Singapore street among top 10 world's most expensive

PHOTO: Singapore street among top 10 world's most expensive

SINGAPORE - A street in Singapore has been named the fifth most expensive in the world by Billionaire.com.

Paterson Hill, a street just off the shopping district in Orchard Road, is said to be home to some of the richest people in Singapore, including Facebook co-founder Eduardo Saverin. Entrepreneur and former Miss Singapore Universe Rachel Kum is also believed to own property on the high-end residential street.

According to the website, homes on the street have an average price of $53,800 per square metre.

Luxury apartments on Paterson Hill are sought after for their excellent location, breathtaking views and posh nosh facilities. The republic's most expensive residential property, The Marq on Paterson Hill, was also named sixth most expensive in the world with a price of S$6,606 per square foot recorded last year.

This year's most expensive list, compiled based on Knight Frank statistics, was topped by Hong Kong's Pollock’s Path, a luxury residential estate on The Peak with homes averaging at $150,ooo per square metre. In second place was London's Kensington Palace Gardens, where property prices can go up to $243 million.