Having a separate COE category for private-hire cars is “not a straightforward exercise”, said the transport minister.
in recent quarters is likely due to strong demand from local individual buyers, and not foreigners or car leasing companies, Transport Minister Chee Hong Tat said in parliament on Tuesday .
The proportion won by car leasing companies, which bid for vehicles that are then leased out as private-hire cars, has also decreased from 26 per cent in 2022 when COE prices were relatively lower, to about 10 per cent this year. If too much of the existing quota from Categories A and B is moved to this new category for private-hire cars, it would reduce the supply in both categories. This could lead to an increase in COE prices for these categories, said Mr Chee.
He asked: “Wouldn't this actually suggest that the car leasing companies do have actually an influence on the quota premium?”“So, this is one indication that the main driver for the increase in COE price is unlikely to be due to the private-hire car leasing companies,” he said.
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