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06-05-2015, 07:00 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
http://www.straitstimesreview.com/20...d-214-million/ (http://www.straitstimesreview.com/2015/05/06/may-coe-result-lta-collected-214-million/)
May COE Result: LTA collected $214 million
admin (http://www.straitstimesreview.com/author/admin/) / 1 hour ago May 6, 2015 (http://www.straitstimesreview.com/2015/05/06/may-coe-result-lta-collected-214-million/)
In the latest Certificate of Entitlement (COE) bidding result for the month of May, the Singapore Government Land Transport Authority collected more than $214 million from successful bidders.
QuotaQuota PremiumTotal Bids ReceivedNumber of Successful BidsUnused Quota carried forwardAmount
Collected ($)NON-TRANSFERABLE CATEGORIESCategory A
(Cars up to 1600cc & 97kW 130bhp))987$68,589.00289114386$98,630,982.00Catego ry B
(Cars above 1600cc or 97kW (130bhp))728$77,600.0016319340$72,478,400.00Catego ry D
(Motorcycles)285$6,512.0046232113$2,090,352.00TRAN SFERABLE CATEGORIESCategory C
(Goods vehicles and buses)194$50,098.005453703$18,536,260.00Category E
(Open)176$78,004.004452902$22,621,160.00Total Collected:$214,357,154.00
The COE system is a car population control system where the number of cars are set by the number of quota without regards for the price. This resulted in prices skyrocketing as everyone bid for the price.
There have been many complains about the COE system because it is blind to nationality (foreigners have equal access to private vehicles as citizens) and affordability to the general populace. It is believed the Singapore COE system is skewed towards the rich people as they can purchase multiple cars at the same COE prices. The COE system also disregard the background of the COE bidders, which is largely unfair to families, say with elderly or young children, who find it very inconvenient to commute on Singapore’s overcrowded public transport.
http://www.straitstimesreview.com/wp-content/uploads/2015/05/coe.png (http://www.straitstimesreview.com/wp-content/uploads/2015/05/coe.png)Screenshot from Onemotoring.com.sg
Another common complain about Singapore’s COE system is that it disregard common sense pricing. Take the Category D Motorcycles for example, a typical low cost motorcycle would cost around $3800 but the COE price is 50% more expensive than the price of the motorcycle itself. Another example, is that the low discrepancy between a Category A vehicle and a Category B vehicle. Category A vehicles are meant for luxurious vehicles yet the taxes for them is only 36% higher than Category B vehicles which are meant for the middle and low income. This pricing system is clearly divorced with reality and defeated the purpose of having COE prices.
The increase in COE prices correlates with the increase in foreigners in Singapore, yet the COE pricing system does not give citizens any discount. Does the Singapore Government look like they are putting Singaporeans first here?
May 6, 2015 (http://www.straitstimesreview.com/2015/05/06/may-coe-result-lta-collected-214-million/) in Featured (http://www.straitstimesreview.com/category/featured/). Tags: COE (http://www.straitstimesreview.com/tag/coe/), LTA (http://www.straitstimesreview.com/tag/lta/)
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?206215-May-COE-Result-LTA-collected-214-million&goto=newpost).
http://www.straitstimesreview.com/20...d-214-million/ (http://www.straitstimesreview.com/2015/05/06/may-coe-result-lta-collected-214-million/)
May COE Result: LTA collected $214 million
admin (http://www.straitstimesreview.com/author/admin/) / 1 hour ago May 6, 2015 (http://www.straitstimesreview.com/2015/05/06/may-coe-result-lta-collected-214-million/)
In the latest Certificate of Entitlement (COE) bidding result for the month of May, the Singapore Government Land Transport Authority collected more than $214 million from successful bidders.
QuotaQuota PremiumTotal Bids ReceivedNumber of Successful BidsUnused Quota carried forwardAmount
Collected ($)NON-TRANSFERABLE CATEGORIESCategory A
(Cars up to 1600cc & 97kW 130bhp))987$68,589.00289114386$98,630,982.00Catego ry B
(Cars above 1600cc or 97kW (130bhp))728$77,600.0016319340$72,478,400.00Catego ry D
(Motorcycles)285$6,512.0046232113$2,090,352.00TRAN SFERABLE CATEGORIESCategory C
(Goods vehicles and buses)194$50,098.005453703$18,536,260.00Category E
(Open)176$78,004.004452902$22,621,160.00Total Collected:$214,357,154.00
The COE system is a car population control system where the number of cars are set by the number of quota without regards for the price. This resulted in prices skyrocketing as everyone bid for the price.
There have been many complains about the COE system because it is blind to nationality (foreigners have equal access to private vehicles as citizens) and affordability to the general populace. It is believed the Singapore COE system is skewed towards the rich people as they can purchase multiple cars at the same COE prices. The COE system also disregard the background of the COE bidders, which is largely unfair to families, say with elderly or young children, who find it very inconvenient to commute on Singapore’s overcrowded public transport.
http://www.straitstimesreview.com/wp-content/uploads/2015/05/coe.png (http://www.straitstimesreview.com/wp-content/uploads/2015/05/coe.png)Screenshot from Onemotoring.com.sg
Another common complain about Singapore’s COE system is that it disregard common sense pricing. Take the Category D Motorcycles for example, a typical low cost motorcycle would cost around $3800 but the COE price is 50% more expensive than the price of the motorcycle itself. Another example, is that the low discrepancy between a Category A vehicle and a Category B vehicle. Category A vehicles are meant for luxurious vehicles yet the taxes for them is only 36% higher than Category B vehicles which are meant for the middle and low income. This pricing system is clearly divorced with reality and defeated the purpose of having COE prices.
The increase in COE prices correlates with the increase in foreigners in Singapore, yet the COE pricing system does not give citizens any discount. Does the Singapore Government look like they are putting Singaporeans first here?
May 6, 2015 (http://www.straitstimesreview.com/2015/05/06/may-coe-result-lta-collected-214-million/) in Featured (http://www.straitstimesreview.com/category/featured/). Tags: COE (http://www.straitstimesreview.com/tag/coe/), LTA (http://www.straitstimesreview.com/tag/lta/)
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?206215-May-COE-Result-LTA-collected-214-million&goto=newpost).