Fast Market Research recommends "South Korea Infrastructure Report Q1 2014" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 12/09/2013 -- The South Korean construction sector has recovered strongly in Q213, due primarily to a surge in activity in the residential building sector. Despite this better-than-expected performance, we continue to expect construction activity to experience only a mild recovery this year and to stumble beyond 2013. This is primarily because of our downbeat outlook towards all of South Korea's construction sector drivers -namely, weak macro fundamentals for residential buildings, poor export outlook for non-residential buildings, and declining government spending on infrastructure.
Key growth drivers over the previous quarter that impact infrastructure development:
- In August 2013, Siemens had completed the Dangjin 3 combined cycle gas-based power plant in August 2013 with GS Engineering & Construction and GS EPS. GS E&C and Siemens companies were jointly responsible for the managed turnkey construction of the plant, with Siemens also responsible for supplying the power generation equipment and commissioning the plant.
- In September 2013, construction works commenced on a new US$2.5bn international terminal at the Incheon International Airport (ICN) in late-September. The new terminal, known as Terminal 2, is part of ICN's third phase expansion plan, which started in 2011 and is projected to cost US$4.5bn. In addition to Terminal 2, the third phase involves the construction of a second transportation centre and ancillary infrastructure such as a traffic network, a second airport control tower, train station and parking facilities. Once completed in 2017, the terminal is expected to increase the airport's annual passenger capacity from 44mn passengers to 62mn and its annual cargo capacity from 4.5mn tonnes to 5.8mn tonnes. ICN is South Korea's principal international airport, and had completed the second phase of the expansion plan by building a third runway and concourse in June 2008.
- In September 2013, a South Korean consortium led by Korea Midland Power (Komipo) started the construction of an 800MW combined cycle gas-based power plant in Seoul. The ground facilities, which are currently in operation, would be converted into a cultural complex, involving sports facilities, a library, museum and a performance center. POSCO E&C consortium will be responsible for the construction of the KRW1.02trn plant. Additionally, the project would be designed by KEPCO E&C, while the main equipments would be supplied by Doosan Heavy Industries. The plant is scheduled to commence operations by September 2016.
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