We refer to Mr Lim Yao Ho's letter, "Such waste of public resources should be pointed out and put right" (The Straits Times, 27 February 2010). In his letter, Mr Lim questioned the duration for the Certificate of Entitlement (COE) bidding exercises.
The COE bidding exercises are conducted over 2.5 days, usually starting at 12 noon on Monday and ending at 4 pm on Wednesday.
Mr Lim is right in pointing out that most bids are placed on the third day of the bidding exercise. However, about a sixth of bidders also choose to submit their bids early in the first two days of a bidding exercise.
In arriving at the duration for the COE bidding exercise, the Land Transport Authority (LTA) consulted various stakeholders including the motor industry and the participating banks. The duration of 2.5 days from the opening to closing of a COE bidding exercise, was decided to provide both individuals and motor dealers sufficient time to prepare and submit their bids.
We thank Mr Lim for this opportunity to clarify.
DEPUTY DIRECTOR, MEDIA RELATIONS
LAND TRANSPORT AUTHORITY