Pioneering hotelier Sonnie Lien Tiong Wah was killed after he was knocked down by a car along Holland Road on Monday night.
Mr Lien, who was the son of late entrepreneur, banker and philanthropist Lien Ying Chow, had dinner at his son's home and was walking to catch a cab home when the accident happened.
He suffered injuries to his hands, but died later at the National University Hospital (NUH).
He was 79.
His nephew, retired banker Vincent Lien, 52, told Shin Min Daily News his uncle did not drive to his cousin's home on Monday.
The younger Mr Lien said it was the driver of the car who called the emergency services for help.
Police confirmed that they received a call on Monday at 9.38pm, asking for help "at the junction of Ulu Pandan Road and Holland Road" and established that an accident involving a car and a pedestrian had occurred.
The driver, a 60-year-old man, has been arrested for "causing death by a negligent act".
Investigations are ongoing.