Bloomberg, 5 Jun 2012A 25 percent jump in residents in seven years, coupled with the world’s highest proportion of millionaire households, has fueled a 10-fold surge in license prices over three years. The government said last week it will postpone plans to cut the number of permits available and slow traffic growth, responding to the outcry over soaring prices.
At S$86,889 ($67,000) just for a permit, the total price of a Volkswagen Passat in Singapore is about the same as the median U.S. metropolitan home.
The government should amend the permit system because it favors the rich, Chee Soon Juan, head of the opposition Singapore Democratic Party, said before last week’s announcement.
“You’re pitting the rich against the poor, and guess who wins?” Chee said in an interview.
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