PSALM puts Diliman property on market for at least P11.09 billion

State-run Power Sector Assets and Liabilities Management Corp. (PSALM) is selling a 3.97-hectare portion of its Diliman, Quezon City property with a minimum bid price of P11.09 billion. A pre-bid conference is set for 3 Sept and bids close on 24 Sept.

State-run Power Sector Assets and Liabilities Management Corp. (PSALM) is planning to sell a portion of its Diliman property in Quezon City for at least P11.09 billion.

In an invitation to bid posted on its website, PSALM asked interested parties to participate in the sale of the asset through public bidding on an “as-is, where-is” basis. PSALM President and Chief Executive Officer Dennis Edward A. Dela Serna described the transaction as “a straight sale” in a Viber message.

The overall property measures 5.19 hectares, of which 3.97 hectares or 39,698 sq.m. will be sold. Excluded from the sale is 12,250 sq.m., with 5,000 sq.m. allocated for PSALM’s own use and 7,250 sq.m. occupied by the Systems Operations and National Control Center of the National Grid Corp. of the Philippines (NGCP). NGCP also has the exclusive right to use National Power Corp. (NPC) Building 2 under its concession agreement until Jan. 15, 2034.

A pre-bid conference will be held on 3 Sept while the bid submission deadline is scheduled on 24 Sept. “Bids received below the minimum bid price shall be automatically rejected at bid opening,” the company said.

The Diliman property was originally part of the NPC complex, which was transferred to PSALM. It also houses the offices of the National Power Corp. and National Transmission Corp. “They are to be temporarily relocated in the course of the sale and development of the asset,” Mr. Dela Serna said.

In 2019, PSALM awarded a contract to Isla Lipana & Co. (PwC Philippines) to conduct a feasibility study for the privatisation of the property. The company also selected WTA Design Studio to design a commercial centre with high-rise mixed-use development for the site.

Under the Electric Power Industry Reform Act, PSALM is tasked with privatising government-owned power assets and managing the proceeds to settle the NPC’s financial obligations. PSALM’s corporate term, initially set to expire in June 2026, has been extended by 10 years after a measure granting the extension lapsed into law in April 2025. For 2025, PSALM reported a P13.4-billion decrease in its financial obligations, bringing its remaining debt to P260.6 billion. The reduced debt was attributed to several transactions, including the privatisation of the Caliraya-Botocan-Kalayaan hydroelectric power plants for P36.3 billion.