Dreaming of the World’s Largest Landmark Like the London Eye
Seoul Prepares for Strategic Environmental Impact Assessment Review
Government Private Investment Review to Follow KDI Eligibility Evaluation
Construction Aimed to Start Next Year... Completion as Early as 2028
The London Eye, a giant Ferris wheel in London, UK, completed in 2000, was initially planned to operate temporarily for five years due to concerns that it would spoil the cityscape. However, 25 years later, it has become one of London’s iconic landmarks, attracting 3.5 million visitors annually. Despite the boarding fee reaching around 60,000 KRW, tourists continue to flock to this attraction, which offers panoramic views of central London from a height of 135 meters.
Besides London, many cities have promoted Ferris wheels as regional landmarks. In nearby Osaka, Japan, a 115-meter-tall Ferris wheel opened in 2016 and is currently in operation. Ferris wheels also attract tourists in places such as Nha Trang in Vietnam, the Singapore Flyer, Nanchang in China, and Las Vegas in the United States.
Of course, some Ferris wheels have faced crises as the 'development frenzy' cooled down. The ‘Ain Dubai,’ once the world’s largest Ferris wheel proudly showcased by the UAE (United Arab Emirates), ceased operations about a year after its completion in October 2021. Locally, safety concerns and operational structural issues have been cited as causes.
Seoul is also planning to leap forward as a global city based on a Ferris wheel. The world’s largest ring-shaped Ferris wheel, 'Seoulling,' set to become a landmark of Seoul, is expected to be unveiled as early as 2028. It will feature two 180-meter diameter rings intersecting in an 'X' shape, making it the largest ring-shaped Ferris wheel without spokes in the world.
Last year, Seoul began a strategic environmental impact assessment for the project to build a Ferris wheel in the Peace Park within World Cup Park in Sangam-dong, and recently held a public hearing based on this assessment report. Seoul plans to draft the final version of the strategic environmental impact assessment report, incorporating residents’ opinions from the hearing, and proceed with public inspection. Afterward, once the Korea Development Institute’s Public Investment Management Center (PIMAC) releases the eligibility evaluation results assessing the project’s feasibility, it will undergo a private investment review by the Ministry of Economy and Finance.
If the plan proceeds as scheduled, after the Ministry of Economy and Finance’s review and the Seoul Metropolitan Council’s approval, a third-party announcement will be issued within the year to select a project operator, with construction starting next year. The third-party announcement is a legally mandated public competitive process under the Social Overhead Capital Private Investment Act, where proposals for the project plan are solicited from operators other than the initial proposer, and the best project plan is finally selected.
However, the increased project cost is a burden. During discussions, the design changed from a single ring structure to two intersecting rings, and the project site moved from Sky Park to Peace Park, causing the budget to rise from 400 billion KRW to 1.08 trillion KRW. The involvement of SH Corporation (Seoul Housing and Communities Corporation) as an investor to encourage private sector participation also contributed to the cost increase. This process has led to criticism that Seoul citizens’ taxes are being indirectly invested.
Nevertheless, Seoul expects the Seoulling project to have sufficient feasibility and anticipates passing the eligibility evaluation, which primarily assesses economic viability, without difficulty. Above all, administrative procedures have been shortened by up to about 10 months. This is the result of the government’s support for Seoul’s Ferris wheel project, including the introduction of a fast-track administrative procedure. Normally, administrative procedures before construction take about three years, but the government has agreed to shorten all stages such as private investment eligibility evaluation, private investment project review, third-party proposal announcement, and execution of the implementation agreement.
A Seoul city official stated, "Since the project is still in its early stages, we plan to provide various administrative supports to ensure the Ferris wheel becomes a representative landmark of Seoul by reflecting residents’ opinions. We will also continue to monitor issues raised regarding environmental protection, traffic congestion, and project feasibility."
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