By Lenie Lectura – July 9, 2019
from Business Mirror
THE Power Sector Assets and Liabilities Management Corp. (PSALM) said Monday 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.
The state firm said the property will also be transformed into an accredited economic zone that will provide offices for PSALM, the National Power Corp. and the National Transmission Corp.
PSALM has selected the architectural conceptual design submitted by WTA Design Studio as the winning conceptual design for PSALM’s Diliman property.
The design contest specifically required that the design entries would have to integrate into such development the existing two buildings.
WTA Design Studio’s conceptual design entry, 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, al-fresco spaces and play areas into a development that will ensure a net leasable space of about 400,000 square meters.
PSALM President lawyer Irene Besido-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 of the competition 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.
WTA Design Studio will receive a cash prize of P4 million. The amount will cover all components of its entry design such as the architectural conceptualization and intellectual property, the submitted scale model, the CAD video walk-through, the study on the developmental and financial costing, and other considerations to meet PSALM’s objective for the highest and best use for an environment-friendly and energy-efficient property.