Government to go ahead with cut in vehicle growth rate this February
®Copyright MediaCorp
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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