The accident took place at a junction near the Raffles Hospital, an area known for being an accident black spot.
The other vehicles involved in the crash were a taxi and a motorbike.
Sadly, the 52-year-old driver of the taxi was killed, as was his 20-year-old female passenger. The man on the motorbike miraculously managed to survive.
A passenger in the 599 GTO was seriously injured but also managed to survive, reports the Straits Times.
The driver of the Ferrari was identified as 31-year-old businessman Ma Chi. Both Chi and the driver of the taxi, father-of-three Cheng Teck Hock, were stuck in their vehicles after the crash and died before paramedics could extricate them.
While police are still investigating the incident, witnesses claim the Ferrari driver ran a red light and crashed into the taxi, which then hit the motorbike. From the extent of the damage sustained by the Ferrari, it's likely some speed was involved.