Creating a certificate of entitlement (COE) category for car-leasing firms, which bid for vehicles that are later leased out as privatehire cars, will come with trade-offs under Singapore's zero-vehicle growth policy, as it would mean taking COEs from the car COE categories.
If too many are taken from those categories, COE premiums could spike further, said Acting Transport Minister Chee Hong Tat in Parliament on Monday.
Yet, if the authorities do not move enough quota to this category, drivers will have to contend with inadequate vehicles to rent and commuters could be inconvenienced by supply shortages.
The acting minister made these comments in response to questions filed by Mr Gan Thiam Poh (Ang Mo Kio GRC) and Mr Yip Hon Weng (Yio Chu Kang) on COE bidding for private-hire cars.
At the last tender exercise in October, the premium for Category A COES for smaller cars hit a record of $106,000. Records were also set for the sixth consecutive time for the Open category and Category B COES for larger cars.
Mr Chee said that in the last three quarters till October, demand for COEs from car-leasing firms that register vehicles for private-hire cars was lower than that in 2022.
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