SINGAPORE - Nearly 30 years ago, the Government refuted a June 1994 Business Times article which stated that certificate of entitlement (COE) prices would soon skyrocket on the back of an imminent shrinkage in supply because of fewer vehicles being deregistered – the main determinant of COE supply.
In a letter to the editor, the then Ministry of Communications (the precursor of the Transport Ministry) argued that fewer deregistrations also meant that fewer people were bidding for COEs to replace their deregistered vehicles.
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