By Lenie Lectura -January 24, 2020
from Business Mirror
State-run Power Sector Assets and Liabilities Management Corp. (PSALM) has issued a notice to proceed to the Philippine member-firm of the PricewaterhouseCoopers (PwC) global network for the consultancy work on the redevelopment of the National Power Corp. (NPC) complex.
“PSALM has issued the notice to proceed and contract for the consultancy services to Isla Lipana & Co. [PWC] so they can commence the study,” said PSALM President Irene Joy Garcia.
Isla Lipana has 180 days “to complete everything,” including the conduct of a feasibility study, which is reportedly worth P5.98 million.
“That means by June, we would have the output already,” added Garcia.
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.
After the issuance of the feasibility study, Garcia said earlier “we can already come up with the privatization action plan for the NPC complex.”
Earlier, PSALM tapped WTA Design Studio for the architectural conceptual design.
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.
It said that 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 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.
On its web site, Isla Lipana said it has provided professional services in the Philippines for 97 years. Its clients include government agencies and leading corporations, both local and foreign, across different industries.