PSALM to hold pre-negotiation conference for Paco-Manila property
The Power Sector Assets and Liabilities Management Corporation (PSALM) will hold a Pre-Negotiation Conference through video conferencing on 19 November 2020 at 2:00 P.M. for its Paco-Manila Property. The Pre-Negotiation Conference is part of the negotiated sale process being conducted by PSALM to private the said property.
This Paco-Manila Property, located in Isla de Provisor, Paco, Manila, is composed of 8 lots with an indicative area of 20,975 square meters. The minimum offer price is set at PhP458,337,002.30.
The negotiated sale will be on an “as is, where is” basis.
Those who can join the negotiated sale process are individuals or sole proprietorships, corporations, cooperatives, or partnerships duly registered and organized under the laws of the Philippines and at least 60% Filipino-owned, joint ventures or consortiums, government corporate entities and Local Government Units (LGUs) authorized by law to acquire, own, hold, or develop real properties in the Philippines.
The package reflecting the terms of the negotiated sale process may be downloaded at the PSALM website at https://www.psalm.gov.ph
Interested parties must submit their offer for the Paco-Manila Property not later than 02 December 2020 at 12:00 noon. They are also required to post an Offer Security in an amount equal to at least ten percent (10%) of the Financial Offer given and shall be in the form of cashier’s or manager’s check, stand-by letter of credit issued by any commercial or universal bank licensed to do business and operating in the Philippines, or surety bond callable upon demand, issued by a surety or insurance company duly certified by the Insurance Commission as authorized to issue such security.
Proceeds from the sales of all PSALM assets are utilized to settle maturing obligations and minimize the Corporation's borrowings.
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