Busan New Port-Gimhae Expressway Construction Project Announcement Imminent, Construction to Begin in Second Half of 2025
In the first half of this year, the 'Busan New Port-Gimhae Expressway Construction Project', which is receiving significant attention among road construction projects, is set to commence.
With the announcement of this project imminent, fierce bidding competition among construction companies is expected.
Basic information about the Busan New Port-Gimhae Expressway will be detailed through direct connection to Donggimhae IC and related environmental impact assessments.
Korea Expressway Corporation to Announce 1.4 Trillion Won Project by End of This Month
According to the construction and engineering sector on the 15th, Korea Expressway Corporation plans to announce the construction project connecting Busan New Port and Gimhae in the first half of 2025.
This project has a total budget of 1.4 trillion won and will be divided into three zones for construction. Work is set to begin in the second half of this year, with a target completion by 2030.
This road will be a four-lane expressway connecting Songjeong-dong in Busan's Gangseo District and Hwacheon-dong in Gimhae, with a total length of 12.8 km. It is expected to play a crucial role in connecting Gadeokdo New Airport, Busan New Port, and the Busan-Jinhae Free Economic Zone.
Overview of the Busan New Port-Gimhae Expressway Construction
The expressway connecting Busan New Port and Gimhae will be constructed in three zones.
The first zone will connect Songjeong-dong in Busan's Gangseo District to Suga-dong in Gimhae, with construction costs estimated at approximately 420 billion won. This zone will be 6.9 km long.
The second zone will connect Suga-dong in Gimhae to Jukdong-dong in Busan's Gangseo District, with construction costs around 340 billion won and a length of 2.9 km.
Finally, the third zone will connect Jukdong-dong in Busan's Gangseo District to Hwacheon-dong in Gimhae, with construction costs estimated at around 290 billion won and a length of 3.0 km.
Major Road Construction Project in the First Half of the Year... Fierce Bidding Competition in the Construction Industry
Korea Expressway Corporation plans to select the construction contractor for this project through a comprehensive bidding system. The bidding and selection process is expected to take place around June.
This project boasts the largest scale among the social infrastructure (SOC) projects being announced in the first half of this year. Amidst recent political instability and economic slowdown leading to a decrease in large infrastructure project announcements, it has garnered much interest from the construction sector. Consequently, more than 20 companies including large and mid-sized construction firms are expected to bid.
Among the companies currently preparing bids are large companies like Hyundai Engineering & Construction, Daewoo Engineering & Construction, and POSCO E&C, as well as mid-sized companies like Kolon Global, Daebo Construction, and Hanshin Engineering & Construction. It remains to be seen which company will be ultimately selected amidst this competition.
Busan New Port-Gimhae Expressway, Expected Synergistic Effects with Gadeokdo New Airport
The Busan New Port and the Gimhae Expressway are being highlighted as key transportation networks connecting Gadeokdo New Airport, Busan New Port, and the Busan-Jinhae Free Economic Zone.
This road will connect the southern approach road to Gadeokdo New Airport and Sinhangnam-ro, improving accessibility to Gimhae and Busan city by linking to the Namhae Expressway to the north.
In particular, it is expected to enhance the logistics transport capacity of Busan New Port and improve airport accessibility after the opening of the new airport. As a result, positive changes are anticipated in the logistics and tourism industries.
Conclusion
The construction project connecting Busan New Port and Gimhae is a large-scale infrastructure project that will form an important transportation network in the Busan and Gyeongnam regions. It is expected to contribute to the development of the logistics and tourism industries through its connection with Gadeokdo New Airport and Busan New Port.
Once the announcement of this project is finalized by the end of this month, construction is planned to begin in the second half of 2025 and to be completed by 2030. Consequently, fierce competition among major domestic construction companies is anticipated, and interest in the bidding results and construction schedule is expected to rise further.
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