As announced by Minister for Transport, Mr Raymond Lim, the annual quota of Certificates of Entitlement (COEs) for Quota Year 2008 (for the period May 2008 to April 2009) will be 115,946. Details of the quota for each vehicle category are at Annex A. Bidding under this quota will start with the April 2008 First Open Bidding Exercise.
The vehicle quota for Quota Year 2008 consists of the following components:
- Provision for 3% vehicle growth based on the vehicle population as at 31 Decembeer 2007;
- Replacement COEs for vehicles expected to be de-registered between January and December 2008; and
- An adjustment component for any over/under-estimation of vehicle de-registration in previous years.
The provision for 3% per annum (p.a.) vehicle growth rate is in line with the Government s commitment to maintain vehicle growth rate at 3% p.a. from 2006 to 2008. As previously announced in January 2008 as part of the the the Land Transport Review, the vehicle growth rate will be reduced to 1.5% p.a. for three years from Quota Year 2009 (beginning in May 2009). The rate will be reviewed thereafter.
In making the adjustments for any over/under-estimation of vehicle de-registration in the year 2007, LTA has factored in the revisions that were made during the mid-quota year review conducted in October 2007. The next mid-quota year review to adjust the COE quota will be conducted in October 2008, so as to better meet demand for replacement of vehicles that are de-registered during the calendar year and minimise the adjustment factor that has to be made to the following year s COE quota allocation.
LTA will announce the COE quota available for the April 2008 first open bidding exercise following the last bidding exercise of the Quota Year 2007 in March 2008.