The latest Certificate of Entitlement(COE) bidding exercise saw the COE for a small, ie 1,600cc car and below hitting a record of $103,400. This means that to buy a small car, the buyer must pay $103,400 for this piece of certificate before he is eligible to buy a car that is priced with at least 150% tax levied on it. A small car will thus cost about Singapore $153,400! For bigger cars, the COE is $123,000!
And the COE is valid only for 10 years. After which the owner of the car must pay for another COE if he wants to keep the car or buy a new one. And the Singaporeans are not making a whimper about this. Either they are resigned to this fate that they are not going to be able to buy and own a car, or they are so rich, so what is another $100,000 to buy a piece of paper.
Then there was the 1% GST increase this year from 7% to 8% and this will be 9% in the beginning of 2024.
Would all these increases make Singaporeans unhappy and protest in the streets? Not at all. Food prices of everything, including the basic necessities and food at hawker centres, price of a cup of kopi or tea also up by at least 10 %, are all well absorbed or accepted as the price to pay for living in this great city called Singapore.
For the poor expats, some are crying as property prices also shot through the roof making rentals to go up as well. As for Singaporeans living in public housing, it means that the value of their HDB flats also goes up, some hitting $1m an unit, competing with Hong Kong to be number one. How can Singaporeans complain when they are now owners of a million dollar public housing flat? They are happy of course. The only unspoken secret, the value of their 99 year leasehold public housing will come to zero when the lease expires. But that is a problem in the distance. Who cares.
Singaporeans are going about their lives feeling rich and good. Thanks to their good government and good blessing. Every Singaporean must be hoping that their HDB flats would go up higher in prices. How about $2m a piece? As for those owners of private properties, they wear their big smiles in their sleep. The govt is making all Singaporeans becoming millionaires and multi millionaires without having to work for it. Let the properties do the working.
Now you know why ministers are paid in the millions, more than the President of the USA. They deserve every cent of it. And for their great efforts, how about a pay increases for the ministers and MPs?