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SG Paterson Hill world's 5th priciest street

Property Here - Tuesday, November 26, 2013

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Paterson Hill in Singapore was recently listed by a Billionaire.com report as the world’s fifth most expensive street with an average price of US$42,500 (S$53,800) psm, or S$4,998 psf.

Hong Kong’s Pollock’s Path on The Peak topped the list followed by London’s Kensington Palace Gardens, with average prices of US$120,000 (S$150,000) psm and US$107,000 (S$133,800) psm respectively.

Avenue Princesse Grace in Monaco clinched third spot while Boulevard du Général de Gaulle, Cap Ferrat in France placed fourth.

The report noted that real estate in the world’s most prestigious streets continues to be in demand despite economic uncertainty and unstable property markets elsewhere.

“This data proves beyond doubt the ongoing appetite for investment in tangible bricks-and-mortar assets amongst the world’s ultra-wealthy,” said Christian Barker, CEO and editor-in-chief of Billionaire.com.

“Although mainstream property prices have taken a hit from the downturn, values on the ‘Billionaire's Rows’ of the world are just as buoyant as ever. At this level, forced sales are almost non-existent and the best properties rarely come to market – making them exceedingly desirable for the few who can afford them.”

The report was based on data provided by property consultancy Knight Frank.