The National Fire Agency said authorities were mobilising 55 rescue workers and 18 vehicles to rescue possible victims.
The collapse happened at Gwangmyeong, a city just south of Seoul.
The city’s officials said authorities earlier withdrew workers from the construction site and stopped traffic around the area after receiving reports that a ventilation shaft at the site was at a risk of collapse.
The officials said it wasn’t immediately known whether any workers re-entered the site. (AP)