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Subscribe to this list via RSS Blog posts tagged in public transport

Singapore road trafficSingapore’s first quarter GDP 2013 posted a growth of 0.2% as compared to Q1 of 2012, and 1.8% as compared to the previous quarter Q4 2012, helped by the unexpected surged in stock market trading and other financial services. Singapore STI current stands at about 3393 points which is one of the highest in recent past 5 years and breaking previous limits of about 3200 points. The highest limit STI went up to was about ~3800 points in Oct 2007 before the financial crisis.

 

The surprise growth as compared to the same quarter in 2012 also saw car COE prices rebounding upwards. Except for Cat C (Goods Vehicle and Buses) which post a drop of $162, all other categories have posted an increase in COE premium ranging from $1840 to $5604. This is equivalent to a rise of about 2.8% to 8.3%. Cat B (Car above 1600 cc) saw the sharpest rise in premium of $5604/8.3%.

 

COE Bidding Results May 2013

CAT A     Car (1600cc & below) & Taxi

 

Quota Premium

Change

Prevailing Quota Premium

Quota

Bids Received

$64,839

Up $1840

 

$71,306

333

888

 

  CAT B     Car (Above 1600cc)

 

Quota Premium

Change

Prevailing Quota Premium

Quota

Bids Received

$67,304

Up $5604

 

$74,428

332

749

 

  CAT C     Goods Vehicle & Bus

 

Quota Premium

Change

Prevailing Quota Premium

Quota

Bids Received

$56,889

Down

 $162

$55,165

233

288

 

  CAT E     Open

 

Quota Premium

Change

Prevailing Quota Premium

Quota

Bids Received

$66,701

Up $4,400

-

251

466

Not only are consumers charged with high COE car prices that would even shock Fast and Furious stars Vin Diesel, Michelle Rodriguez, Gina Carano and Luke Evans, consumers also saw a rise in car financing interest rates. Banks and financial houses offering car loans have raised interest rates financing to about 2.68%.

 

The rise in interest rates came on the back after the Singapore government announced cooling measures in late February to cool the motor vehicle market, restricting the amount of financing that banks and finance houses can grant to car buyers. Car owners are expected to pay an increase in financing cost of at least 40% – 50% depending on the loan tenure and quantum of financing taken up.

 

And with the mobile ERP coming up, it seems like owning a car in Singapore is going to cost you not anything less than an arm or leg. Unless you strike lottery or have a rich dad, the most logical decision that would give you the most value out of your hard earned money would be taking public transport and cross your fingers that the train does not break down on you AGAIN.


Appendix: Other supplementary Singapore GDP statistics:

GDP

LAST

PREVIOUS

AVERAGE

 

UNIT

REFERENCE

FREQUENCY

GDP GROWTH RATE

1.80

3.30

5.20

 

Percent

Mar/2013

Quarterly

       

 

     

GDP ANNUAL GROWTH RATE

0.20

1.50

4.54

 

Percent

Mar/2013

Quarterly

       

 

     

GDP PER CAPITA

33529.83

32537.76

13907.50

 

USD

Dec/2011

Yearly

       

 

     

GDP PER CAPITA PPP

61103.36

57901.56

28642.70

 

USD

Dec/2011

Yearly

       

 

     

GROSS NATIONAL PRODUCT

341640.90

331346.70

92973.42

 

SGD Million

Jun/2012

Yearly

       

 

     

GDP

239.70

222.70

51.84

 

USD Billion

Dec/2011

Yearly

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