"Ferris Wheel to Rise on Geobukseom"... Siheung City Launches Full-Scale Development of Stay-Type Tourism Landmark

City to Introduce Ferris Wheel and Amusement Facilities on Geobukseom Island
90-Day Public Tender for Private Investment Open Until August 15
Private Investment Project Launched to Revitalize Geobukseom at Siheung MTV
Aiming to Establish a Signature Visitor-Oriented Tourism Landmark

Siheung City in Gyeonggi Province is launching a full-scale public tender to attract private-sector developers for the creation of a new landmark on Geobukseom Island within the Siheung MTV area.

View of Turtle Island. Provided by Siheung City

On May 19, Siheung City announced that from May 18 to August 15, over a period of 90 days, it will be accepting applications from private operators for the “Geobukseom Tourist Amusement and Leisure Facility (including a Ferris wheel) Development Project.”

This public tender is part of a private investment project utilizing public assets to vitalize Geobukseom Island at Siheung MTV. The goal is to introduce visitor-oriented amusement facilities, such as a Ferris wheel, within the Geobukseom marine leisure complex to boost the local economy and establish a unique tourism hub.

The project site encompasses public land within Geobukseom-dong, including Neighborhood Park at 2726-4 Jeongwang-dong, Siheung City. The city plans to actively incorporate innovative and artistic proposals from private developers to create amusement and leisure facilities with a distinctive character unique to Geobukseom Island.

Siheung City will comprehensively review submitted business proposals, evaluating factors such as project execution capability, development plans, and management and operation strategies, in order to select the final preferred negotiation partner.

Applicants wishing to participate in the tender must first submit a letter of intent to participate between June 1 and 2, in accordance with the tender guidelines. Business proposals must then be submitted in person to the Investment Promotion Division at Siheung City Hall between August 18 and 19.

Kim Chang-Young, Director of Investment Promotion, stated, “I hope that introducing a Ferris wheel and additional amusement facilities, which have long been local residents’ wishes, will serve as a catalyst for revitalizing Geobukseom Island,” adding, “We aim to develop it as a signature tourism hub where visitors can stay and enjoy themselves.”

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