By Lenie Lectura -December 24, 2019
from Business Mirror
State-run Power Sector Assets and Liabilities Management Corp. (PSALM) issued on Monday a notice to award multinational service firm PricewaterhouseCoopers the consultancy work on the redevelopment of the National Power Corp. (NPC) complex.
“The Notice of Award was issued because we had to complete first the post-qualification process,” said PSALM President Irene Joy Garcia in a text message.
PSALM earlier said its 5.195-hectare property in Diliman, Quezon City, will be converted into a commercial center with high-rise mixed-use development, offering both office spaces and retail spaces.
“We were able to do the first step which is the design contest,” Garcia said, referring to the architectural conceptual design submitted by WTA Design Studio.
“The next step is for PWC to secure the performance bond, and upon submission to us, PSALM will then issue the Notice to Process and sign the contract,” added Garcia.
She said the performance bond may cost about P300,000, representing 5 percent of the contract price, if payment will be via check or bank guarantee. If via surety bond, Garcia said PWC must secure an amount of P1,799,403.78, or 30 percent of the contract.
The PSALM official earlier said that PWC has 180 days “to complete everything” including the conduct of a feasibility study, reportedly costing P5.98 million.
“After we do the feasibility study, then we can already come up with the privatization action plan for the NPC complex,” she added.
WTA Design Studio’s conceptual design, entitled “The East Grid,” was selected for its multidimensional, people-oriented concept of developing a new environment-friendly business center that integrates energy-efficient systems, and innovative and sustainable design ideas.
This design entry assimilates pedestrian-friendly spaces, interactive installations, bike trails, green promenades, alfresco spaces and play areas into a development that will ensure a net leasable space of about 400,000 square meters.
Garcia said this architectural conceptual design competition is a critical component of the company’s privatization program.
An outright sale of the land is much easier but less advantageous for the government than purposefully developing it in accordance with its best use, and eventually ensuring a substantial income stream and steady cash flow that the government can enjoy, the official explained.
“The objective is to fully maximize the utilization of the Quezon City property, study carefully the possible highest and best use for it and ensure that the government can strategically take advantage of the property’s full potentials,” Garcia said.