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  • Dec 23, 2014
  • Updated: 5:00am
PropertyHong Kong & China

Pollock's Path on Peak world's priciest street

PUBLISHED : Thursday, 21 November, 2013, 2:47am
UPDATED : Thursday, 21 November, 2013, 2:47am

Pollock's Path on the Peak, a traditional luxury location in Hong Kong, has been ranked the most expensive residential street in the world, with an average property price of US$120,000 per square metre, according to a study by Billionaire.com using data provided by real estate consultancy Knight Frank.

The average price of property on the path is US$13,000 per square metre more than second-placed Kensington Palace Gardens in London, the study showed.

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

Singapore's Paterson Hill was the fifth most expensive street in the world, with an average property price of US$42,500 per square metre, the study showed. Fifth Avenue in New York ranked only ninth, with an average of US$28,000 per square metre.

In the wake of a recession that knocked as much as 40 per cent off the price tags of global prime property, the world's wealthiest individuals are buying homes on top streets for higher-than-ever prices, Billionaire.com said.

"The appeal of super-prime property has rarely been higher," said Liam Bailey, the head of residential research at Knight Frank.

"Rising demand for the best properties in the best locations has been set against tight demand, with limited new supply and discretionary owners who seldom feel compelled to sell."

Prices on Pollock's Path, which have risen 10 per cent in the past year, are rivalled by those on neighbouring Severn Road and Barker Road, but chic new developments on the winding path have pushed up prices.

Skyhigh, a development at 10-18 Pollock's Path undertaken by celebrity Stephen Chow Sing-chi, is one of the most prestigious developments on the path, according to the study.

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This article is now closed to comments

johnyuan
A decade or so ago, I came to know the famous Chef Wong who turned to become a property developer and who bought a property at Pollock Road/Path. I made a design proposal which reflected the command of a 360 degree view of Hong Kong by virtue of its location at a peak. It took a donut plan stacking up five levels on five giant pillars. Five units each occupied a complete floor with a circular swimming lane lining in the inner edge of the donut ring.
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The plan was rejected. Instead Wong had the land subdivided into five parcels. The proposal for the five residences couldn’t be anything but a group of townhouses tightly packed with each other.
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This news makes me to revisit the experience and still find how strange it is to make the environment at the Peak a city. But if you know Chef Wong or the likes, you know it is inevitable.
jd.salinger.3154
Hate to break it to you, boys. This type of "study" is meaningless. London is just an average city, it has always been. No match for Paris or Milan, unless you consider the cottage pie a type of haute cuisine. The Peak is alright, but Hong Kong is going nowhere until it develops its own version of the Museum Mile like the Fifth.
johnyuan
jd..
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I doubt that Hong Kong even with its museums will be in the league of word’s city. New York City despite having the world’s most number of billionaires (Hong Kong second), it’s an egalitarian city. It is a city with a high degree of tolerance for differences in education, economic means and culture. The city is continuous over centuries governed by able mayors with foresights. Soon, New York City will move one step forward with time in developing computer science with a new campus under construction right in the heart of the city. Rightly New Yorkers mostly are happy people who love their city. Their admiration for the city had decades ago expressed and much copied by others with a logo of a heart in a hearty slogan – I love New York. May New York always inspire other cities to follow. ..
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