On the afternoon of 1 p.m. on the 26th, the artificial island 'Turtle Island' located in Jeongwang-dong, Siheung, Gyeonggi Province, was quiet. Turtle Island is a 325,208-square-meter artificial island created by Siheung City in 2020 with a budget of 560 billion won, located on the northern tidal flat of Lake Sihwa at the complex industrial complex Sihwa Multi Techno Valley (Sihwa MTV).

On the 26th, at 2 PM, the view of a commercial building located on Geobuk Island in Jeongwang-dong, Siheung, Gyeonggi. The emergency exit lights dangle precariously from the wires. /Courtesy of Reporter Park Ji-yoon

On the right side of Turtle Island, which resembles a turtle lying down, the artificial surfing park 'Wave Park,' said to be the largest in Asia, is in operation. However, despite the favorable weather for surfing, the number of customers enjoying the surf was around 10. Wave Park became a topic of conversation recently as it was mentioned that Lee Jae-myung, a candidate for the Democratic Party of Korea presidential election, attracted it to Turtle Island during his time as the governor of Gyeonggi Province.

Wave Park has been open for about four years, and construction on the surrounding new commercial buildings has been completed. However, most of the shops on the first floor were closed, and there was only a layer of dust stuck to the glass doors. According to Siheung City, the vacancy rate of commercial properties on Turtle Island reached 87% as of January this year, with only 13% of the 3,253 total stores occupied.

On the 26th, at 1 PM, the view of the artificial surfing spot Wave Park located in Jeongwang-dong, Siheung, Gyeonggi. /Courtesy of Reporter Park Ji-yoon

A representative from a real estate agency in Jeongwang-dong noted, "Despite the strong development impetus of Wave Park, Turtle Island has been hit hard by the impact of COVID-19 and the real estate market downturn, leading to many vacant commercial properties currently." They added, "In summer, there is a significant customer attraction effect as visitors come for surfing and children use the wave pool, yet the commercial area has yet to be properly established."

They said, "There are a few cafes selling coffee and bread or convenience stores where one can buy ramen near Wave Park, but there are hardly any restaurants where one can have a proper meal. After enjoying water activities, most visitors tend to leave Turtle Island and head over to Oido for further spending."

On the 26th, at 2 PM, the view of a commercial building located near a mixed-use complex in Jeongwang-dong, Siheung, Gyeonggi. /Courtesy of Reporter Park Ji-yoon

In reality, checking out shops near the mixed-use complex being built midway through Wave Park revealed a sparse presence of real estate agencies, convenience stores, and cafes on the first and second floors.

However, on the left side of Turtle Island behind Wave Park, shops with views of the sea and yachts moored were vacant even on the first floor. In one shop, the emergency exit lights were hanging by a wire, and the glass was left broken. Some entrances leading to the commercial parking lots were also blocked.

On the 26th, at 3 PM, the outer glass of the first floor of a commercial building located on Geobuk Island in Jeongwang-dong, Siheung, Gyeonggi, is broken. /Courtesy of Reporter Park Ji-yoon

A property buyer at one of the shops on Turtle Island remarked, "Although Wave Park, marketed as Asia's largest, first, and best artificial surfing park, has been completed, the commercial area has dried up to the point of being desolate." They added, "There are so few people that even real estate agencies are going out of business. "

Currently, most of the shops on Turtle Island have completed construction, but lawsuits between buyers and the construction and management firms are rampant. In January, 21 buyers of the 'Wave M East Neighborhood Living Facility and Accommodation Facility' filed a complaint against the developer DIO with the Siheung Police Station for violations of building distribution laws.

On the 26th, at 2 PM, the view of a commercial building located behind Wave Park in Jeongwang-dong, Siheung, Gyeonggi. /Courtesy of Reporter Park Ji-yoon

B said, "The Ferris wheel construction project that was promoted to be coming during the pre-sale is now in a standstill." They continued, "Recently completed commercial buildings on Turtle Island have also received usage permits, but the construction status is lacking, making it impossible to operate." They added, "Currently, buyers are filing collective lawsuits against the project developers, construction companies, and others for issues related to poor construction, inadequate supervision, and the lack of usage permits for deficient buildings."

Given the situation, some of the commercial properties on Turtle Island are eventually ending up in auctions. According to the online public asset disposal system 'Onbid,' the commercial spaces on the 2nd and 3rd floors within Sihwa MTV in Jeongwang-dong, Siheung, have each been passed over 12 times. Currently, both spaces are preparing for the 13th bid at a minimum bidding price at 25% of their appraised value.

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