Construction will begin next November on a 3.7km road tunnel as part of a US$1.7bn, 32km long combined bridge and tunnel link between Pusan and Koje Island in South Korea’s South Kyongsang province.
The project is being developed by a construction consortium led by GTM of France and including Hong Kong’s Cheung Kong Infrastructure and Daewoo Corporation.
The group has finalised contract negotiations with officials from Pusan and the South Kyongsang Provincial Administration. Under the terms of the deal, construction costs have been slashed by almost US$82M to US$1.04bn, and the GTM group will finance US$1.1bn of the total cost with the balance funded by the South Korean authorities. Completion is due in 2007.
