Eleven Construction Yongsan UN Command Site Development 'The Parkside Suite' Scheduled for Sale Next Year

- The Parkside Seoul officetel with 775 units, adjacent to Yongsan Park
- Collaboration with Korea's first Rosewood Hotel, offering 6-star hotel services

Eleven Construction plans to launch sales of ‘The Parkside Suite’ officetel next March, located on the former United Nations Command site, one of the most valuable lands in Seoul. Expected to open a new chapter in domestic residential culture with unprecedented marketability, and having successfully secured real estate project financing (PF) funds, it is anticipated to attract strong interest from buyers.

The Parkside Suite by Eleven Construction is an officetel within ‘The Parkside Seoul,’ a large-scale complex development project on Itaewon-dong, Yongsan-gu, Seoul (UN Command site complex development project), consisting of 775 units. The Parkside Seoul is a large-scale mixed-use development (MXD) featuring officetels, multi-family housing, hotels, offices, and commercial facilities, with Hyundai Construction as the main contractor.

Above all, its outstanding marketability matching the symbolic location is expected to redefine the true standard of ‘high-end.’ In terms of scale, while most high-end officetels in the Gangnam area are small complexes with only one building, The Parkside Suite will be developed as a large-scale officetel with 775 units. Applying officetel regulation relaxations, every unit will have a balcony, enhancing its luxury.

Additionally, the Rosewood Hotel, making its domestic debut, will be located within The Parkside Seoul complex, promising differentiated amenities. Rosewood Hong Kong is an ultra-luxury hotel renowned for its reputation and recognition, having been selected as one of ‘The World’s 50 Best Hotels’ by William Reed Business Media. Accordingly, The Parkside Suite will offer a unique experience managed and operated directly by a 6-star hotel, rather than typical ‘hotel-style’ services.

Collaboration with the UK’s leading design firm Conran and Partners also draws attention. Founded by the late Sir Terence Conran, credited with transforming British lifestyle, the company designed innovative spaces that elevate the prestige of The Parkside Suite. Responsible for the design of common areas and amenities, from floor plans to high-end finishes, it will present a new level of space never seen before. This meticulous design is expected to provide residents with the best lifestyle that can elevate their quality of life to a higher level.

As a mixed-use development (MXD), the complex will also feature commercial facilities spanning 10,000 pyeong (approximately 33,000 square meters) as another amenity. Mixed-use developments refer to large-scale complexes integrating residential, office, commercial, cultural, shopping, and leisure facilities within a city, such as Roppongi Hills in Japan, Rockefeller Center in the USA, La D?fense in France, and Potsdamer Platz in Germany, enabling a one-stop lifestyle without leaving the complex. Furthermore, negotiations are underway with multiple distributors to develop commercial facilities with the high level of completeness seen in Japan and other countries.

The pleasant environment is another point of pride. Adjacent to the site is Yongsan Park, spanning one million pyeong (approximately 3.3 million square meters), where the top-tier product and design are expected to synergize with the natural value of the location. This means a complex facility encompassing all aspects of urban life will be established in the best location.

With project financing (PF) funds successfully secured, the project is progressing steadily. Previously, Eleven Construction successfully raised real estate project financing (PF) funds amounting to 1.3 trillion KRW.

An Eleven Construction official stated, “The Parkside Suite is not just differentiated in visible quality aspects such as materials and exterior, but embodies the identity of living in the reinvented center of Seoul, combined with unprecedented next-level services and creative design. Although sales were initially scheduled for November this year, due to the government’s officetel regulation relaxation allowing balconies in all units and the redesign of amenities to enhance marketability, permits were completed in November, and after model house renovation work, sales have been rescheduled to March next year. Although the delay has increased interest burdens somewhat, we will do our best to provide customers with the highest-level space that is on a different dimension.”