Paterson - the King of the Hill
JUST call it the Beverly Hills of Singapore.
It may be less than 250m long, but Paterson Hill has been ranked fifth in a list of the world's top-10 most expensive streets by Billionaire.com, a lifestyle-resource site for high-net-worth individuals.
Using data provided by real-estate consultancy Knight Frank, the site found that the road - home to the very well-heeled, including Facebook co-founder Eduardo Saverin and former Miss Singapore and entrepreneur Rachel Kum - costs an average of $53,300 (US$42,500) per sq m, or $4,952 per sq ft.
In comparison, New York's notoriously swanky Fifth Avenue ranked ninth, with an average price of US$28,000 per sq m. Hong Kong's Pollock's Path in The Peak came in first with an average of US$120,000 per sq m.
Property experts noted that it is likely the presence of one particular development on the street - The Marq on Paterson Hill - which explains the high price point.
SC Global's record-setting property, which is the only condominium there, achieved a record price of almost $6,850 per sq ft for a 3,003 sq ft unit in November 2011. The unit was sold for $20.5 million.
ERA Realty's key executive officer Eugene Lim said: "Property prices in Paterson Hill climbed after SC Global bought Paterson Tower and redeveloped it. The top-three highest 'per sq ft' prices since 1995 belong to The Marq.
"(Even) other exclusive areas, like Nassim and Ardmore, have not seen such high transactions."
Mr Alan Cheong, Savills Singapore's head of research and consultancy, said: "Prior to its launch, the Paterson area - though prime - was still playing second fiddle to the Nassim and Ardmore or Draycott areas.
"Ultimately, because The Marq projected the image that it could punch above its weight, it redefined the area."
DWG executive director Andy Choa said that The Marq helps boost the exclusivity of the area as "there are actually developments in the immediate surroundings, such as Paterson Suites, that are going for half that price, per sq ft-wise".
Mr Nicholas Mak, executive director at SLP International, said that the Paterson area - if The Marq was not in the equation - "is not the most expensive in Singapore, on a 'per sq ft' basis".
He said: "A few condominiums on Sentosa Island, such as Seascape and the Marina Collection, are also selling at the same price range (as other Paterson developments)."
Paterson Hill's proximity to international schools and the main Orchard Road shopping belt adds to its draw.
Mr Mak said: "Yet it is nestled on the 'greener' side of the Orchard belt, where similarly attractive, pure residential addresses along Tomlinson, Leonie, Grange and Bishopsgate are located."
However, Urban Redevelopment Authority figures show that prices at The Marq have been on the decline in recent years.
For this year, the median price per sq ft was $4,046, compared with $4,870 last year.
Still, it remains the King of the Hill.