Yes, the true. It's called COE - Certificate of Entitlement. You don't even get the certificate because it's all electronic record. This is from something more recent.
http://time.com/money/4716340/worlds-most-expensive-city-cost-of-living-car-ownership/
AND there are still people with expensive taste evidently here:
http://www.sgcarmart.com/news/events_features.php?AID=3240