Before 41-year old Shigemi Ito was killed in the infamous Ferrari accident at Rochor Road crash two years ago, the Japanese student promised her parents a new flat. Now, the Japanese woman's elderly parents want the driver's estate to help make good on the gift, reported The Straits Times.

Ms. Ito's parents are seeking more than $700,000 from the estate of Chinese national Ma Chi, who ran a red light in May 2012 while travelling at 178km/h - nearly three times higher than the permitted speed limit - in his $1.8 million Ferrari 599 GTO and smashed into a taxi. The Singaporean taxi driver, Mr. Cheng Teck Hock, was killed along with his passenger, Ms. Ito.

In January, a banker with DBS Bank, Mr. Thio Tse Chong, launched proceedings in the High Court on behalf of Ms. Ito's parents, Mr. Machihiko Ito and Madam Kazue Ito. AXA Insurance Singapore, the insurer of the Ferrari, represented by Mr. K. Anparasan of KhattarWong law firm, is defending the claim on behalf of the driver's estate.

The writ of summons included the ways Ms. Ito, who was studying in Singapore to be an interior designer, had looked after her parents who live in Japan and are now in their 70s. Ms. Ito's parents visited their daughter three to four times a year and each time they received $2,000 to support themselves. They also received a parcel of medical and health supplements worth around $450 around three to four times annually.

Before her fatal accident, Ms. Ito was planning to purchase a residential apartment in Japan for her parents. Valued at approximately $850,000, she had already set aside around $400,000 for the purchase. Other claims include travelling expenses incurred by Mr. Thio and his brother when they went to Japan for Ms. Ito's funeral although it is unclear what is the relationship between the DBS banker and the deceased.

An AXA's spokesman revealed the insurer was in talks with a representative of the family for a resolution that is fair and favourable.