Daewoo Engineering & Construction said on the 10th that it terminated its construction contract for the private investment facility project to build the Budaeang–Hongdae metropolitan railway, which runs from Daejang New Town in Bucheon, Gyeonggi Province, to Hongdaeipgu Station in Mapo District, Seoul.
Daewoo Engineering & Construction said, "We first signed the construction prime contract on June 28, 2024, and the contract was terminated the day before as we transferred our 14% equity stake."
Earlier, Daewoo Engineering & Construction formed a consortium in 2020 and was selected in 2023 as the preferred negotiating partner. Daewoo Engineering & Construction aimed to start construction in 2025 and open in 2031, but ultimately decided to withdraw from the project.
A Daewoo Engineering & Construction official said it was "a portfolio adjustment for selection and concentration," adding, "While fulfilling our role as lead manager for the Dongbu arterial road and the GTX (Great Train eXpress)-B line, we decided to focus our capabilities this year on the Gadeokdo and Wirye–Gwacheon metropolitan railway projects."