Hyundai Construction Signs Implementation Agreement for 'Metropolitan Railway Private Investment Project' with Ministry of Land, Infrastructure and Transport
On the 18th, at the RYSE Hotel in Mapo-gu, Seoul, Yoon Young-jun, President of Hyundai Construction (right), and Park Sang-woo, Minister of Land, Infrastructure and Transport (left), are taking a commemorative photo after signing the implementation agreement for the Daejang~Hongdae metropolitan railway private investment project.
Hyundai Construction announced on the 18th that it has signed the implementation agreement for the 'Daejang~Hongdae Metropolitan Railroad Private Investment Project' (hereinafter referred to as the Daejang-Hongdae Line). The signing ceremony was held at the Rise Hotel near Hongdae Entrance Station, where the Daejang-Hongdae Line will begin, with key officials including Park Sang-woo, Minister of Land, Infrastructure and Transport, Lim Jong-il, Vice President of the Korea Rail Network Authority, and Yoon Young-jun, President of Hyundai Construction, in attendance.
Hyundai Construction, as the representative company of the Western Metropolitan Metro (tentative name) Corporation, and the Ministry of Land, Infrastructure and Transport agreed on the implementation conditions of the Daejang-Hongdae Line project and decided to advance the scheduled groundbreaking from next year to this year.
The Daejang-Hongdae Line is a metropolitan railroad construction project with a total length of 20.03 km connecting Daejang New Town in Bucheon City, Gyeonggi Province, and Hongdae Entrance Station in Mapo-gu, Seoul. There are 12 stations, and the total project cost amounts to 2.1287 trillion KRW.
This project, first proposed by Hyundai Construction's consortium in 2020, is regarded as a model case of a public-private partnership rapidly promoted within three and a half years from the feasibility study to the signing of the implementation agreement.
It is the first domestic project to apply a mixed business model combining Build-Transfer-Operate (BTO) and Build-Transfer-Lease (BTL), reducing the burden not only on the project operator but also on users.
When the Daejang-Hongdae Line opens in 2030, the travel time from Bucheon to Hongdae, which previously took 50 minutes, will be reduced to 25 minutes. It is expected to boost transportation improvements in the southwestern and northwestern metropolitan areas and accelerate the development of Daejang New Town.
At the signing ceremony, Yoon Young-jun, President of Hyundai Construction, stated, “Hyundai Construction will concentrate all its top technology and capabilities to expand the metropolitan area railroad network. Since the construction passes through urban areas, we will prioritize the safety and convenience of citizens and carefully consider all aspects for users to drastically improve the metropolitan transportation network.”
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