The 'Seobu Line Urban Railway' Connecting Saejeol Station~Yeouido~Seoul National University Entrance Station Moves into Full-Scale Promotion

Seoul City Announces Third-Party Proposal Notice Until April 27 Next Year... Priority Negotiation Candidate to Be Designated in the First Half

[Asia Economy Reporter Jo In-kyung] Seoul City announced on the 28th that it will officially proceed with the 'Seobu Line Urban Railway Private Investment Project' by conducting a third-party proposal announcement for 120 days from the 29th of this month to April 27 next year, and will designate a preferred negotiation partner within the first half of the year.

The Seobu Line urban railway project involves constructing 16 stations and one vehicle depot along a total length of 16.2 km, from Saejeol Station (Line 6) in Eunpyeong-gu, passing through Myongji University, Sinchon, Yeouido, to Seoul National University Station (Line 2) in Gwanak-gu. The total project cost is 1.5203 trillion KRW, with a construction period of 72 months from groundbreaking and an operation period of 30 years after opening.

Seoul City received a private investment project proposal from Seobu Light Rail Co., Ltd. (tentative name) in February 2017, and in June this year, the Public Investment Management Center (PIMAC) of the Korea Development Institute recognized the project's eligibility as a private investment project. Subsequently, after the city's financial plan review in October, the Ministry of Strategy and Finance's Private Investment Project Deliberation Committee resolution on the 16th of this month, and the Seoul City Council's consent procedure, the project was finally confirmed to proceed as a private investment project.

Private companies wishing to participate in the project must submit pre-qualification evaluation documents (Phase 1) and project proposals by February 26 next year. Upon passing Phase 1, they must submit evaluation documents for the technical, demand, and price sections (Phase 2) by April 27. Detailed information can be found on the Seoul City or KDI Public Investment Management Center websites.

Kim Jin-pal, Director of the Urban Railway Bureau at Seoul City's Urban Infrastructure Headquarters, said, "Once the Seobu Line is completed, a new transportation axis connecting the northwest and southwest of Seoul will be established, greatly improving public transportation accessibility," and added, "We will promptly carry out the project implementation procedures."

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