By Zeinab Yusuf Saiwalla
THE Republic's most expensive residential real estate, The Marq on Paterson Hill, was ranked sixth in a global comparison of record transactions in the top 10 "world class" cities, according to a recent study by international real estate adviser Savills.
No previous-year data was available as this was the first time Singapore was included in the rankings.
With a hefty price tag of £3,400 (S$6,606) per square foot, the luxury residence developed by SC Global Developments hit the headlines when the transaction was made in 2011.
"The sharp rise in high-end prices for The Marq captured our attention, which deservedly entered Singapore into the ranking," said Savills Singapore research head Alan Cheong.
It is no wonder then, that it made it to the league of the most expensive homes in top world cities.
The league table shows the top three "world class" cities closely grouped with records set at over £8,000 psf.
London's Kensington Garden Palace continued to hold top spot for the fourth year, after setting a record-breaking price of £8,500 psf for a home in 2008.
Following closely behind was the transaction for a house in Hong Kong's Deep Water Bay Road, which sold at £8,400 psf and an apartment in New York's 15 Central Park West which fetched a price of £8,300 psf. Both were transacted in 2011.
"Seven out of 10 of the record transactions were undertaken within the last two years and six out of the 10 properties were new builds. The fact that these prices have been achieved during the global residential market's most turbulent times illustrates the autonomy with which the billionaire market operates, fuelling the very top of the market," said Yolande Barnes, director of Savills global research.
This article was first published in The Business Times.