A complex tunnel is formed in four round trips on Dongjak-daero, Seoul, which is a regular congested section. The accessibility to Seoul, such as Gwacheon, Suwon, and Anyang in Gyeonggi Province, is greatly improved, which is expected to have a positive effect on real estate prices.
The Seoul Metropolitan Government announced on the 30th that it will issue a third-party proposal for the’Isu-Gwacheon Combined Tunnel Private Investment Project’ by April 30th next year and select preferred negotiators in the first half of next year.
The Isu~Gwacheon complex tunnel is a project to construct a road tunnel and a 3.8km storage drain tunnel with four round trips in the 5.4km section between Dongjak-dong Isu intersection and Gwacheon-dong Namtaeryeong underground roadway. Reservoir drainage tunnels are facilities for preventing flooding that store rainwater and discharge it into rivers.
This project was proposed by Lotte E&C as a private investment project in 2017. In July of this year, the Korea Development Institute Public Investment Management Center (PIMAC) conducted a private investment project eligibility survey and passed the deliberation by the Ministry of Strategy and Finance’s Private Investment Project Deliberation Committee in October. The project cost is 465.3 billion won, and the construction period is 60 months after the start of construction.
Private businesses that want to participate in the project, including Lotte E&C, the first proposer, must submit the preliminary screening (step 1) evaluation documents by February 15 next year. If the first step is passed, the evaluation documents for the technology and price sectors (step 2) can be submitted by April 30 next year.
If the traffic congestion at Namtaeryeong Pass is resolved, accessibility to Seoul in nearby metropolitan areas such as Gwacheon, Suwon, and Anyang is expected to improve significantly. It is explained that the construction of the third new town in Gwacheon and the knowledge and information town can prepare for the explosive increase in traffic volume.
Reporter Shin Yeon-soo [email protected]
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