Paterson Hill is world's 5th most expensive street

SINGAPORE'S Paterson Hill has been ranked the world's fifth most expensive street, with an average price of US$42,500 per square metre, or $4,998 per square foot (psf).

The most expensive condominium on this road, The Marq, achieved a record price of $6,850 psf for a 3,003 sq ft unit in November 2011, for a total purchase price of about $20.5 million.

Prices along the road, which is located in District 9 close to Orchard Road and various international schools, have jumped 6.5 per cent in the last year, though this is largely due to the stronger Singapore dollar.

Topping the list in a Billionaire.com report yesterday was Hong Kong's Pollock's Path, with its panoramic harbour view from The Peak, the highest point on Hong Kong island. It has an average price of US$120,000 psm, or US$11,148 psf.

The mountain has long been the stomping ground of Hong Kong's super-rich, and chic new developments on this winding path have pushed prices up by 10 per cent over the past year.

One of these was Skyhigh, a development at number 10-18 Pollock's Path and developed by Hong Kong celebrity Stephen Chow. Apartment No 10 sold for a record HK$800 million (S$128.3 million) two years ago.

In second place on the list was Kensington Palace Gardens in London, followed by Avenue Princesse Grace in Monaco and Boulevard du Général de Gaulle in Cap Ferrat, France.

The report showed that real estate on the world's most prestigious streets to be in demand despite economic uncertainty and unstable property markets elsewhere. Some of the property continue to change hands for high price tags, it said.

"The appeal of super-prime property has rarely been higher," said Liam Bailey, head of residential research at Knight Frank, which provided the data for the report.

"Rising demand for the best properties in the best locations has been set against tight demand, with limited new supply and discretionary owners who seldom feel compelled to sell."