19,140 Square Meters for Mixed-Use Development: Residential, Commercial, and Business Functions Planned
Bidding Open to Top 50 Construction Firms, Either Individually or in Consortiums
Siheung City in Gyeonggi Province has begun the public sale of the former Marine World site in Wolgot New City, which has remained undeveloped for an extended period.
A view of the former Marine World site in Wolgot New City, which Siheung City is promoting for public sale. Provided by Siheung City
On June 30, Siheung City announced the sale of the former Marine World site located at 995 Wolgot-dong, officially launching the sale process. The land, designated as a general commercial area within Wolgot New City, covers 19,140 square meters and has a planned supply price of 88.2 billion won.
This site was previously occupied by the amusement facility Marine World, which has remained vacant since the facility closed in 2008 due to financial difficulties. The site is considered a key transportation hub, as it is located in the Wolgot Station area of the Suin-Bundang Line and will be further connected to major areas in the Seoul metropolitan region once the Incheon-bound KTX direct line and the Gyeonggang Line Siheung?Seongnam section open. It is also adjacent to the 235,780-square-meter Wolgot Station area urban development project zone being promoted by Siheung Urban Corporation.
Since 2009, the city has attempted to sell the site a total of nine times but has not found a buyer. Efforts to develop the land into a park through direct development were also initiated but ultimately halted.
Through this public sale, the city plans to pursue a mixed-use development that incorporates residential, commercial, and business functions. The sale will be conducted through a 'private proposal competitive bidding' method. The city will evaluate both the business plan and the land price to determine the successful bidder. To ensure public interest, required facilities such as sports facilities and public-use spaces have also been included as evaluation criteria.
Eligibility to participate requires a consortium composed of either a single corporation or multiple corporations, with at least one construction company ranked within the top 50 in the comprehensive construction capability assessment. The city will accept letters of intent to participate over two days, July 10 and 11, and will receive business proposals on October 13. After evaluation, the city plans to select a preferred negotiation partner within October.
Lim Byeongtaek, Mayor of Siheung, stated, "Through the sale of this site, we aim to create a landmark befitting the center of Wolgot New City and revitalize the local economy."
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