[Yongsan's Future] The Last Puzzle of Yongsan Development... UN Command Site to be Launched in September

Yongsan Reborn as Seoul's Iconic Spot
'The Parkside Suite' to Launch in September
Post-Sale Possible for Apartments Subject to Pre-Sale Regulation
UN Command Site 1.8 Times Larger Than Transport Ministry Site
Development Guidelines Established for Return Preparation

The final puzzle piece in Yongsan development is the U.S. military return site. Since the opening of Yongsan Park, surrounding sites have been gradually developed, further enhancing their value. Among them, the fastest developing area is the UN Command site. ‘The Parkside Seoul,’ which includes residential, commercial, and accommodation facilities, will be established here. The adjacent Transportation Command site is undergoing the establishment of guidelines in preparation for development after its return.

Perspective view of The Parkside Suites officetel in The Parkside Seoul

The UN Command site (44,935㎡) is prime land located in the heart of Seoul. In 2017, Eleven Construction purchased it from LH for 1.0552 trillion KRW, making headlines. This was 1.3 times the appraised value (about 800 billion KRW) at the time. Construction began in February last year and is scheduled for completion in 2027. Yongsan Eleven, the operator of The Parkside Seoul, plans to start officetel sales as early as this September. The design was changed to increase the number of officetel units from 723 to 776. The planned apartment units for sale are 420. Since it is in an area subject to the pre-sale price ceiling system, the apartments are likely to be sold post-construction. Ten buildings ranging from 7 basement floors to 20 above-ground floors will be built in the Itaewon-dong 22-34 area of Yongsan-gu.

The Parkside Seoul is larger than nearby Nine One (341 units) and Hannam The Hill (600 units), and it has distinct differences compared to these two primarily residential complexes. Park Yong-hoon, CEO of Anbu Real Estate Brokerage, said, "Compared to Hannam The Hill and Nine One, it is developed as a complex cultural facility, making it attractive even to existing residents of Hannam-dong, and there is interest from demand groups wanting to move into Hannam-dong. Although the sales schedule has not been announced, there are steady inquiries more than three times a week from buyers with purchasing power."

The Transportation Command site adjacent to the UN Command site is also a scheduled return site. Located in Dongbinggo-dong 7, Yongsan-gu, it covers an area of 78,900㎡, which is 1.8 times larger than the UN Command site. Currently, the Transportation Command site is used by the U.S. military. Seoul City is preparing a district unit plan to allow for tourism and cultural facilities, as well as complex facilities. The Transportation Command site is expected to proceed with privatization. The appraised value of the Transportation Command site in 2011 was 1.124 trillion KRW.

Seoul City is establishing the ‘Yongsan Park East Zone District Unit Plan’ (total 210,000㎡), which includes the Transportation Command site and other areas deemed urgent for urban planning within the ‘Yongsan Park East Zone.’ This is to develop the east side of Yongsan Park as a hub for culture, leisure, and tourism. Yongsan-gu started the public announcement of the district unit plan at the end of 2022 and has completed reviews such as resident briefings, strategic environmental assessments, and traffic impact assessments. Considering location potential, Seoul City plans to newly designate three areas?the Transportation Command site, the Intelligence Command site (5,625㎡), and the CJ Logistics area (6,331㎡)?as special planning zones.

The CJ Logistics area will introduce urban complex functions to improve living environment functions. The Intelligence Command site will incorporate cultural and leisure facilities linked to Yongsan Park. The Transportation Command site will be developed as an international, cultural, diplomatic, public, and exchange hub, with the installation of public pedestrian pathways connecting to Hannam Nadeulmun. Plans also include connecting to the entrance of the planned Shinbundang Line station to be newly established within the Transportation Command site in 2027. The path connecting the CJ Logistics area, Intelligence Command site, and Transportation Command site will have walls removed to create walking paths and other pedestrian spaces.

A Seoul City official explained, "To secure project feasibility, the Transportation Command site was planned as a complex facility development zone like the UN Command site, allowing for high-density development including residential and commercial facilities. After receiving the land return from the Ministry of National Defense and organizing the land, it will likely be implemented directly by LH or sold, similar to the UN Command site."