Seoul City and Hyosung Group signed an agreement Thursday to normalize an artificial resort island on the Hangang River that has been idle for two years due to corruption and contract irregularities.
The city government said Floating Island, called sebitdungdungseom in Korean, would partially open within the year before entering full-fledged operations next year. It will be run by FLOSSOM, owned by Hyosung, for 30 years and then transferred to the city.
The 20,382-square-meter landmark was built in September 2011 as part of former Mayor Oh Se-hoon’s Hangang Renaissance Project.
Located near the southern end of Banpo Bridge, the 139 billion won ($128 million) manmade island consists of three sections for conventions, art exhibitions and recreational activities.
Its opening was suspended as the city failed to find an operator and construction of its bridge was delayed.
When Floating Island was temporarily in operation in 2011, it attracted 2,000 people a day on average.
Performances, exhibitions and water leisure sports will be available after the remaining interior work is completed by next year, the city said.
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