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COE prices hit new highs across all categories in latest tender

COE prices rose across all categories on 4 September, with premiums for smaller cars hitting a 2024 high of S$96,490. Category B COEs rose to S$106,300, while motorcycles saw the largest increase to S$9,801. Commercial vehicle premiums also climbed, marking the fifth consecutive rise.

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In the latest Certificate of Entitlement (COE) tender on 4 September, prices across all five categories rose, with the premium for smaller, less powerful cars reaching a 2024 record of S$96,490. This marks a 2.8 per cent increase from the previous tender’s S$93,900 for Category A COEs, which cover smaller cars and electric vehicles (EVs).

Category B COEs, which are for larger and more powerful cars and EVs, also saw a slight rise of 0.4 per cent, bringing the premium to S$106,300 from S$105,889 in the previous tender.

Meanwhile, Open category COEs (Category E), which can be used for any vehicle type except motorcycles but are generally applied to bigger cars, increased by 0.8 per cent to S$106,901, compared to S$106,001 two weeks ago.

Motorcycle COEs (Category D) saw the steepest rise of 5.3 per cent, climbing from S$9,310 to S$9,801, while the commercial vehicle category (Category C) continued its upward trend with a 2.2 per cent increase to S$74,001, marking its fifth consecutive rise.

COEs are a crucial element of vehicle ownership in Singapore, granting the right to own and use a vehicle for a limited period. These rising premiums reflect the ongoing high demand and limited supply in Singapore’s car market.

 

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Politics

Dr Tan Cheng Bock questions S$335 million Founders’ Memorial cost, citing Lee Kuan Yew’s stance

Dr Tan Cheng Bock has raised concerns over the S$335 million cost of Singapore’s Founders’ Memorial, citing Lee Kuan Yew’s opposition to monuments and suggesting the funds could be better used for healthcare. The memorial, slated for completion by 2028, faces rising costs, with the estimated cost not including operating or land costs.

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On 14 September 2023, Dr Tan Cheng Bock, former People’s Action Party (PAP) MP and founder of the Progress Singapore Party, publicly expressed concerns over the estimated S$335 million cost for the Founders’ Memorial.

In a detailed Facebook post, he questioned the necessity of such an extravagant expenditure and referred to the late Prime Minister Lee Kuan Yew’s known opposition to monuments in his honour.

Dr Tan highlighted a poignant moment from Lee Kuan Yew’s eulogy, delivered by his grandson, Li Shengwu, on 29 March 2015.

Li recalled how, when it was once suggested that a monument be built for him, Lee Kuan Yew had responded, “Remember Ozymandias.” This reference was to a sonnet by Percy Bysshe Shelley about Ramses II, in which a traveler encounters the ruins of a once-grand statue in the desert. The statue bore the inscription: “My name is Ozymandias, King of Kings; look on my works, ye mighty, and despair!” But nothing else remained of the empire.

Li Shengwu reflected that his grandfather’s remark underscored his belief that if Singapore failed, a monument would be useless, and if it thrived, a monument would be unnecessary.

“His legacy is not cold stone, but a living nation. We could no more forget him than we could forget the sky,” Li said, adding that Lee Kuan Yew’s enduring contribution lay in the strong institutions he built, which persist beyond the individual and ensure Singapore’s stability.

In his post, Dr Tan echoed these sentiments, questioning whether spending S$335 million on a memorial aligned with the founding leaders’ values.

He suggested that the funds might be better spent addressing pressing national issues, particularly healthcare, as Singapore’s population continues to age. Dr Tan, who served for decades as a practising doctor, called for investments in a home care system, noting that such a move would reduce the strain on hospitals while improving the well-being of the elderly.

The estimated S$335 million figure was revealed during a Parliamentary session on 9 September 2023, in response to a question posed by Louis Chua, a Workers’ Party MP for Sengkang GRC. Minister for Culture, Community and Youth Edwin Tong provided the cost breakdown, explaining that the figure covers construction, the fit-out of exhibition galleries, a viewing gallery, an outdoor amphitheatre, family spaces, amenities, and a five-hectare outdoor garden.

Mr Tong added that the final operating costs for the memorial are still being worked out alongside the development of operational plans.

Notably, Mr Tong’s disclosure did not include land costs.

Lee Hsien Yang, son of the late Lee Kuan Yew, also responded to Dr Tan’s post, pointing out that the five-hectare site in Bay East Garden could significantly increase the overall cost.

He noted that a nearby plot of land at Marina Gardens Crescent, measuring about 1.5 hectares, was tendered earlier in 2023 but rejected for a bid of S$984 per square foot, deemed too low by the Urban Redevelopment Authority (URA). Based on this price, the value of the land for the Founders’ Memorial could exceed S$500 million, pushing the overall cost of the project even higher.

The Founders’ Memorial, initially slated for completion in 2025 to coincide with Singapore’s 60th birthday, is now expected to open by the end of 2028. The project was delayed due to extensive infrastructural work at its Bay East Garden location and disruptions caused by the Covid-19 pandemic. The twin two-storey buildings, designed by Kengo Kuma & Associates and Singapore’s K2LD Architects, will house an integrated gallery and public gardens, intended to serve as a space for reflection on Singapore’s past and inspiration for the future.

While Minister Tong emphasized that the memorial aims to capture the spirit of the nation and foster unity, Dr Tan urged that the focus should remain on practical solutions for Singapore’s future. He argued that a simpler, more humble memorial would be more in line with the founding leaders’ values, allowing the remainder of the funds to be redirected toward initiatives that benefit the nation’s aging population.

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Crime

DSTA programme manager charged with leaking confidential project information

A DSTA programme manager has been charged with leaking confidential project information, including a S$3 million budget, to another individual. Both men face charges under the Official Secrets Act and could face imprisonment and fines if convicted.

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A programme manager at the Defence Science and Technology Agency (DSTA) in Singapore was charged on Friday (13 September) with leaking sensitive project information to another individual, including details of a S$3 million (US$2.3 million) budget for a renovation project.

Hsu Yee Chern, a 52-year-old Singaporean, faces four counts under the Official Secrets Act (OSA) for allegedly communicating confidential information obtained through his role at DSTA to Tan Kian Meng, a 46-year-old project manager.

Tan, who worked for a company involved in business with DSTA, was similarly charged with four counts for receiving this classified information between December 2018 and May 2019.

DSTA, the central procurement agency for the Ministry of Defence and the Singapore Armed Forces, oversees various high-value projects. According to charge sheets, Hsu shared confidential details on multiple projects, including tender results and financial evaluations.

According to media reports, Hsu allegedly informed Tan on 3 December 2018 that three companies had failed in their bids for a project to renovate toilets in four blocks along Clementi Loop.

On 12 March 2019, Hsu disclosed to Tan that DSTA’s budget for a power upgrading and renovation project at Stagmont Road was S$3 million. The following month, on 5 April 2019, Hsu provided Tan with confidential findings on a company’s tender price and cable size for the Stagmont Road project.

Additionally, on 3 May 2019, Hsu allegedly shared with Tan information about a construction company’s poor financial health in relation to its bid for addition and alteration works on four blocks at Sungei Gedong Road.

The Corrupt Practices Investigation Bureau (CPIB) confirmed the details of these charges in a statement. Both men are currently out on S$10,000 bail, with Tan’s next court appearance scheduled for 20 September, while Hsu is due to return on 11 October.

If convicted under the OSA, they could face imprisonment of up to two years, a fine of up to S$2,000, or both.

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