SINGAPORE – When the Vehicle Quota System – or the COE system – was introduced in April 1990, it took just four years for car certificates of entitlement to reach a shocking all-time high of $110,500 in November 1994.
Premiums plunged immediately to a more palatable $65,000 the following month, ahead of measures to curb speculative bidding behaviour which exerted a huge social cost.
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