By Danessa Rivera – October 28, 2019 – 12:00am
from The Philippine Star
MANILA, Philippines — State-run Power Sector Assets and Liabilities Management Corp. (PSALM) is bidding out the contract to conduct a feasibility study for a masterplan development for its prime Quezon City property, its top official said.
The state-run firm will start bidding out the contract to do a feasibility study on the Quezon City property next month, PSALM president and CEO Irene Joy Besido-Garcia said in a text message to The STAR.
“Regarding the feasibility study for the Diliman property, the procurement process including submission of eligibility documents, shortlisting, prebid conference, submission of technical documents, and submission and evaluation of bids will all be done up to end of November,” she said.
PSALM targets to award the contract before the year ends to immediately start the study.
“Post qualification process, issuance of notice of award and release of notice to proceed will happen in December. Thereafter, the winning bidder for the consultancy will commence the feasibility study proper,” Besido-Garcia said.
The feasibility study would confirm the numbers detailed in the winning architectural conceptual design for the development of the PSALM property located in Diliman, Quezon City.
Earlier this year, PSALM conducted an architectural conceptual design contest for the master planning and redevelopment of its 5.195-hectare Diliman property.
The winning entry of WTA Design Studio, titled “The East Grid,” aims to develop PSALM’s Diliman property into a mixed-use office development integrated with wellness and commercial elements combined with energy efficient systems and innovative, sustainable design ideas.
Based on WTA Design Studio’s entry, the masterplan would have an estimated total construction cost of P17.2 billion and result to about 400,000 sqm leasable space.
Earlier, the state-run firm said it was eyeing to tap government financial institutions such as the Land Bank of the Philippines and Development Bank of the Philippines to complete the feasibility study.
The Diliman property is one of PSALM’s most valuable properties given the development surrounding the land assets. It is where the Napocor and National Transmission Corp. are currently housed.
Due to its strategic location and on-going high-rise development in adjacent properties, it is considered a prime property with high potential for residential, commercial and mixed-use development.
The privatization of the property aims to generate additional income for the payment of PSALM’s assumed liabilities.
PSALM is the agency mandated by Electric Power Industry Reform Act of 2001 to handle the sale of the remaining state-power assets and the financial obligations of Napocor.
As of end-June, the state-run firm still has P428.9-billion remaining payables. PSALM has seven years left in its corporate life ending in 2026.