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SINGAPORE - The multimillion-dollar Pagani Huayra supercar owned by beleaguered businessman Ng Yu Zhi was among the $100 million worth of assets seized by the Commercial Affairs Department (CAD), The Straits Times understands. Ng, the 33-year-old director of Envy Asset Management and Envy Global Trading, was charged last week with two counts of cheating fund management firm Envysion Wealth Management and its chief executive, Ms Shim Wai Han, of at least $48 million. Ng also faces two charges of being a party to his two firms, which were operated for fraudulent purposes. At least $1 billion is believed to have been invested with Ng's two firms to purportedly finance nickel trading, making this one of the largest financial fraud cases in Singapore. Industry sources valued Ng's Pagani Huayra - the only one in Singapore - at between $7 million and $8 million. A brand new one would cost about $12 million. ST understands that the car was previously owned by Mr Steven Goh, chief executive of Ossia International. The rare Italian supercar, which was first registered in 2017, was showcased at Envy Motors' showroom, according to the company's Facebook post in October 2019. Accounting and Corporate Regulatory Authority (Acra) records showed Ng as a director of the car dealership from 2018. He was a shareholder of Envy Motors from May 22, 2018, to Oct 30, 2019. Acra records also showed that Ng was involved in Swag EV, which deals with electric scooters, where Ms Shim of Envysion Wealth is also a director. Ng ceased his directorship with Swag EV earlier this month. ST understands that Ng's Porsche 911 GT3 was also seized. Ng's Ferrari 488 Pista Spider and a Toyota Lexus LS500, which came with one of the most sought-after vehicle number plates, S11T, had been sold. A used car dealer who asked not to be named confirmed that he had bought the Toyota Lexus and the vehicle number plate. Ng had apparently paid several hundred thousands of dollars for the car and number plate from the same dealer previously.

It's tough to be rich in Singapore. For the ladies, a pair of classic Louboutin pumps costs US$2,714 here, compared with only US$1,005 in Hong Kong. A Chanel bag comes at US$5,781 versus US$4,921 and a Tiffany 2 carat diamond ring sets you back US$159,910 against US$116,452. For the men, a gold Rolex Oyster costs US$33,341 in Singapore against US$32,207 in Hong Kong and a Cohiba cigar, at US$1,375, is three times as expensive here. And this is before one even touches on high-end property, whose prices have shot through the roof this year. But if it is any consolation, a wedding banquet for 500 at a top Hong Kong hotel would cost US$121,100 against US$67,482 in Singapore while memberships to classy golf clubs also cost almost 50 per cent more there. A Julius Baer Lifestyle index released yesterday has found that the rich in Singapore suffered the highest inflation rate of 13.7 per cent to maintain their lifestyle against their friends in Hong Kong (10.8 per cent), Shanghai (8.8 per cent) and Mumbai (2.6 per cent). This is despite the fact that the Singapore dollar has strengthened more than 5 per cent against the greenback this year. The index, in its second year, comprises 20 items, capturing both goods and services in US dollars, in Mumbai, Shanghai, Hong Kong and Singapore. "Naturally, the selection of items covered in the Julius Baer Lifestyle Index is subject to individual taste. However, the goods and services chosen for the index should better reflect the lifestyle choices and consumption patterns of high net worth individuals than the more traditional consumer price indices available," said Julius Baer. For 2012, the average Julius Baer Lifestyle Index across the four cities rose 8.8 per cent, down from last year's 11.7 per cent. This rate of increase was well above regional, traditional consumer price indices of about 6 per cent, the private bank said. "Singapore was home to the highest price hikes in US dollar terms, followed by Shanghai, Hong Kong and lastly Mumbai. Across the region, the prices of high-end wine, wedding banquets, handbags and business-class air travel underwent the largest increases," it noted. Julius Baer spokeswoman Lim Li Koon said the increase for Singapore is mainly due to the property score, which jumped 35 per cent. Homes of the ultra rich in US dollar terms went from US$9.7 million to US$13 million, she said. Many other items actually saw no change or even slight declines. Jewellery, shoes and handbags, for example, did not change in price at all. Wedding banquets went up 10 per cent, but this happened in most of the cities. Cars also went up another 5 per cent. The Singapore story is skewed heavily by massive property price movement, she added. Stefan Hofer, Julius Baer emerging markets strategist, said driving the index was property and prices of luxury articles which have pricing power compared to services. "For example, watches have been able to increase their prices relative to service providers like lawyers and hospitals," he said. It's still no comfort to the ladies should they suffer the indignity of a fall from their 8-inch heels, as a night in a posh Singapore hospital at US$756 far exceeds Hong Kong's US$464. And if you want to make sure your spouse does not fritter the hard earned cash away, a family lawyer costs US$660 per hour here, almost double that in Hong Kong. One consolation is that a facelift in Singapore at US$2,559 is far cheaper than the other cities. Ditto root canal treatment. So how do the rich cope with the almost 14 per cent inflation? According to David Lim, chief executive of Julius Baer Singapore, they remain conservative in their investments, spending only a fraction of their wealth to maintain their lifestyle. "They're not expecting a 14 per cent return, not becoming more aggressive in their investment approach," he said. They are concerned about inflation and their higher living expenses. "There's a lot of activity going into income and dividend stocks," he added.

Hi all, have a set of ROH 'Envy' 15x7x112pcd rims with Goodyear Eagle German made tires to clear. Rims are in excellent condition except for 1 with kerb rash. Rims & tires have only 5000+ mileage.$200 only Cash & carry. Contact/sms/pm me to deal. Gerald 94244315 See below link of ROH wheels: http://www.roh.com.au/asp/iframe_content/d...ay.aspx?ID=Envy http://www.roh.com.au/asp/product_catalogue.asp

Hi bro, I notice that there has been so many blasting other thread. So to soften the mood, especially since it's christmas around the corner, I just want to start a discussion of car, with pics, that are on the road and we envy with our jaws drop. So do share if ou have any, lets make the owner feel proud of what they have done to their ride that make us envy them or dream to have one for christmas. Enjoy

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