'Seochang~Gimpo, Osan~Yongin' Private Investment Expressways Preferred Negotiators Designated

HDC Hyundai Development Consortium and Hyundai Construction Consortium Designated Respectively

Location map of Seochang~Gimpo Expressway (Photo by Ministry of Land, Infrastructure and Transport)

[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport announced on the 14th that it will designate the HDC Hyundai Development Company consortium and the Hyundai Construction consortium as the preferred negotiation partners for the Seochang~Gimpo Expressway private investment project and the Osan~Yongin Expressway private investment project, respectively, on the 15th.

The Ministry plans to form negotiation teams with the preferred negotiation partners and begin negotiations for the execution agreement starting next month.

Considering that there was no competition during the second phase evaluation for both projects, the negotiations will involve a more thorough verification of the proposed project costs, operating expenses, and the appropriateness of traffic demand.

Since the projects also include long-distance deep underground tunnels, a thorough check will be conducted to ensure there are no factors threatening public safety during construction and operation.

Joo Hyun-jong, Director of the Road Bureau at the Ministry of Land, Infrastructure and Transport, said, "The private sector's creative ideas to restore the arterial function of expressways passing through urban areas have entered the full-scale promotion stage," adding, "Since rapid project promotion is an advantage of private investment projects, we will strive to complete negotiations early and proceed with construction and opening as soon as possible."

Regarding tolls, which are often cited as a drawback of private investment projects, Director Joo emphasized, "We have confirmed that tolls for both projects were proposed at the level of financial expressway tolls," and added, "We will manage factors that could lead to toll increases throughout the project implementation process to secure the public nature of the roads."

This content was produced with the assistance of AI translation services.