Ulsan Unveils Sails for 'Cable Car Project'

Daewangam Park Marine Cable Car, Yeongnam Alps Cable Car Development Accelerates
August Private Investment Attraction Third-Party Proposal Announcement ... Construction in 2022, Operation in 2023

Location map of Ulsan Daewangam Park Sea Cable Car.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Ulsan City has set sail on the 'Cable Car Project' it is promoting to revitalize tourism.

On the 6th, Ulsan City announced that it will intensify the 'Daewangam Park Marine Cable Car' and 'Yeongnam Alps Cable Car' projects.

The city has completed the feasibility review of the 'Daewangam Park Marine Cable Car Development Project' and will receive business plans from private operators other than the original proposer. To evaluate these business plans, a public competitive procedure, the third-party proposal announcement, will be held in August.

This project is a fully privately proposed investment project and is not subject to feasibility review under the Private Investment Act, but to verify the validity of the proposal and the suitability of the project, a review was requested from the Ulsan Institute in August last year.

The review results showed that the project is feasible based on a comprehensive evaluation including policy analysis applying the Korea Development Institute (KDI) preliminary feasibility general guidelines and regional balanced development analysis.

Accordingly, Ulsan City plans to proceed with administrative procedures such as selecting the preferred negotiator and signing the implementation agreement after the third-party proposal announcement in August, followed by the urban management plan decision and implementation plan approval in 2021.

Once the administrative procedures are completed, construction will begin in 2022, and cable car operations will start in 2023.

According to the private proposal for the Daewangam Park Marine Cable Car Development Project, a total of about 50 billion KRW will be invested, with a cable car of total length 1.26 km and a zipline of 0.94 km from Daewangam Park to the Goneul district section, along with upper and lower stations.

Location map of Ulsan Yeongnam Alps Cable Car.

Additionally, the Yeongnam Alps Cable Car project will announce a third-party proposal in mid-August to attract private operators in Ulju-gun.

This is seven months after the private investment eligibility analysis for the Yeongnam Alps Cable Car project received a positive determination in December last year.

The Yeongnam Alps Cable Car project, which began in the 2000s, faced difficulties in project promotion and was converted to public development from 2013 due to residents' demands. It proceeded to detailed design commencement in 2017 but faced a crisis in June 2018 when the Nakdong River Basin Environmental Office issued a 'disapproval' notice during the main environmental impact assessment consultation.

However, in June last year, a private operator expressed the intention to simultaneously promote the Daewangam Cable Car and Yeongnam Alps Cable Car projects and pursued design changes different from the public development plan, giving the Yeongnam Alps Cable Car a new turning point.

According to the business plan proposed by the private proposer, about 50 billion KRW will be invested for a 1.68 km extension from the Complex Welcome Center to Ganwoljae section. Ulju-gun decided to promote the Yeongnam Alps Cable Car project as a fully private investment based on the existing private investment eligibility review results.

Ulju-gun announced that after the third-party proposal announcement and selection of the preferred negotiator by October, construction will begin in 2022, and operations will start in 2023.

Officials from Ulsan City and Ulju-gun said, "We expect effects such as symbolic status as a tourism landmark representing Ulsan, revitalization of the local economy, provision of tourism experience facilities for socially vulnerable groups, and increased tourist inflow."

This content was produced with the assistance of AI translation services.