The cost of relocating the main bases of the United States Forces Korea (USFK) from the capital area to Pyeongtaek, Gyeonggi, was estimated to be 8.89 trillion won ($8 billion), according to the USFK Base Relocations Office at the Ministry of National Defense on Mar. 29.
The office said the relocation is expected to complete in 2016.
The figure is 3.3 trillion more than the amount approved by the National Assembly about six years ago.
At a media briefing held at the base's construction site in Pyeongtaek, on Mar. 29, the office said construction costs would be about 5.03 trillion, an increase of about 587 billion won.
The office said inflation played a role in the increased cost, but the office had expected other costs to come into play, and funds were reserved to help cover the increase.
Apart from construction costs, relocation-related costs will be about 3.86 trillion won, the office said.
The office said Korea and the U.S. have agreed to finish building the Pyeongtaek base by 2015 and relocate U.S. military personnel to the new base by 2016.
In 2004, Korea and U.S. agreed that Korea would pay to cost of construction of new bases in Pyeongtaek.
Under the agreement, USFK headquarters, currently located in Yongsan District, central Seoul, and nine other major U.S. military bases in Seoul and the northern Gyeonggi area would be moved to Pyeongtaek.
At the time 5.59 trillion won was approved for the relocation, including 4.44 trillion won for construction and 1 trillion won for land purchases in Pyeongtaek, along with other management costs.
A total of 226 buildings, taking up about 3.3 square kilometers (815 acres), will accommodate about 17,000 U.S. soldiers in Pyeongtaek.
RoK MoD
