A private-investment highway project aimed at easing chronic traffic congestion around the Yangjae interchange (IC) on the Gyeongbu Expressway has taken its first step. Construction could begin as early as 2029, with the highway targeted to open in 2034.
The Ministry of Land, Infrastructure and Transport (MOLIT) said Monday that it had selected the Hyosung Heavy Industries consortium as the preferred bidder for the "Seongnam-Seocho Highway Private Investment Project."
The project involves building a four-lane highway over a stretch of about 10.7 kilometers, running from near Pangyo, where the Gyeongbu Expressway and the Yongin-Seoul Expressway intersect, to the Umyeonsan tunnel. The estimated project cost is about 561.2 billion won.
MOLIT issued a third-party proposal notice in January this year to recruit operators, and the Hyosung Heavy Industries consortium, which first proposed the project, submitted the sole application. An evaluation panel composed of experts from various fields then reviewed the adequacy of the business plan over two days starting on the 17th of this month before confirming the preferred bidder.
MOLIT and the Hyosung Heavy Industries consortium have begun negotiations in earnest to finalize the detailed terms of the project. Both sides plan to continue the project with the goal of starting construction in 2029 and opening in 2034.
Once the private highway is completed, traffic volume near the chronically congested Yangjae IC is expected to be dispersed, significantly improving the flow of movement from the southern Seoul metropolitan area, including Seongnam and Pangyo, to the southwestern part of Seoul.
"Through this project, chronic congestion in the Yangjae interchange area is expected to ease, reducing people's travel time and substantially improving road convenience," said Kim Hyo-jung, director general of MOLIT's road bureau. "The arterial function of the Gyeongbu Expressway will also be enhanced."
