Turtle Island’s Ghost Town Status: A Development Project Adrift

Siheung Turtle Island, an ambitious artificial island development in Gyeonggi Province, South Korea, is facing a severe crisis marked by high vacancy rates and stalled projects. Originally envisioned as a marine leisure and tourism hub, the island is now largely deserted, sparking political scrutiny and raising questions about the future of the 560 billion won ($410 million USD) investment.

The Rise and Fall of Turtle Island

Created in 2020 by Siheung City on the northern tidal flat of Lake Sihwa, Turtle Island spans 325,208 square meters. Initial plans centered around a large-scale surfing facility, dubbed “Wave Park,” and a variety of commercial and leisure attractions, aiming to capitalize on the growing popularity of surfing. Democratic Party presidential candidate Lee Jaemyung championed the project during his tenure as governor of Gyeonggi Province.

A High Vacancy Rate and Political Fallout

Still, the reality on the ground is starkly different. Recent reports indicate a commercial property vacancy rate approaching 90%, effectively turning the area into a “ghost town.” The People Power Party has responded by forming a “Special Committee for Fact-Finding on the Turtle Island Corruption Allegations,” drawing parallels to previous development scandals in Daejang-dong and Baekhyeon-dong. The committee will investigate potential corruption related to the Wave Park and the overall development of the island.

Design Flaws and Seasonal Limitations

Broadcasters like YTN have highlighted fundamental flaws in the island’s design. The surfing facility, intended to be a year-round attraction, is largely limited to summer operation due to the seasonal nature of the sport. Plans for complementary attractions, such as a large Ferris wheel, marina and children’s park, have been delayed or canceled, leaving little to attract visitors during the off-season. The commercial district, accounting for nearly 40% of the island’s total land area, suffers from a lack of supporting infrastructure, with business facilities comprising less than 10% of the total.

Financial Distress and Forced Sales

The financial difficulties of the development are evident in the recent forced public sale of a core development site. The site was seized by the National Tax Service due to unpaid taxes, and multiple attempts to find a buyer have failed. The Yeongdeungpo Tax Office is now actively collecting assets through the tax collection process.

Public Reaction and Future Prospects

Despite attempts by the city to revitalize the area with temporary attractions like skating rinks and sledding hills, public response has been lukewarm. Merchants who invested in the project are facing significant hardship. City officials acknowledge the challenges and state they are “preparing alternatives and measures,” but concrete solutions remain elusive.

Key Takeaways

• Turtle Island, a large-scale development project in South Korea, is struggling with extremely high vacancy rates.
• Political scrutiny is increasing, with allegations of potential corruption being investigated.
• Design flaws and seasonal limitations have hampered the island’s ability to attract visitors.
• Financial distress has led to the forced sale of key development sites.