BankBazaar Singapore – January 20, 2018
Singapore: If you were planning to buy a small car in the next three months, you may face some difficulty as the government has reduced the available number of Certificates of Entitlement (COE) for the period.
The Land Transport Authority (LTA) has announced that the monthly COE quota for small cars from February to April is down 7.3% to 3,115 from 3,360 in the preceding three months. LTA defines small cars as those with a maximum output of 1600cc not going beyond 97kW.
The drop brought the average monthly COE quota for all kinds of vehicles down to 8,544. However, there was an increase in the quota for larger cars, which rose to 2,779 from 2,748. Those for buses and vehicles carrying goods rose to 493 from 485. For motorcycles, the figure went up to 1,025 from 1,017.
The announcement follows earlier reports that suggested LTA had planned to halt the growth in the number of vehicles from February this year. This is due to space limitations that restrict efforts to further expand the country’s road network.
Separate reports further show that roads take up about 12% of Singapore’s land currently. Despite an apparent need for the road network to be expanded, the government faces difficulties posed by the limited availability of land and other needs.