Jakarta, CNBC Indonesia – Singapore has a street that has earned the title as the most expensive street in the world. This title is given because the road is access from a row of houses worth trillions of rupiah. That road is Nassim Road.
Nassim Road has a long history and is closely related to a Jewish businessman from India, namely Nissim Nassim Adis. The Singapore National Library page also describes the figure of Adis.
Adis is a Jewish businessman from birth to death in India. He founded an investment company called Adis & Co., in 1876. This company later became a money-making machine for Adis.
In 1893, Adis came to Singalura. At that time he wanted to start a new career as a broker after his business went into trouble due to the economic crisis. There he lived in a residential area formed by the British colonial government which was previously a wilderness.
Over time, among other residents, only Adis stood out due to his success. It is said that this is where the origin of the name Adis as a street identification in his residential area, namely Nassim Road. But, why can it be so exclusive?
Please note, Singapore is a fairly small country with an area of 782.6 km², slightly larger than Jakarta Province with an area of 661.5 km². Although small, many people live there. As a result, the consequence is limited land.
As a result of not being able to build horizontal housing, Singapore’s housing solution is a vertical form. At this point, it becomes clear why the housing on Nassim Road has soared in price. Yes, because it is a horizontal housing which has many advantages in conditions of narrow land.
This is where Business Insider said the exclusivity of Nassim Road was created. With the existence of a horizontal residence plus being located in the middle of modern Singapore (located between the Orchard Road shopping center and the Singapore Botanic Gardens), practically house prices there have skyrocketed. The case is the same as the reason for the high price of houses in the Menteng area because it is in the center of Jakarta. Only rich people could afford it.
According to Business Insider’s records, the cheapest house there costs US$ 45 million or Rp. 683 billion. Meanwhile, the most expensive is US$ 72 million or Rp 1 trillion. However, in 2019 there were rumors that the most expensive house there was valued at US$ 170 million or Rp. 2.5 trillion, which was purchased by Facebook Co-Founder Eduardo Saverin.
Not only Caucasians can buy a house there. There are also Indonesians who dare to have a house there. He is Stephen Riady, son of Mochtar Riady, founder of the Lippo Group who is one of the richest people in Indonesia. He bought a house designed by French architect Jean Francois Milou for US$ 70 Million in 2019.
However, not only filled with private homes, Nassim Road is also enlivened by embassy offices. It is noted that the embassies of Russia, the Philippines and Japan are in the most expensive region in the world. So, it’s no wonder that Nassim Road is the best investment place. The price of the land will continue to rise so that it can be passed on to future generations.