Mayor Shin Sangjin: "Focusing Administrative Efforts to Pass Next Year's Preliminary Feasibility Study"
Seongnam City Secures Economic Feasibility for Line 8 Pangyo Extension
Submitted as a Candidate for Preliminary Feasibility Study to Gyeonggi Province
Seongnam City in Gyeonggi Province (Mayor Shin Sangjin) has gained momentum in advancing the 'Subway Line 8 Pangyo Extension Project,' a key transportation issue, by overcoming the major challenge of securing economic feasibility. Two years ago, Seongnam City faced setbacks due to the project's low economic viability, but this time, the city has raised the benefit-cost (B/C) ratio to 1.03, laying a solid foundation for passing the preliminary feasibility study.
On December 30, Seongnam City announced that the preliminary feasibility study for the Subway Line 8 Pangyo Extension Project showed a B/C ratio of 1.03. In national railway network projects, a B/C ratio of 1.0 is generally regarded as the baseline for determining 'economic feasibility' and whether to proceed with the project.
This result marks a 0.27-point increase compared to the B/C ratio of 0.76 at the time of the project's preliminary feasibility study withdrawal in 2023. It is evaluated as the outcome of more realistic traffic demand forecasts and efforts to reduce project costs.
The preliminary feasibility study applied the latest National Transportation Database (KTDB) and reflected future traffic demand from major development projects currently underway in Seongnam City, such as the Baekhyeon MICE development project, thereby improving the reliability of demand forecasts. In addition, by optimizing facility plans, including underpasses, construction and operating costs were reduced, significantly improving economic feasibility.
Based on the results of this preliminary feasibility study, Seongnam City submitted the Subway Line 8 Pangyo Extension Project to Gyeonggi Province on December 30 as a candidate for the national preliminary feasibility study.
Mayor Shin Sangjin stated, "The Subway Line 8 Pangyo Extension Project can structurally resolve transportation issues in key hubs in southern metropolitan areas, including Pangyo Techno Valley. Now that economic feasibility has been secured through the preliminary feasibility study, we will focus our administrative capabilities on passing the national preliminary feasibility study so that the project can proceed as a government-funded initiative."
If the Subway Line 8 Pangyo Extension Project moves forward, it is expected to significantly ease traffic congestion during commuting hours in the Pangyo area and greatly improve metropolitan transportation accessibility in southern Gyeonggi Province.
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