The Power Sector Assets and Liabilities Management Corp. (PSALM) is seeking at least P11.09 billion from the sale of a prime government property in Diliman, Quezon City, opening nearly four hectares of land to private investors.

PSALM said on Saturday that it has placed 39,698 square meters of net salable land on the auction block on an “As-Is, Where-Is” basis. The property is part of a larger 51,948-square-meter site, with 12,250 square meters excluded from the sale.

“The Minimum Bid Price for the sale of the Properties is Eleven Billion Ninety Million Pesos. Bids received below the Minimum Bid Price shall be automatically rejected at bid opening,” PSALM said.

The floor price translates to roughly P279,360 per square meter of salable land. Of the excluded portion, up to 5,000 square meters is reserved for PSALM.

In comparison, another 7,250 square meters is occupied by the Systems Operation and National Control Center being used by the National Grid Corp. of the Philippines.

One-time payment within 10 business days

The winning bidder will have to pay the entire purchase price in a one-time payment within 10 business days from receipt of the notice of award.

It will also shoulder taxes, fees, and other charges related to the transfer.

Interested bidders must also pay a non-refundable P100,000 participation fee to join the auction.

PSALM has set the bid submission deadline for 24 September at 2 p.m., when bids will also be opened and evaluated at its Quezon City office.

PSALM, which manages state power assets under the Electric Power Industry Reform Act of 2001, has been steadily disposing of and rehabilitating assets as part of its privatization mandate.

Among its major transactions was the sale of the 165-megawatt Casecnan hydro plant to First Gen’s Fresh River Lakes Corp. for $526 million.

The agency is also evaluating the $350-million rehabilitation of the Agus-Pulangi hydro complex while preparing other assets for privatization, including the 200-MW Mindanao coal plant and 72 hectares of real estate.

In 2021, Congress extended PSALM’s corporate life to allow it to continue managing and disposing of these assets.