Danessa Rivera The Philippine Star)
- October 28, 2019 - 12:00am
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.
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