Government to go ahead with cut in vehicle growth rate this February
Transport Minister Lui Tuck Yew says the government is going ahead with its plan to cut the annual vehicle population growth rate to 0.5% from 1% from this February.
Such a cut will affect the quota for Certificates of Entitlement or COE.
A shrinking supply has already affected prices.
In the latest bidding exercise, COE prices for small cars, for example, climbed to another record high of over $92,000.
Mr Lui said there are no plans to review the system for now.
He said currently about 45% of households in Singapore already own a car.
And the growth of vehicles needs to be constrained, given that land is also scarce with about 12% of space already used for roads.
He said a lot more emphasis should be placed on making the public transport reliable.
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