Busan Sasang~Haeundae Expressway Project Kicks Off... Third-Party Proposal Announcement Conducted

Location Map of Sasang-Haeundae Expressway Private Investment Project
＜Source=Ministry of Land, Infrastructure and Transport＞

The Ministry of Land, Infrastructure and Transport announced on the 6th that the Sasang-Haeundae Expressway project has passed the Private Investment Project Review Committee and has been designated as a private investment project.

Accordingly, the Ministry plans to conduct a third-party proposal announcement in September, receive proposals from third parties other than the initial proposer for 120 days, and then select a preferred negotiator early next year after evaluating the project proposals.

The Sasang-Haeundae Expressway is a 22.8 km project connecting the Namhae Expressway Branch 2 in the western part of Busan and the Donghae Expressway (Busan-Ulsan) in the eastern part.

Until now, due to the expressway gap, vehicles had to pass through downtown Busan, but with the use of an underground road, it is expected that traffic congestion in downtown Busan will be alleviated.

Additionally, the expansion of the southeastern regional arterial road network is expected to contribute to balanced regional development and economic revitalization.

This third-party proposal announcement is conducted under the "Act on Private Investment in Social Overhead Capital" to receive various construction and operation plans from operators other than the initial proposer and select an excellent project plan.

The evaluation will comprehensively assess the validity of route selection, appropriateness of design and construction plans, accuracy of traffic demand estimation, and adequacy of plans for stable operation.

Lee Yong-wook, Director of the Road Bureau at the Ministry of Land, Infrastructure and Transport, said, "Connecting the western and eastern parts of Busan by expressway will shorten travel time between regions and greatly alleviate traffic congestion in downtown areas," adding, "We will closely cooperate with local governments and related agencies to ensure the project proceeds smoothly."

Meanwhile, detailed information on eligibility, conditions for application, and evaluation methods for the project announcement can be found on the websites of the Ministry of Land, Infrastructure and Transport and the Korea Development Institute Public Investment Management Center from September 19 (tentative).

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