Incheon-daero Underpass Construction Cost Increased by 108.2 Billion Won Reflecting Inflation

Incheon City announced on the 18th that it has increased the construction cost of the underground road included in the second phase of the Incheon-daero Generalization Project from 504.1 billion won to 612.3 billion won, an increase of 108.2 billion won (20%).

This project involves building a 4.5 km long, four-lane underground road beneath the section from Gongdan Overpass to Seo-Incheon IC, with 50% of the funding coming from the national government. After the preliminary feasibility study in December 2022, the city recalculated the construction costs due to rapid inflation and, following five months of negotiations with the Ministry of Economy and Finance, increased the budget.

An official from Incheon City stated, "With the adjustment of the project cost, sufficient additional construction funds have been secured, which will greatly aid the smooth issuance of construction orders," and added, "We will also expedite the remaining administrative procedures, such as the review of the large-scale construction bidding method."

The Incheon-daero Generalization Project involves demolishing highway retaining walls and soundproof walls along a total length of 10.45 km and creating parks and green spaces in the central area.

For the first phase of the project (from Incheon starting point to Juan Industrial Complex Overpass), construction began last May on the 1.8 km section from the Incheon starting point to Dokbae-ro, and the second phase (from Juan Industrial Complex Overpass to Seo-Incheon IC) is scheduled to start this year.