Drilling in old concrete
Not in direct contact with grade there going to rot?
Only way to make them work would be to use a band of PVC lumber around the bottom, Z moulding then the wood siding. Plain and simple wood in direct contact with any grade is going to rot.
How do you plan on roofing that?
What's the black thing sticking out of the top?
How do you plan on accessing that area for service?
The newer pressure treated wood is treated with copper, reguler galvinized fastners will rust off in no time.
I would not have not used them but the only ones I know of that would work are hot dipped, not eletro plated.