It has begun. The Land Transport Authority has cut the number of Certificates of Entitlement (COE) available for the first bidding exercise in February, right when its latest changes to its classifications take effect.
The total number of COEs that will be up for grabs is 1,558, a 12.9 per cent drop from the 1,789 offered in the last exercise held earlier this month.
Taking the biggest hit are motorcycle COEs, with a 28.2 per cent drop to 361 from 563.
Open category quotas were also shaved 20 per cent to just 208, from 261 in the last exercise.
With the new classification system kicking in, cars with engine power output of more than 97kW or 130 brake horsepower will move up to Category B, which will see its quota reduced from 393 to 360.
Meanwhile, Category A car quotas are reduced from 368 to 362, while goods vehicles and buses will have three more COEs added to their quota from the previous exercise.