EXECUTIVE PROPERTY BRIEF
Yongsan:
Two Landmark Opportunities
A decision-ready introduction to The Parkside Seoul, Eterno Yongsan and how an international buyer completes a purchase in Korea.
The decision in one page
Both opportunities are concentrated in the same Yongsan transformation story, but they express it very differently: one is a large mixed-use ecosystem; the other is an ultra-private trophy residence.
Lease a Korean apartment—condo-style housing—before any later ownership decision.
- Korean apartment: proposed 10-year private-rental structure
- Year-ten sale conversion reported as a working plan; terms to be confirmed*
- Officetel: separate ownership product within the mixed-use project
- Rosewood Seoul, retail, work and cultural program
Best suited to a buyer prioritizing a broad amenity ecosystem and long-term optionality over immediate apartment title.
Secure a rare, highly private residence during development.
- Apartment 102-901: KRW 20.0bn · $14,492,754*
- Officetel 201 duplex: KRW 25.0bn · $18,115,942*
- 10% initial deposit; interim payments every six months*
- Target move-in: October 2029*
Best suited to a buyer prioritizing scarcity, architecture and a defined unit, with a staged payment plan through completion.
The Parkside apartment purchase mechanism, payment dates, unit specifications and Eterno completion terms will be confirmed in the final sales documents. We send a detailed information pack on request so you can review everything in writing.
“Apartment” does not mean the same thing in Korea and the United States.
In Korea, apartment describes a residential building category. It does not tell you whether the unit is owned or rented. For an individually owned Korean apartment, “condominium unit” is the closest U.S. shorthand. The Parkside’s proposed ten-year route, however, begins as a lease—not ownership.
Korean apartment (아파트)
Closest U.S. shorthand: condominium unitA Korean legal/building category for multi-family housing with five or more residential floors—not a statement that the unit is rented. When sold separately, the U.S. mental model is an individually owned condo unit with rights in shared parts.
Condominium / condo
An ownership form in U.S. usageUse “condominium unit” to explain an individually owned Korean apartment unit. It is an analogy, not the Korean statutory product name; a Korean apartment can also be held and operated as rental housing.
Rental / lease (임대·임대차)
Occupancy without titleThe tenant receives a contractual right to occupy. The deposit and rent do not normally create ownership equity, and the tenant is not the registered owner during the lease.
10-year private rental
Long-term rental in a condo-style buildingThis is closer to leasing a residence for a long period than buying a U.S. condo. It is not “rent-to-own” unless the final contract grants an enforceable purchase option and clearly states eligibility, timing and price mechanics.
Lease, sale conversion and presale are separate legal moments.
The buyer’s status changes only when the governing documents and title say it changes. Marketing language should never blur a tenancy, a future purchase opportunity and an existing ownership contract.
Sale conversion (분양전환)
Later conversion from rental to unit salesA rental unit may later be offered for sale, but ownership is not automatic at year ten. Confirm whether the tenant has a binding option, a preferential right, a negotiation opportunity or no guaranteed right—and how then-market value is established.
Presale / developer sale (분양)
Purchase contract before or during developmentThe buyer contracts to acquire a unit and usually pays in stages, with title registered after completion and closing. This is fundamentally different from an apartment lease.
Officetel (오피스텔)
No exact U.S. equivalentA business-facility / quasi-housing product commonly used as a residence. It is separately owned like a condo, with registration and use rules that differ from an apartment; we explain the practical differences for your unit in the information pack.
Area language
Exclusive area ≠ marketed areaExclusive area is the private interior basis used for the unit; supplied or marketed area can include allocated common space. One pyeong equals about 3.3058 m². Always compare the same area basis.
It is best described as a proposed ten-year private rental with a reported future sale-conversion plan. How a later purchase would be priced, and what right the tenant will hold, are being finalised and will be set out in the information pack.
Side-by-side
* Commercial information supplied by First Corporation / seller-side materials and subject to contract verification.
