During a Channel NewsAsia Ask Minister programme, Transport Minister, Lui Tuck Yew, advised that aspiring car owners should hold on their car purchases till 2014 when the COE suppply increases.
At the same time he also stressed that the government is doing its utmost to improve public transport and make it as convenient as possible. Discussed during the program were also his views on several transport issues, from free train rides to making roads safer for cyclists.
In the recent COE bidding exercise, COEs in the Cat A (for cars 1600cc and below) cost nearly $17,000 more than cars in the Cat B (for cars above 1600cc). According to Mr Lui, it will take several bidding cycles over the next few months before COE premiums stabilise.