Hotel-like officetel, commercial facilities directly operated by Shinsegae
Sales prices starting from 3 billion KRW... Interest from foreigners and corporations
Yongsan Park views and balconies for all units... Hidden kitchen, no extra options
"This is 'the last masterpiece of Yongsan.' It is the first high-end officetel facing Yongsan Park. Officetels are also exempt from loan regulations." (The Parkside Seoul sales representative)
A luxury officetel priced at over 2 billion KRW per 3.3 square meters will be built on the prime land of the former UN Command site in Hannam-dong, Seoul. Eleven Construction is launching sales for 'The Parkside Suite.' The site will also feature a Rosewood Hotel and commercial facilities operated by Shinsegae. Even before the official launch, figures from the business and entertainment sectors are showing significant interest.
On the afternoon of July 9, most visitors to the 'The Parkside Seoul Gallery' model house in Yeoksam-dong, Gangnam-gu, Seoul, had made reservations to tour the units. The gallery features a scale model, a video introducing the project, and sample units of 56A, 74A, and 105 square meters.
Chairman Eom Seokoh, who developed The Parkside Seoul, purchased the UN Command site in 2017 for over 1 trillion KRW. The location is considered not only the heart of Seoul but also exceptional in terms of geomancy, as it sits where mountains and water meet. Chairman Eom is known to have meticulously inspected details such as the marble, entrance doors, and shoe cabinets installed in each unit during the preparation for sales.
Hotel-like officetel, commercial facilities directly operated by Shinsegae
'The Parkside Seoul' is a mixed-use complex consisting of residential, commercial, hospitality, office, and cultural facilities. The officetels currently for sale are located to the right of the main entrance, spanning 7 basement levels to 20 above-ground floors, across 4 buildings, and comprising 775 units. The first basement level will house amenities such as a fitness center, spa, golf practice range, and lounge, as well as a large market and F&B facilities operated by Shinsegae.
The Parkside Suite aims to provide 'hotel services' rather than simply a 'hotel style.' Rosewood staff will directly manage the exclusive amenity facilities for officetel residents. Shinsegae will directly operate the premium retail space on the first basement level and the commercial facilities on the 1st to 4th floors above ground. A sales representative explained, "Rosewood Hotel will provide direct services, not just management. Purchasers will also receive Rosewood Hotel membership for 10 years. We have also signed a 10-year contract with Shinsegae, which will curate the tenants and brands for the commercial spaces."
The parking lot will be located on the 5th and 6th basement levels and will feature a straight 'speedway' design. There are also plans to introduce robotic parking and robotic delivery services.
Sales prices starting from 3 billion KRW... Interest from foreigners and corporations
The Parkside Suite is priced at over 2 billion KRW per 3.3 square meters of exclusive area. Prices range from 2,983 million KRW (53 square meters) to 18,507 million KRW (185 square meters A). For the most common unit sizes: 56㎡A is priced between 3,256 million and 3,460 million KRW, 74㎡A between 4,416 million and 4,596 million KRW, and 99㎡ between 6,804 million and 7,435 million KRW. The penthouses (183 and 185㎡) are priced in the 18.3 to 18.5 billion KRW range.
As a rare mixed-use development in Hannam-dong, combined with its location and symbolic value, the project is attracting strong interest from celebrities, chaebol families, and corporations. A sales representative said, "Many inquiries are coming from those considering establishing a corporation to purchase, due to differences in tax treatment for corporate buyers."
In particular, officetels are excluded from the loan regulations announced on June 27. They are not subject to limits on interim and balance payment loans. Buyers pay 10% as a down payment, 60% as interim payment, and 20% as the balance. Foreigners and corporations can sign a contract with just a 20% down payment.
Yongsan Park views and balconies for all units... Hidden kitchen, no extra options
As the complex faces Yongsan Park, medium and large units of 94, 99, 103, and 105 square meters offer permanent park views. The H-shaped layout also allows some 53㎡ units to overlook Yongsan Park. All units feature high ceilings and balconies, alleviating the typical cramped feel of officetels.
The 56㎡A unit is a 1.5-room type, with an island dining table between the kitchen and living room, a dressing room next to the master bedroom, and a hotel-style separation between the bathroom and toilet. The 74㎡A unit has two bedrooms and a living room, with an optional guest bathroom. The island dining table includes a built-in wine cellar and oven. The 105㎡ unit offers Yongsan Park views from both the living room and master bedroom, and features a side balcony in addition to the living room balcony. Some units are equipped with a 'hidden kitchen'?a kitchen space that looks like a wall when the door is closed. Options such as a guest bathroom and built-in master bedroom closet are available at no additional cost. Windows are by Schueco of Germany, and built-in appliances are provided by Samsung, Miele, De Dietrich, and Sirius.
A sales representative said, "Units of 53-56㎡ and 99-105㎡ are the most popular. Although the penthouses are expensive, there are only two, and they are not counted as residential properties, so some see them as a 'lottery ticket.'"
The Parkside Suite will begin accepting applications on July 15. There are 27 unit types, divided into 5 groups by size, and each applicant may apply for only one group. Twenty percent of all units will be allocated with priority to residents of Yongsan-gu. For units of 53-105㎡, a deposit of 3 million KRW is required to apply, while penthouses of 185 and 183㎡ require a deposit of 30 million KRW. If an applicant applies for more than one group, all applications will be invalidated.
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