Yongsan UNC Site's 'The Parkside Seoul' Sees Strong Contract Momentum

"The Parkside Suites," the first residential offering at "The Parkside Seoul," an ultra-luxury mixed-use complex being developed on the former United Nations Command (UNC) site in Yongsan, Seoul, is showing exceptional sales momentum in the high-end residential market with contracts proceeding smoothly. Notably, all penthouse units were fully contracted shortly after sales began, creating a symbolic success story.

"The Parkside Seoul" on the Yongsan UNC site is a large-scale park-front mixed-use development (MXD) project that combines extensive parkland with international business and commercial functions. The project is characterized by its unprecedented scale and scarcity value rarely seen in central Seoul. Combining Rosewood Seoul hotel, high-end residences, premium retail, and cultural and F&B facilities, it aims to become a new lifestyle hub where residents can address living, working, and leisure needs in one location.

The project focuses on creating a "park-front city within the urban center" through pedestrian and spatial connectivity with Yongsan Park and the future international business district. The Parkside Seoul is expected to establish itself as a core landmark in central Seoul, attracting global capital and high-income professional demand beyond being merely a residential complex.

**High-Income Buyers Focus on 'Symbolic Asset' Facing Yongsan Park**

Industry experts cite a "combination of scarcity factors" as the driver behind The Parkside Suites' strong performance. Analysis suggests that "locational scarcity (Yongsan Park), product scarcity, and future value as a mixed-use asset" worked simultaneously. Certain unit types offering permanent, unobstructed views directly facing Yongsan Park particularly attracted high-income end-user interest, and the symbolism and exclusivity of limited ultra-luxury residential supply are credited with driving demand.

Just as Manhattan's 57th Street luxury residences adjacent to Central Park attract global asset holders, "The Parkside Seoul" facing Yongsan Park is increasingly seen as likely to emerge as a new axis of wealth in Seoul.

**Differentiated Status as Urban Mixed-Use Development (MXD)**

The Parkside Suites comprises 775 units ranging from 53 to 185 square meters in exclusive area. Being developed on the Yongsan UNC site—one of the last large-scale mixed-use sites remaining in central Seoul—the project is evaluated as significant for securing differentiated status as an urban MXD rather than simply a luxury officetel.

**New Lifestyle Created by Shinsegae Department Store and Rosewood Seoul**

The entire approximately 16,470-square-meter commercial facility within The Parkside Seoul complex will be operated under consignment by Shinsegae Department Store, to be completed as a premium retail hub combining F&B, lifestyle, and cultural content. "The Parkside Club," an exclusive community for residents, will be directly operated by global luxury hotel brand Rosewood Seoul, delivering a world-class high-end lifestyle.

**Proof That Central Park-Level Residences Are Possible in Seoul**

A real estate industry official said, "Like ultra-luxury residences facing New York's Central Park, 'park-front high-end' properties adjacent to parks in urban centers always command premiums," adding, "With the symbolism of Yongsan combining with MXD future asset value, The Parkside Seoul has high potential to establish itself as a 'Seoul-style landmark residential asset.'"

An Eleven Construction official also emphasized, "The smooth contract progress despite the ultra-high-end pricing demonstrates market confidence in The Parkside Seoul's future value," and "The Parkside Seoul will be recognized as Korea's only mixed-use asset of its caliber that maintains value over time."