Building 102 · Unit 901
- Exclusive area
- 74 pyeong · 244.6 m²
- Marketed area
- 100 pyeong · 330.6 m²*
- Initial 10%
- KRW 2.0bn · $1,449,275
Unit 201 · Duplex
- Exclusive area
- 83 pyeong · 274.4 m²
- Configuration
- Duplex · details TBD
- Initial 10%
- KRW 2.5bn · $1,811,594
Prices in this report are preliminary guidance, not binding quotations. First Corporation currently estimates that approximately five Parkside Suites officetels and approximately four Eterno units remain; the Eterno unit-type mix has not been verified for this report. Inventory can change without notice and must be reconfirmed with the seller or showroom.
Current price sheets, availability, detailed plans, finishes, images and video are available for review inside the respective showrooms. Neither showroom accepts walk-ins: entry is by prior invitation with an agent in attendance. Eterno is handled on an especially private basis, so a pre-arranged showroom briefing is the appropriate verification route. Send your preferred date and time, plus an alternative, for coordination.
Planning rate: KRW 1,380/USD, not a live quote. Replace with the remitting bank’s execution rate before presentation or payment.
Why it matters
The former UN Command site sits immediately alongside the Yongsan Park transformation. The official program brings together Parkside Suites, apartments, Rosewood Seoul, a business center, retail, art and cultural space, The Parkside Way and UN Plaza.
The investment thesis is therefore tied not only to one building, but to the quality and execution of the entire place.
Questions we answer in the information pack
- How does the year-ten purchase opportunity work?
- How is “market price” determined and who appoints the appraiser?
- What are the rent, deposit, escalation, renewal and early-exit terms?
- Which amenities are included, separately charged or hotel-operated?
Ten-year private-rental proposal*
The building type is comparable to condo-style housing, but the resident begins as a tenant without apartment title. Public reporting has described sale conversion after the rental period as a plan under review; the purchase right, eligibility and valuation method will be confirmed in the final documents.
Officetel ownership
Official and First Corporation materials describe 775 units across multiple room types. Registration, financing, leasing and management details for a suite are covered separately in the information pack.
The proposition
First Corporation’s current listing describes two buildings on the former Crown Hotel site, with 29 apartments and four officetels. Apartments are reported at approximately 74–135 pyeong exclusive area. The project continues the Eterno series with Pritzker Prize laureate Rafael Moneo involved in the design.
At this price level, the decision should be driven by the exact unit—view corridor, privacy, arrival sequence, parking, ceiling height, terrace, service area and finish schedule—not the brand alone.
What you receive before the 10%
- The Korean contract, controlled English translation and all attachments.
- The full interim-payment schedule with dates and percentages.
- The completion timeline and handover process.
- What the stated price includes: options, parking, storage and management charges.
- The unit plan, area schedule and finish book.
Single Layer-A · 244.6 m² exclusive
The shared proposal identifies the 74-pyeong exclusive plan as a four-room, 4.5-bath layout with two balconies, an alpha room, butler room, separate laundry and substantial dressing/storage areas. The plan should be attached to the contract with a final area schedule.
Commit in stages through completion.
Why Gangnam, Seocho and Yongsan command a premium
Seoul monitors the three Gangnam districts and Yongsan as a core high-price area, with nearby key districts tracked separately as the “Hangang belt.” River and park adjacency, central access and limited replacement supply concentrate demand and capital. Not everyone wants to live there—but the observed scarcity premium is real.
May 2026 year-on-year; Korea Real Estate Board data published by Seoul.
May 2026 year-on-year; the zone also includes Jongno and Jung.
May 2026 year-on-year; the zone also includes Songpa and Gangdong.
These are transaction-price index changes, not average sale prices and not projected returns for either project. The zone definitions are shown to avoid presenting multi-district statistics as Yongsan-, Gangnam- or Seocho-only results.
Views vary by unit; the wider geography creates a structural premium for limited supply.
BOK notes that self-funded transactions can sustain prime demand during credit tightening.
Rate, policy and redevelopment expectations can move demand before supply changes.
Policy moderates the pace; location endures
Government measures can slow leverage and transaction volume for a period. Bank of Korea research finds that supply and demand, sentiment, economic conditions and interest rates jointly drive prices, which is why the prime-location premium has proven durable across policy cycles.
Ultra-prime new-builds trade infrequently and can move differently from apartment indices. Unit-specific comparables matter more, and we provide them on request.
