There are trade-offs to having a separate Certificate of Entitlement (COE) category for private-hire cars (PHC), Acting Transport Minister Chee Hong Tat said in Parliament on Monday (Nov 6). Such a plan, he said, can risk COE prices to spike further. Premiums for COE, which form a big chunk of a car's final price tag, have been hitting new highs...
There are trade-offs to having a separate Certificate of Entitlement category for private-hire cars , Acting Transport Minister Chee Hong Tat said in Parliament on Monday .Premiums for Cat A closed at a record $106,000, up from S$104,000 in the last exercise.MP Gan Thiam Poh and Yip Hon Weng suggested having a separate COE category for car-leasing companies that bid for vehicles that are then leased out as PHCs.
"The data shows that COE prices have gone up in a period where demand from car-leasing companies has come down, so it is unlikely that they are the main factor for the increase in COE prices," Chee said. Chee said: "If we move too much of the existing quota from Cat A and B to this new category for PHC companies, it will further reduce the supply in these categories and there is a risk that COE prices may spike further.
Chee said that his ministry will study if there are further options beyond COE bidding to address the needs of car-leasing companies.On Nov 4, LTA announced that the supply of COEs for cars and commercial vehicles will be given a boost over the next three months with the injection of an extra 1,614 certificates to the pool.
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