PSALM to sell Quezon City property for at least P11.09 billion
Key Takeaways
- •PSALM is offering a portion of its Diliman property for sale with a minimum bid price of P11.09 billion.
- •The transaction covers 3.97 hectares, while 12,250 sq.m. is excluded from the sale, including areas used by PSALM and NGCP.
- •A pre-bid conference will be held on Sept. 3, and bids must be submitted by Sept. 24.
- •The property was part of the former NPC complex and still houses offices and facilities tied to power and grid operations.
- •PSALM said the occupants will be temporarily relocated during the sale and development of the asset.
STATE-RUN Power Sector Assets and Liabilities Management Corp. (PSALM) plans to sell a portion of its Diliman property in Quezon City for at least P11.09 billion.
In an invitation to bid posted on its website, PSALM invited interested parties to join a public bidding for the asset on an “as-is, where-is” basis.
PSALM President and Chief Executive Officer Dennis Edward A. Dela Serna described the transaction in a Viber message as “a straight sale.”
The property covers 5.19 hectares in total. Of this, 3.97 hectares, or 39,698 square meters (sq.m.), will be sold.
Excluded from the sale is 12,250 sq.m., including 5,000 sq.m. allocated for PSALM’s use and 7,250 sq.m. occupied by the Systems Operations and National Control Center of the National Grid Corp. of the Philippines (NGCP).
NGCP also has the exclusive right to use National Power Corp. (NPC) Building 2 under its concession agreement until Jan. 15, 2034.
A pre-bid conference is scheduled for Sept. 3, while the deadline for bid submission is Sept. 24.
“Bids received below the minimum bid price shall be automatically rejected at bid opening,” the company said.
The Diliman property was originally part of the NPC complex, which was transferred to PSALM. It also houses the offices of the National Power Corp. and National Transmission Corp., meaning the sale will involve coordination around existing government and grid-related operations already on the site.
“They are to be temporarily relocated in the course of the sale and development of the asset,” Mr. Dela Serna said.
In 2019, PSALM awarded Isla Lipana & Co. (PwC Philippines) a contract to conduct a feasibility study for the privatization of the property.
The company also chose WTA Design Studio to design a commercial center with a high-rise mixed-use development for the site.
Under the Electric Power Industry Reform Act, PSALM is mandated to privatize government-owned power assets and manage the proceeds to settle the NPC’s financial obligations.
PSALM’s corporate term, initially set to expire in June 2026, was extended by 10 years after a measure granting the extension lapsed into law in April 2025.
For 2025, PSALM reported a P13.4-billion decrease in its financial obligations, bringing its remaining debt to P260.6 billion.
The lower debt was attributed to several transactions, including the privatization of the Caliraya-Botocan-Kalayaan hydroelectric power plants for P36.3 billion. — Sheldeen Joy Talavera
