PSALM to sell Bataan real estate asset

The Power Sector Assets and Liabilities Management Corp. (PSALM) is bidding out next month its Limay, Bataan property, which is ideal for industrial, energy-related, as well as residential developments.

PSALM’s real estate assets in Brgys. Luz and Kitang II in Limay, Bataan cover an estimated area of 139,054 square meters divided into 14 lots.  

To be sold on an “As-Is, Where-Is” basis, the PSALM Board has set the minimum bid price for the real estate assets at P250.43 million.  

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

It also said some parts can be developed for residential purposes as the terrain of the land is generally flat with rolling portions, since public markets, commercial centers and schools are also accessible from their location.  

The said property used to be the site of the decommissioned Bataan Thermal Power Plant and of the housing compound for the Plant’s employees.  

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

The state-run firm scheduled 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.  

PSALM set the deadline for the submission, opening and evaluation of bids on Nov. 5 to be held virtually and physically in its office in Quezon City.  

It expects remittance of the full purchase price within 10 business days from the date of winning bidder’s receipt of the Notice of Award.  

PSALM is the agency mandated by EPIRA of 2001 to handle the sale of the remaining state-power assets and the financial obligations of Napocor.  It hopes to use the proceeds from the sale of the Bataan property to bring down its debts.

This year, it hopes to cut the amount by P23 billion to P358 billion by the end of the year, PSALM president and CEO Irene Besido-Garcia said earlier. As of end-June, PSALM’s debts reached P367.9 billion.