Impact of Measures to Cool Prices in Vehicle Industry

Mr R Dhinakaran asked the Minister for Transport (a) what impact has the cooling measures for the vehicle industry introduced this year had on vehicle ownership in Singapore; and (b) whether the Government is planning for any additional measures in the foreseeable future.

The Minister for Transport (Mr Lui Tuck Yew): Mdm Speaker, in February 2013, the Government announced vehicle loan restrictions to encourage financial prudence among motor vehicle buyers. Subsequent to the announcement, the COE prices for vehicles fell and they have since risen but they have generally stayed below their peak level prior to the introduction of the restrictions. The Government has no plans to introduce additional cooling measures in the foreseeable future.