Daewoo E&C to Begin Construction of Dongbu Expressway Underground Project in Second Half of This Year

by Roh Kyungjo

Published 10 May.2024 10:02(KST)

Daewoo E&C announced on the 10th that it received approval for the implementation plan of the Dongbu Expressway Underground Private Investment Project from the Seoul Metropolitan Government on the 9th. Daewoo E&C is the lead organizer of this project.

Perspective view of the Dongbu Expressway Underground Project (Cheongdam IC) / Image courtesy of Daewoo E&C

The approval of the implementation plan means that all necessary matters for actual construction have been authorized, allowing construction to begin immediately thereafter. Daewoo E&C plans to start construction in the second half of this year and complete the underground project by 2029.

The Dongbu Expressway is a highway connecting Songpa-gu in Seoul to Uijeongbu in Gyeonggi Province. It has served as a key road for over 3.2 million residents in the northeastern area of Seoul traveling to Gangnam. However, due to the mountainous regions such as Dobongsan, Buk Seoul Dream Forest, Bukhansan, Bulamsan, Suraksan, and Choansan, the road is limited, causing severe traffic congestion.

The Dongbu Expressway underground project was initiated to resolve these inconveniences. A four-lane underground road with a total length of 10.4 km will be constructed from Cheongdam-dong in Gangnam-gu (south end of Yeongdong Bridge) to Seokgwan-dong in Seongbuk-gu. After completion, travel time from Seokgwan-dong to Gangnam is expected to be reduced from the current 30 minutes to around 10 minutes.

Daewoo E&C first proposed the project to the Seoul Metropolitan Government in August 2015 as a 'Build-Transfer-Operate (BTO)' type revenue-generating private investment project. BTO is a method where a private business directly constructs the facility, transfers ownership to the government or local authorities (donation), and then operates the project for a certain period to recover the investment.

A Daewoo E&C official stated, "The Dongbu Expressway underground project will be completed in 2029," adding, "We will complete this long-awaited project for the 3.2 million residents of the northeastern region on schedule and solve traffic congestion in the northeastern metropolitan area."