(Image credit: The Straits Times)
An injection of up to 20,000 more certificates of entitlement (COEs) over the next few years.
Announcing this on Oct 29, the Land Transport Authority (LTA) said it is able to increase the vehicle population here by about 2 per cent of current levels as travel patterns have evolved, with the total mileage clocked by vehicles coming down by around 6 per cent from 2019 to 2023.
The new satellite Electronic Road Pricing (ERP) system, also known as ERP 2.0, will enable the authorities to better manage traffic congestion and vehicle usage more effectively by introducing new “virtual gantries”, according to LTA.
The injection of COEs – which grant the right to own a vehicle - is expected to increase the COE supply, though it is unclear at this point how the move will affect premiums.
Asked how it intends to allocate the additional 20,000 COEs, LTA said it would distribute them after reviewing relevant information, including traffic data and the deregistration rate across various vehicle categories.
Source: The Straits Times
