Singapore will stop increasing the total number of cars on its roads next year. The government will cut the annual growth rate for cars and motorcycles to zero from 0.25 percent starting in February, the transport regulator said.
“In view of land constraints and competing needs, there is limited scope for further expansion of the road network,” the Land Transport Authority said in a Statement on its website. Roads already account for 12 percent of the city-state’s total land area, it said.
Singapore requires car owners to buy permits-called Certificates of Entitlement that allow holders to own their vehicles for 10 years. These permits are limited in supply and auctioned monthly by the government. At the most recent offering last week, the permit cost $41,617 for the smallest vehicles.