Parc1 will be a US$1.5-billion shopping/hotel/office complex to be realized by Skylan Properties Korea Ltd., a foreign-invested property development and management services group with offices in Seoul, Beijing and Kuala Lumpur. Completion is slated for 2012. Morgan Stanley, a leading global investment bank, has been engaged as the financial advisor to arrange financing for the project.
Parc1 is now being built on the current Tongil Parking Lot site, a 46,465 square metre piece of prime real estate set between financial and residential districts and bordering Yeouido Park.
With its combination of office towers, hotels and retail outlets, Parc1 aims to be the first facility in Seoul to offer visitors a venue for recreation, shopping and work, that will match top-of-the line complexes such as Pacific Place in Hong Kong and be comparable with those in regional hubs like Singapore and Dubai.
Designed by architect Lord Richard Rogers, chief architectural advisor to the mayor of London, the central structure will be a six-story glass mall, offering space for 400 stores.