1: Five local governments apply for the underground railway project
2: Seoul, 68km long ‘2nd Yeontral Park’ created
3: Busan and Daegu decide to put decks on some above-ground sections
4: Incheon-Gyeonggi, joint project to underground Gyeongin Line
5: Good news for large-scale development vs. concerns about deepening regional polarization
〈 Golden Egg: Real estate information worth knowing this week selected by Reporter Hwang Jae-seong 〉
We live in an era where dozens of pieces of real estate-related information are pouring in every week. Finding valuable information is never easy. Dong-A Ilbo will save readers the trouble. Every week, we will find valuable real estate information and explain its meaning.
‘Railway war just arrived’
This is the title given by some media outlets that reported on the ‘Results of receiving the first proposal for integrated railway underground development’ announced by the Ministry of Land, Infrastructure and Transport on the 28th of last month. The underground railway project is a large-scale civil engineering project that involves moving railways laid on the ground underground. In the ground space created through this, high-density commercial facilities and parks will be built through mixed-use development.
According to the Ministry of Land, Infrastructure and Transport, there are five local governments that applied for the project, including Seoul, Busan, Incheon, Daejeon, and Gyeonggi-do. The Ministry of Land, Infrastructure and Transport formed an evaluation committee in which experts from various fields such as cities, finance, and railroads participate in these regions to evaluate ▲ feasibility of the business plan ▲ reasonableness of project cost estimate ▲ financial feasibility in the order of written evaluation, presentation evaluation, and on-site evaluation. After reviewing the above, we plan to select target projects in December at the latest.
Typically, a railroad project begins construction after at least 2 to 3 years of basic planning and at least 3 years of design period. However, if it is selected as a leading project, the basic plan can begin to be established early next year. This allows business progress to proceed quickly.
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The article discusses a significant underground railway project proposed by the Ministry of Land, Infrastructure and Transport in South Korea. Recently labeled a ”railway war” by certain media, this initiative aims to relocate existing railways underground, subsequently freeing up surface land for high-density commercial and park developments.
The Ministry has received proposals from five local governments—Seoul, Busan, Incheon, Daejeon, and Gyeonggi-do. An evaluation committee consisting of experts in urban planning, finance, and rail transportation will assess these proposals based on their feasibility, project cost estimates, and financial viability. A decision on which projects will proceed is expected by December.
While typical railway projects can take several years of planning and design before construction begins, if selected as a leading project, the timeline could expedite the establishment of a basic plan as early as next year, facilitating faster progression into the construction phase.
This project highlights a trend among local governments to pursue innovative urban development strategies that utilize underground space for enhanced infrastructure and commercial opportunities.