The outline of the giant Ferris wheel planned to be built in the Sangam-dong area by the Seoul Metropolitan Government has been finalized. It will take the form of a ‘Twin Wheel,’ the world’s first design featuring two intersecting rings. Based on the proposal submitted by a private business operator last month, the city plans to request verification from the Ministry of Economy and Finance early next year to accelerate the project.
On the 3rd, Seoul announced that it has received the first proposal for the ‘(tentative name) Seoul TwinEye,’ a complex cultural facility including a ‘giant Ferris wheel’ to be constructed in the Peace Park within Sangam World Cup Park, and will begin full-scale project promotion. Detailed plans may change following verification by the Ministry of Economy and Finance and a third-party public announcement.
In March, as part of the ‘Great Hangang Project,’ the city announced plans to promote a private investment project to build a giant Ferris wheel with a creative spokeless ring design in the Sangam-dong area, including World Cup Park. In September, the project passed the Ministry of Economy and Finance’s ‘Private Investment Project Review Committee,’ establishing a legal basis to stably proceed under the ‘Private Investment Act on Social Overhead Capital (hereinafter referred to as the Private Investment Act).’
The ‘(tentative name) Seoul TwinEye Consortium,’ which submitted a proposal for the giant Ferris wheel private business operator recruitment that began in September, is a consortium consisting of SH Corporation, The Reits, and three other companies, and submitted the proposal to Seoul City on the 29th of last month. This consortium holds the status of the first proposer under the Private Investment Act. SH Corporation called for joint business proposers to participate in the giant Ferris wheel project in September this year, evaluated two consortia in total, selected this consortium, and submitted the proposal last month.
A bird's-eye view of the Ferris wheel proposed by the (tentative name) Seoul TwinEye. [Image provided by Seoul City]
The ‘Seoul TwinEye Consortium’ proposed the giant Ferris wheel ‘Seoul TwinEye’ in the form of two intersecting rings in the area around Nanji Pond in Peace Park (Sangam-dong, Mapo-gu) within World Cup Park, reflecting the basic direction announced by the city while considering accessibility and project costs.
Seoul initially conducted comprehensive technical reviews, including ground surveys, targeting ‘Sky Park’ and confirmed that stable construction of the giant Ferris wheel was possible. However, to allow private business operators to make optimal proposals considering accessibility, feasibility, and project costs, the target area was expanded to include the entire ‘World Cup Park area,’ including Sky Park.
After preliminary review by the Seoul Public Investment Management Center (S-PIMs) this month, the city plans to submit the proposal to the KDI Public Investment Management Center (PIMAC) around next month for thorough verification of project eligibility. After verification, a ‘third-party public announcement’ will be conducted to select a preferred negotiation partner. The third-party public announcement is a legal open competition procedure under the ‘Private Investment Act on Social Overhead Capital’ that invites proposals from operators other than the first proposer and selects the best project plan.
The proposal (draft) includes a giant Ferris wheel design with a diameter of 180 meters. It is the world’s largest spokeless design and the world’s first twin wheel form with intersecting rings, featuring 64 capsules that can accommodate 1,440 passengers per cycle. The consortium proposed an idea where the two intersecting rings enhance seismic and wind resistance safety and increase business feasibility by utilizing the inner and outer wheels to raise simultaneous passenger capacity.
The giant Ferris wheel will be elevated up to 40 meters above ground to maximize unobstructed views, and the lower part is proposed to be actively used as an exhibition and cultural space. The plan includes ▲performance and exhibition halls (exclusive area of 13,126㎡) ▲convenience facilities (exclusive area of 7,853㎡) ▲other support facilities (exclusive area of 2,296㎡) ▲ancillary and leisure facilities (fountains, zipline, monorail, etc.).
Not only the interior of the building but also the surrounding green space will be developed into a cultural facility showcasing large-scale performances and exhibitions, with restaurants and commercial facilities arranged. Utilizing Nanji Pond, a world-class fountain show will be presented, creating a water space that offers visitors a relaxing rest area. The plan also includes constructing a monorail to provide convenient access from World Cup Stadium Station on Subway Line 6 to the giant Ferris wheel.
Hong Seon-gi, Director of Future Space Planning at Seoul City, said, “The (tentative name) Seoul TwinEye will be developed not only with an original design but also with public interest to become a landmark and tourist attraction in Seoul.” He added, “We will fill various parts of Seoul with creative spaces to make Seoul a city full of fun and charm 365 days a year.”
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