Psalm seeks P11B from portion of Diliman property
The Power Sector Assets and Liabilities Management Corp. (Psalm) hopes to raise at least P11.09 billion from the sale of a portion of its property in Quezon City that house power agencies.
A Psalm document shows that the state-run firm is seeking proposals for its bidding covering 39,698 square meters of net salable area.
The prebid conference is set for Sept. 3 while the bid submission deadline was set for Sept. 24 this year.
The area is part of the 5.195-hectare Diliman property that hosts the offices of the National Power Corp. and National Transmission Corp.
“They are temporarily relocated in the course of the sale and development of the asset,” said Edward dela Serna, president and CEO of Psalm.
It is one of Psalm’s most valuable properties as it is located in Quezon City’s central business district. The Diliman property is likewise seen for its potential for residential, commercial and mixed-use development.
In 2019, Psalm selected the architectural conceptual design submitted by WTA Design Studio for the Diliman property. At that time, the company said the conceptual design would be its basis for the master planning and the privatization options for the property.
Psalm, which is tasked with privatizing some crucial power assets, has been scrambling to unload some properties to cut or totally scrap its financial obligations before its corporate life ends in 2036.
As of the end of 2025, Psalm was able to trim its debt by P13.4 billion to P260.6 billion.
In a previous statement, the company said that collections from fees on the concession of transmission assets, administration of independent power producer contracts and the privatization of select real estate assets had helped lower its obligations.
Aboitiz Power Corp. emerged as the winner last year after offering P36.27 billion for the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plants in Laguna.
The CBK power complex was one of the power assets sold by Psalm to settle all its liabilities and obligations.
