State-run Power Sector Assets and Liabilities Management Corp. said it expects Isla Lipana & Co. (PwC Philippines) to complete the feasibility report on the development of the 5.195-hectare Diliman property of National Power Corp. in Quezon City by June.
“PSALM has issued today the notice to proceed and contract for the consultancy services to Isla Lipana & Co [PwC] so they can commence the study. That means by June, we would have the output already,” PSALM president Irene Garcia said.
Garcia said the notice of award was issued in December while the next step was for PwC to secure the performance bond. She said that upon submission, PSALM issued the notice to proceed and signed the contract.
PwC is a global network of firms delivering world-class assurance, tax and consulting services for businesses. PwC is the brand under which member firms of PricewaterhouseCoopers International Limited operate and provide services.
Garcia said the feasibility study would determine the property’s marketability, validate the cost of investment and identify appropriate privatization schemes for the Diliman property to attract prospective developers.
The winning architectural conceptual design for the development of the Diliman property will be subjected to the said feasibility study. The Diliman property currently hosts the office of National Power Corp. and National Transmission Corp.
PSALM earlier selected the architectural conceptual design submitted by WTA Design Studio as the winning design for the property after a three-day rigorous selection process from July 3 to July 5.
The winning entry of WTA Design Studio titled, “The East Grid,” aims to develop PSALM’s 5.195-hectare Diliman property into a mixed-use office development integrated with wellness and commercial elements and combined with energy efficient systems and innovative, sustainable design ideas.
PSALM manages the assets and liabilities of National Power Corp as mandated under the Electric Power Industry Reform Act of 2001.
“The conceptual design will serve as the basis for the master planning and privatization of the Diliman property. The privatization of the property aims to generate additional income for the payment of PSALM’s assumed liabilities,” PSALM said.
WTA Design Studio received a cash prize of P4 million, which is conservative enough to 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 environmental-friendly and energy efficient property.