Zero vehicle growth rate from February 2018 – LTA
Come February next year, the vehicle growth rate in Singapore will be reduced to zero, down from 0.25% - said the Land Transport Society (LTA) in a news release on Monday (October 23).
(Image: karakullake)
Vehicle class falling under categories A, B and D will be affected by this change. Category A refers to cars below 1600cc, Category B refers to cars above 1600cc, while Category D refers to motorcycles. Goods vehicles & buses, falling under Category C, will remain capped at 0.25%. The reason for this is to allow companies ample time to better their efficiency in regard to goods transportation, as well as minimize the number of vehicles they need.
“Today, 12 per cent of Singapore’s total land area is taken up by roads. In view of land constraints and competing needs, there is limited scope for further expansion of the road network”
-Land Transport Authority (LTA)
The vehicle growth rate was last altered in October 2014, in which it dropped from 0.5% to 0.25% per annum. This has been implemented since February 2015 and will be applicable until January 2018. In February 2015, then Minister of Transport has forecasted that the vehicle growth rate will most likely drop to zero.
(Image: channelnewasia)
This is unlikely to impact the Certificate of Entitlement (COE) supply. Furthermore, from the period of November 2017 to January 2018, the COE allocation will be 25,913, based on the current vehicle growth rate. COE bidding exercise will commence on November 2017.
What do you think of this new implementation put forward by the LTA in regard to the Government’s intention of gearing Singapore towards a “vehicle-lite” society?