Nickel trade fraudster Ng Yu Zhi’s Frankel Estate house hits the market at $12.3 mil

/ EdgeProp Singapore |

February 10, 2025 12:43 PM SGT

The semi-detached house at Coldstream Avenue (pictured, right) is on the market for $12.3 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)

A semi-detached house on Coldstream Avenue, located in the prestigious Frankel Estate in the East, has been listed for $12.3 million.

A property title search reveals that the house is under the control of the trustees for the estate of Ng Yu Zhi (Huang Youzhi), the alleged mastermind behind a $1.46 billion nickel investment fraud that ensnared around 1,000 investors. Ng was declared bankrupt on December 22, 2022, after liquidators of his companies, Envy Asset Management and Envy Global Trading, sued him and three others.

The sale notice for the property at Coldstream Avenue showed that it was rebuilt in 2018. It sits on a freehold site of 4,548 sq ft, with a floor area of 6,189 sq ft across 2½ storeys. The house features spacious living areas, six en suite bedrooms, a study, a private lift servicing every floor, and a car porch wide enough for two vehicles.

Read also: [UPDATE] La Salle Street bungalow for sale at $22 mil

The $12.3 million asking price for the Coldstream Avenue house translates to $2,704 psf. This reflects a 53.7% increase from its initial purchase price of $8 million ($1,759 psf) in August 2020, according to a caveat lodged at the time.

The $2,704 psf asking price for the Coldstream Avenue property aligns with recent listings of semi-detached and detached houses in the Siglap landed housing neighbourhood in the East, which includes Frankel Estate and Opera Estate.

For instance, a five-bedroom semi-detached house in Frankel Estate was recently listed for $9.18 million ($2,697 psf). The property sits on a freehold site of 3,404 sq ft with a floor area of 7,000 sq ft. Meanwhile, a detached house at Siglap Hill, featuring 10 bedrooms and nine bathrooms, is on the market for $13.5 million ($3,048 psf). The house sits on a land area of 4,429 sq ft with a floor area of 8,615 sq ft.

District 15 - among the most popular landed housing districts

Based on URA data, overall landed home prices have risen by 38% over the past five years, from 1Q2020 to 4Q2024.

Huttons’ 4Q2024 Landed Housing Report, released on Feb 10, highlights that District 15 (East Coast area) was the second most popular district for 999-year leasehold and freehold semi-detached houses in 2024. It was also the most popular district for detached houses last year, according to Lee Sze Teck, Huttons Asia's Senior Director of Data Analytics.

Transactions of 999-year Leasehold and Freehold Semi-Detached Houses in Top 5 Districts in 2024

Transactions of 999-year Leasehold and Freehold Detached Houses in Top 5 Districts in 2024

Singapore’s biggest Ponzi scheme

Between October 2017 and February 2021, Ng offered investors the chance to profit from trading physical nickel through his companies, Envy Asset Management and Envy Global Trading. However, no actual nickel was ever bought or sold. Instead, earlier investors were paid using funds from new investors. The scheme, considered Singapore’s largest Ponzi operation, ultimately collapsed.

Prominent victims of the scam are Temasek International’s head of investment stewardship (formerly Temasek International’s general counsel) Pek Siok Lan, former Law Society president Thio Shen Yi, and Vickers Venture Partners founder Finian Tan, according to The Straits Times.

He went on trial in the High Court in late November, facing 42 charges of cheating, forgery, fraudulent trading, money laundering, and criminal breach of trust. Another 66 charges have been stood down. The trial, expected to last more than 50 days, is set to resume this month.

Ng paid $5 million for a 99-year leasehold intermediate shophouse on Bussorah Street in the Kampong Glam Conservation Area in July 2020 (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Luxury cars, property, art and jewellery

Ng has also reportedly been accused of misappropriating company funds and using illicit gains to purchase expensive artworks, properties, luxury cars, and jewellery.

Between December 2019 and February 2021, he reportedly spent over $21 million on 20 luxury cars. These included a Pagani Huayra Coupe priced at $7.1 million, a Rolls-Royce Phantom for $2.1 million, and two Lamborghinis—an Aventador SVJ and a Huracan Evo RWD—which cost a total of $1.9 million.

Over $20 million was spent on four prime properties purchased between June and November 2020. Ng paid $8 million ($1,759 psf) for a freehold semi-detached house on Coldstream Avenue (District 15), $5.6 million for a freehold apartment on Emerald Hill Road (District 9), and $1.97 million for a freehold condo on Jervois Road (District 10).

He also paid $5 million for a 99-year leasehold intermediate shophouse on Bussorah Street in the Kampong Glam Conservation Area. In January 2024, Ng faced additional charges for attempting to sell the Bussorah Street shophouse. A property title search indicates that the shophouse is now held by joint and several private trustees managing Ng’s bankruptcy estate.