Jamus Lim Highlights How Skyrocketing COE Prices Impact All Singaporeans, Not Just the Wealthy

SINGAPORE: Workers’ Party MP Jamus Lim (Sengkang GRC) recently shed light on how soaring Certificate of Entitlement (COE) prices impact Singaporeans beyond just affluent individuals. In a Facebook post on Wednesday (Nov. 22), Assoc. Prof. Lim addressed the issue, which was part of a broader motion on the cost of living crisis that the Workers’ Party presented in Parliament earlier this month.

“Some may wonder if COE prices are just the concern of elites. I don’t think so,” Lim wrote. “Two in five households own a car, many of whom are regular families with young children, for whom a vehicle is essential to run errands, attend classes, or manage work and medical appointments. High COE prices don’t only affect car buyers; they also increase the costs of taxis, rideshares, and even motorcycles,” he added.

Assoc. Prof. Lim stressed that high COE costs have driven up transportation expenses overall, noting that recent record-high COE prices have gained international attention. In response, he shared a series of infographics detailing solutions he proposed in Parliament to address the issue and emphasized the importance of having opposition voices in these discussions.

He proposed segmenting the COE market to better target specific needs, including separate categories for commercial vehicles and Electric Vehicles (EVs). He also suggested removing private hire vehicles from regular COE bidding, restricting car dealers from bidding directly, and requiring second car purchases to fall under an open category.

Assoc. Prof. Lim also proposed measures to address the impact of COE prices on motorcycle owners, many of whom come from lower-income households. “A vote for the incumbent PAP is for more of the same,” he said, underscoring that while the COE system once served its purpose, reform is needed to relieve the financial pressure on regular families, young adults buying their first home, and lower-income households facing high costs for necessities like water and electricity.