The Seongnam-Seocho Expressway project, aimed at alleviating chronic traffic congestion around the Yangjae Interchange (IC) on the Gyeongbu Expressway, is set to move forward.
On June 22, the Ministry of Land, Infrastructure and Transport announced that the Hyosung Heavy Industries Consortium has been selected as the preferred negotiation partner for the private investment project.
The Seongnam-Seocho Expressway will create a new four-lane road spanning approximately 10.7 kilometers from the vicinity of Pangyo, where the Gyeongbu Expressway intersects with the Yongin-Seoul Expressway, to the Woomyeonsan Tunnel. The estimated project cost is about 561.2 billion won as of April 2016.
The ministry initiated a public call for proposals in January to recruit project operators. The Hyosung Heavy Industries Consortium was the sole applicant, and an expert evaluation panel assessed the feasibility of the proposed business plan from June 17 to 18.
The ministry and the Hyosung Heavy Industries Consortium will now enter negotiations to finalize the project details. Construction is scheduled to begin in 2029, with a target completion date in 2034.
Once the Seongnam-Seocho Expressway opens, traffic volume in the frequently congested areas near the Yangjae IC is expected to decrease. This is particularly anticipated to improve the flow of vehicles traveling from the southern regions of the metropolitan area, such as Seongnam and Pangyo, to the southwestern part of Seoul, thereby reducing road usage inconveniences.
However, the characteristics of privately funded roads mean that future toll rates and traffic management on access roads will be key factors affecting actual user convenience.
Kim Hyo-jung, head of the Road Bureau at the Ministry of Land, Infrastructure and Transport, stated, "We expect this project will alleviate chronic congestion around the Yangjae Interchange, reduce travel time for citizens, and significantly improve road usage convenience. Additionally, it will enhance the main function of the Gyeongbu Expressway."
* This article has been translated by AI.
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