A straightforward path for an international buyer
Foreign buyers can own property in Korea, and First Corporation coordinates each step with you, your bank and your advisers. The four steps below are the whole journey. The paperwork, costs and timing behind each one depend on the buyer and the unit, so we set them out in a detailed information pack prepared for your situation.
Choose the unit and the buyer name
Select the unit and decide whether you will buy personally or through an entity. We confirm current availability and prepare your information pack.
Review the contract
You receive the Korean contract with a controlled English translation and every attachment. We walk through the terms with you and your advisers.
Pay in stages through your bank
Payments follow the schedule in the contract. We coordinate the transfer route with your bank in advance so each payment lands on time.
Register title and move in
After completion, title is registered in your name and the unit is handed over with the agreed documents, inspection and management set-up.
Apartment vs. officetel
An apartment is housing by legal design. An officetel is an individually owned unit that is commonly lived in as a home, with its own registration and use rules. We explain the practical differences for your chosen unit in the information pack.
Working with your advisers
We are glad to work alongside your lawyer, accountant and bank, and we answer their questions in writing. Independent advice is always welcome before commitment.
Ask us for the full picture in writing before you decide.
The pack covers the ownership route, the costs of buying and holding, the payment schedule and the documents involved for the unit you are considering. Email firstco1600@gmail.com or use the showroom visit request to receive it.
FROM MILITARY BASE TO PUBLIC REALM
Yongsan Park is real—but still evolving.
The central U.S. military garrison has been returning to Korean control in stages. Parts are already temporarily open, including the Yongsan Children’s Garden and former officers’ quarters. The government continues to manage planning, return, remediation and public access.
For a buyer, the park is a powerful long-term adjacency. It is not a finished amenity with a fixed final boundary and completion date. Environmental remediation, phased returns and master-plan changes are worth keeping in view.
Potential view, air and public-realm premium—subject to exact unit orientation and future landscaping.
Established embassy, school, dining and expatriate networks in Itaewon and Hannam.
Access to the CBD, Gangnam, Yeouido and the wider Seoul metropolitan rail network.
What should happen next
You receive
- Detailed information pack for your shortlisted unit
- Current price sheet and availability
- Floor plan, area schedule and finish book
- Payment schedule and completion timeline
- Korean contract with English translation
- Management rules and estimated charges
We arrange
- Private showroom visit with an agent
- Unit-specific view and orientation review
- Written answers to your questions
- Coordination with your bank and advisers
- Support through contract, payment and handover
- Updates as each project milestone is confirmed
You decide
- Lease-first route or ownership now
- Unit, floor and orientation
- Buyer name and ownership structure
- Options, parking and storage
- Timing of the deposit
- Who joins the showroom visit
Compare the two projects once the Parkside apartment terms and the full Eterno payment schedule are in hand.
Both come with the information pack, and together they show whether this is primarily a lifestyle decision, a capital-allocation decision, or both.
Source notes
- The Parkside Seoul — official project site
- Maeil Business Newspaper — reported Parkside 10-year rental / sale-conversion plan (28 May 2025)
- Eterno Yongsan — official project site
- First Corporation — existing project information
- Housing Act — housing, multi-family housing and quasi-housing definitions
- Korean government Easy Law — apartment definition and housing types
- Act on Ownership and Management of Condominium Buildings — sectional ownership
- Special Act on Private Rental Housing — current definitions
- Bank of Korea — Financial Stability Report (December 2025)
- Bank of Korea — Housing price expectations issue note
- Korea Real Estate Board — transaction price index
- Seoul Metropolitan Government — May 2026 apartment transaction-price index (22 Jul 2026)
- Seoul Metropolitan Government — core high-price and Hangang-belt market monitoring (18 Mar 2026)
- MOLIT — Yongsan Park program
- Bank of Korea — daily interest-rate and FX releases
About this brief
This is an introductory brief, not an appraisal, offering memorandum, legal opinion, tax opinion or promise of future value. Figures marked with an asterisk are current working terms and will be confirmed in the official sales documents. We recommend independent advice before commitment and are glad to work alongside your advisers.