Construction in 2028, Opening in 2033 Target
The Ministry of Land, Infrastructure and Transport announced on the 18th that it has selected the Kiwoom Investment Asset Management Consortium as the preferred bidder for the private investment project aimed at expanding the Pyeongtaek-Siheung Expressway.
The call for project proposals began last July as a third-party proposal announcement, and the Kiwoom Investment Asset Management Consortium, which includes the initial proposer Kumho Construction, was the sole applicant.
The Ministry of Land, Infrastructure and Transport and the Kiwoom Investment Asset Management Consortium plan to negotiate project details starting early next year and aim to begin construction in 2028 with the goal of opening in 2033.
Lee Woo-je, Director of the Road Bureau at the Ministry, stated, “The expansion of the Pyeongtaek-Siheung Expressway is expected to improve mobility in the southwestern region of the metropolitan area and contribute to the development of the local economy, industry, and logistics.” He also added, “We will strive to discover and promote various improvement and expansion private projects in response to the congestion and aging of private expressways.”
Meanwhile, the Pyeongtaek-Siheung private expressway expansion project involves expanding the current 4-lane road between Seopyeongtaek junction and Namansan interchange, which has been in operation since 2013, to a 6-8 lane road.