Nine Companies Submit Letters of Intent for Sale of Former Marine World Site in Siheung

Complex Development Planned for 19,140 Square Meters of Commercial Land South of Wolgot Station

Nine companies have expressed interest in purchasing the former Marine World site in Siheung, Gyeonggi Province, which has been left unused for over 16 years since 2009.

On December 3, Siheung City announced that nine companies had submitted letters of intent to participate in the public contest for private developers for the "955 Wolgot-dong Complex Development Project" held last month.

A panoramic view of the site around 955 Wolgot-dong, where Siheung City is conducting a public contest for private developers for a complex development project. Located south of Wolgot Station on the Suin-Bundang Line, it is considered a place with high development potential. Provided by Siheung City

This city-owned land previously housed the amusement park "Marine World," which operated from 1999 to 2008. Since its closure in 2009, the city has made several attempts to sell the site, but faced difficulties attracting private developers, resulting in its use as community gardens and a parking lot.

The site is located in the heart of the commercial district south of Wolgot Station on the Suin-Bundang Line. The surrounding area is densely populated with large apartment complexes and commercial buildings. In particular, Wolgot Station is expected to see the opening of the Gyeonggang Line Siheung-Seongnam section in 2029, which further increases the site's development potential.

The total area of the site is 19,140 square meters. The city is pursuing the sale by dividing the site into two zones: Zone 1 is 14,986 square meters, and Zone 2 is 4,154 square meters. The expected supply prices are 69.3 billion won and 18 billion won, respectively.

According to the results of the letter of intent submissions, five companies applied for Zone 1, and four companies applied for Zone 2. The companies that submitted letters of intent include JLK Holdings, Woomee Construction, Phipps Wave Development, HLD&I Halla, and Donghae Engineering & Consultants.

After a written Q&A process, the city plans to accept business applications on February 25 next year and select a preferred negotiation partner on February 27.

The city expects that, if the site finds a new owner, the Wolgot New Town area will generate new growth momentum.

Lim Byeongtaek, Mayor of Siheung, stated, "This public contest is a project that can strategically improve the urban spatial structure around Wolgot Station in the southwestern region," adding, "We plan to develop it as a smart transportation and housing complex in connection with Wolgot Station, a railway transportation hub, and the Wolgot Station Bio-Specialized District."

However, industry observers note that it remains to be seen whether the submission of letters of intent will actually lead to bids. In a previous public sale conducted by the city in July, eight companies submitted letters of intent, but none proceeded to bid, resulting in the sale being canceled.