When the latest result came out yesterday for the COE bidding, the Cat A COE is valued at only $2. Today, there's reports that car-dealers and the LTA are surprised at this and that this is nothing but a freak result.
Sorry but I don't think so.
Everyone expected the COE to go down, not to $2 but it was going to go down. There are various problems in Singapore right now ranging from the deficit, the minibond saga, the credit woes, and lay-offs; the COE price was going down. Couple all these with the fact that Singapore has an excellent public transport system (despite all the bitching by Singaporeans), a car in Singapore is more of a luxury than a necessity. In tough times, luxury are the first to go. So sorry LTA, $2 is not a freak result.