In our weekly series Unwrapped, TheHomeGround Asia takes a closer look at major stories and happenings that impact Singaporeans.
The certificate of entitlement or COE was first instituted in 1990 to curb car ownership amid the rising affluence of Singapore as a means of controlling vehicle population growth.
Fast forward to today, the COE prices have escalated to giddying heights, with $98,389 being the highest amount at the latest bidding exercise on 6 April.
The Land Transport Authority (LTA) announced today (14 April) that the COE quota will increase by 14.3 per cent for the May to July bidding exercise. That translates to a total of 11,951 COEs made available, up from February to April’s quota of 10,452.
But will that be enough to bring the prices down? Has the escalating COE prices already driven a wedge between the haves and the have-nots in Singapore?