Severn Road on The Peak has been named as priciest address in the world - for the second year running, according to Financial News, a sister publication of The Wall Street Journal. Properties on Severn Road were valued at US$78,200 a square metre, up from US$70,000 in last year's survey. Severn Road is the site of about 60 private residences, among them is the 8 Severn Road development, 22 luxury detached homes constructed in 2006 by Sun Hung Kai Properties. The financial publication surveyed real estate agents around the world to compile its 10 most expensive streets. Other addresses include Fifth Avenue in New York, Kensington Palace Gardens in London and Avenue Princesse Grace in Monaco.