Busan and Daejeon also submit proposals to move railway underground: the key is project viability

[Anchor]

This year, as the 'railway undergrounding' project is being actively promoted after passing the National Assembly earlier this year, three metropolitan local governments in the capital region, along with Busan and Daejeon, have submitted project proposals.

The government is expected to select the first project targets soon, and the project's feasibility will be a key factor.

This is a report by Oh Dae-seong.

[Report]

The area around the above-ground railway is causing significant inconvenience to residents due to disruptions in living zones and noise.

Five metropolitan local governments have jumped into the railway undergrounding project, which involves moving the tracks underground and integrating the above-ground space for business, residential, and green areas.

In the capital region, Seoul City is targeting about 68 km around the Gyeongbu Line and Gyeongwon Line, while Incheon City and Gyeonggi Province are jointly targeting about 23 km of the Gyeongin Line, along with 12 km of the Gyeongbu Line and 5 km of the Ansan Line within Gyeonggi Province.

They have proposed a total of 108 km of railway undergrounding in the capital region alone.

For the Seoul section, the estimated cost is about 25.6 trillion won.

[Jo Nam-jun/Director of Urban Space Headquarters, Seoul City/Oct. 23: "The project cost is only about 25 trillion won, but the value of the development site is 31 trillion won, so the (procurement ratio) is about 121%, so (we have determined that) the overall railway undergrounding of the Seoul section is feasible."]

Busan City estimates that about 3.6 trillion won will be needed for the undergrounding of approximately 12 km of the Gyeongbu Line, and Daejeon City has proposed the area around Daejeon Station and Daejeon Marshalling Yard, but did not disclose specific project costs.

As such, the principle of railway undergrounding is to cover costs with the profits from above-ground development, but many believe that the feasibility will vary by region.

[Lee Sang-guk/Senior Researcher, Busan Development Institute: "There is a need and hope, but looking at the current real estate situation and loan conditions, will it be easy to develop while bearing such high interest costs? We need to see the market's judgment...."]

Daegu City has determined that it is impossible without national funding and has not taken action.

The Ministry of Land, Infrastructure and Transport will review the project plans, costs, and financial feasibility and select the first project targets by this December.

After that, additional proposal submissions will be accepted, and a comprehensive plan for railway undergrounding, including the routes, is expected to be released by the end of next year.

This is KBS News, Oh Dae-seong.