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PSALM Sudipen Property Deed of Absolute Sale (DOAS) signed for PHP2.670 Mn  

The Power Sector Assets and Liabilities Management Corporation (PSALM) sold its Sudipen Property to the winning buyer, Mr. Rucil Evangelista (Mr. Evangelista). The DOAS was executed between PSALM President and CEO Dennis Edward Dela Serna and Mr. Evangelista. In a simple ceremony held on 12 September 2023, PSALM, through its Technical Working Group (TWG) Head for the sale of Sudipen Property, Mr. Rommel G. Regacho facilitated the signing of the DOAS by Mr. Evangelista’s authorized representative, Mr. Joed Evangelista.  


The Sudipen Property is a mixed-use property with an area of more or less 1,812 square meters located in Barangay Turod, Sudipen, La Union. It was first offered to the public for sale through public bidding on 31 May 2023. Mr. Evangelista was the lone bidder that signified interest to the property. As such, the bidding was declared a failure. Considering that the Bidding Procedures allowed for a Negotiated sale should there be a failure of bidding, and Mr. Evangelista offered to buy the property as the lone bidder, PSALM proceeded with its negotiations with Mr. Evangelista. After complying with the documentary requirements and undergoing the necessary post-qualification evaluation procedures, Mr. Evangelista was declared the winning buyer of the Sudipen Property for his offer of PHP2,670,000.00 which met the Minimum Bid Price of PHP2,669,000.00.