Ministry of Land, Infrastructure and Transport selects Hyosung Heavy Industries consortium as preferred bidder for Seongnam-Seocho expressway private investment project
Plans to build the Seongnam-Seocho Expressway — aimed at easing chronic congestion around the Yangjae interchange on the Gyeongbu Expressway — are moving forward.
The Ministry of Land, Infrastructure and Transport announced Sunday that it has selected the Hyosung Heavy Industries consortium as the preferred bidder for the Seongnam-Seocho Expressway private investment project.
The route will run approximately 10.7 kilometers with four lanes in both directions, connecting the area near Pangyo — where the Gyeongbu Expressway meets the Yongin-Seoul Expressway — to the Umyeonsan Tunnel. The estimated project cost is approximately 561.2 billion won (about $368 million), based on April 1, 2016 prices.
The ministry issued a third-party proposal notice in January to recruit a project operator, and the Hyosung Heavy Industries consortium — the original proposer — was the sole applicant. The consortium's working name for the project company is Seongnam Seocho Expressway Co.
The ministry and the Hyosung Heavy Industries consortium have begun negotiations to finalize the project's details, with a target of breaking ground in 2029 and opening the road in 2034.
"Once the privately financed expressway opens, traffic near the Yangjae interchange is expected to be redistributed, reducing travel times and meaningfully improving road usability," said Kim Hyo-jeong, director general of the ministry's Road Bureau. "The arterial function of the Gyeongbu Expressway will also be strengthened."
smh@heraldcorp.com
