The Power Sector Assets and Liabilities Management Corp. (PSALM) said it received last month from the Department of Transportation (DOTr) a total of P5.176 representing the first tranche of the purchase price for properties in Sucat.
The amount is equivalent to 100 percent of the value of the land.
PSALM said the titled properties, lots 5-B-1 and 6-B-2 cover a total land area of 11 hectares.
The second tranche of the sale which will involve roughly P16 million, covers the various land improvements and structure such as a guard house, perimeter fence and roadways.
Closing date for the sale of the properties will only start when DOTr has fully paid the purchase price for tranches 1 and 2.
PSALM said upon closing date, it will turn over to DOTr the physical possession of the Sucat properties as well as the corresponding original owner’s duplicate copies of transfer certificates of title and tax declarations.
DOTr acquired PSALM’s Sucat asset for the North-South Commuter Railway project and the Philippine National Railways’ South Long-Haul projects.
PSALM said it will use the proceeds from the sale to pay for its remaining financial obligations which stood at P300.6 billion as of end-November 2023.
