The GTX-C project, part of the metropolitan express rapid transit system, has moved closer to its goal of starting construction this fall. The amendment to the project agreement, reflecting changes in project conditions, has passed the Private Investment Project Review Committee, effectively completing the administrative procedures needed to commence the main construction.
The Ministry of Land, Infrastructure and Transport announced that the amendment to the GTX-C private investment project agreement was approved during the committee meeting held on August 25.
This amendment addresses changes in project conditions, including a recent arbitration ruling from the Korea Commercial Arbitration Board that increased the total project cost. The ministry explained that this is a key administrative step to normalize the long-delayed GTX-C project.
Based on the amended agreement, the project implementer will sign a construction contract with the contractor, finalize financial agreements with investors, and then submit a construction commencement report to the ministry. This will lead to the start of the main construction.
The ministry also stated that the remaining construction contracts and financial agreements are progressing smoothly. It plans to manage the process closely in collaboration with the project implementer to ensure that preparations for construction are completed without delays.
The GTX-C is considered a crucial express rapid transit project connecting the northern and southern axes of the metropolitan area. Once operational, it is expected to significantly reduce travel times between northern Gyeonggi Province, downtown Seoul, and southern Gyeonggi Province, thereby improving commuting conditions in the region.
As the anticipation for the GTX-C project has already influenced the real estate market around the route, the actual construction schedule's clarification could reignite interest in development and sales in the vicinity of major stations.
A ministry official stated, “The remaining construction contracts and financial agreements are progressing smoothly, and we will work closely with the project implementer to ensure that everything is completed without issues. We will promptly and accurately inform the public as soon as the schedule for the main construction is finalized.”
* This article has been translated by AI.
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