State-controlled Power Sector Assets and Liabilities Management Corporation (PSALM) has received Php 5.176 billion from the Department of Transportation (DOTr) as the first installment for the purchased Sucat properties.
Manila Standard reported that the property, namely lots 5-B-1 and 6-B-2, stretched around 110,129 square meters or 11 hectares, and the payment for these lots paralleled the purchase price for the property, equaling 100% of the value of the land.
The sale revenues from the Sucat properties would be utilized to settle the outstanding stranded debts and misplaced contract expenses under the Electric Power Industry Reform Act of 2001 (EPIRA).
Under the EPIRA, PSALM is required to direct the liabilities and assets of the National Power Corporation.
As authorized by the agency’s authorized methods of real estate asset outsourcing, the Sucat properties were sold through a “transfer to another government agency” mode of sale.
PSALM added that the closing date for the sale of the properties would only begin once tranches 1 and 2 had been paid in full. The turnover for the physical duplicate copies of TCTs and tax declarations would be permitted once the closing date is secured.
PSALM said that this project had been underway for three years, and the land would be used for the development of the North-South Commuter Railway (NSCR) project and PNR South Long-Haul projects.
The NSCR Project spans 147 kilometers and links the NCR, Region 3, and Region IV-A, while the SLH covers 639 kilometers, connecting the NCR, Region IV-A, and Region V.