Even then, the quota across all COE categories is just 11,019 between August and October. This translates to 3,785 COEs in Category A and 2,816 in Category B, spread over six biddings – a small number compared with high COE supply years.
For example, from November 2018 to January 2019, the total quota was 30,143, including 10,894 in Category A and 7,414 in Category B. In those months, Category A prices were under S$30,000 and Category B premiums were under S$35,000.
HOW FAR WILL PRICES FALL?
Beyond supply, there are other factors affecting COE prices and how much they fall, experts said.
Singapore’s transport system, land use and travel behaviour affect demand for private cars, Assoc Prof Theseira said.
“When people live, work and play in ways that benefit greatly from private car ownership, demand for cars goes up. If their needs can be met by public transport better, then car demand falls,” he said.
For example, condominiums used to be built to be accessible by private cars, but today, many developments are integrated with public transport or are close to bus and train stations, he said.