710 Billion Invested for 'Yongin~Gwangju Expressway' First Groundbreaking in 2026 Gets 'Green Light'

Gyeonggi Provincial Government

The 'Yongin~Gwangju Expressway Private Investment Project,' with an investment of 710 billion KRW, has received the green light for construction in 2026 after passing the private investment feasibility assessment by the Korea Development Institute Public Investment Management Center (KDI PIMAC).

The Yongin~Gwangju Expressway is a new private investment road project promoted by Gyeonggi Province, marking the first such project in 10 years since the opening of the Seosuwon~Uiwang private road in 2013.

According to Gyeonggi Province, the Korea Development Institute Public Investment Management Center analyzed the economic feasibility (B/C) of the Yongin~Gwangju Expressway project as 1.28, indicating a high benefit-cost ratio.

The Yongin~Gwangju Expressway project involves constructing a total of 17.3 km of road connecting Gorim-dong in Yongin City to Taejae Hill, the boundary between Seongnam and Gwangju.

The total project cost is 710 billion KRW, and the project was proposed in December 2022 by the 'Gyeonggi Dreamway Co., Ltd. Consortium,' consisting of GS Construction and others.

As a long-awaited project by residents of Yongin and Gwangju, there have been demands since the early 2000s to alleviate vehicle congestion on Local Road No. 57 and to build a new road. However, the project faced difficulties due to various reasons, including lack of economic feasibility.

Gyeonggi Province expects that upon project implementation, severe traffic congestion on the Taejae Hill section of Local Road No. 57 will be resolved, and travel time between Seongnam, Gwangju, and Yongin will be reduced by more than 30 minutes, significantly improving the transportation environment in the southern Gyeonggi region.

Following the passage of the private investment feasibility assessment, Gyeonggi Province plans to promptly proceed with the project aiming for construction in 2026 by undergoing procedures such as strategic environmental impact assessment, third-party announcement for selecting private investment operators, signing of implementation agreements, and approval of implementation plans.

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