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Skyrocketing fees make Singapore cars pricier than US homes
At S$86,889 just for a permit, the total price of a 2012 Volkswagen Passat in Singapore is about the same as a home in the US suburbs, says a Bloomberg report.
After the ruling People’s Action Party lost a by-election in the opposition-led Hougang district on May 26, PM Lee 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.
A 25 percent jump 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.
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