The Government will stick with its plan to cut annual vehicle population growth to 0.5 per cent from 1 per cent from February, said Transport Minister Lui Tuck Yew.

Speaking on the sidelines of a visit to SMRT's Bishan depot Thursday morning, Mr Lui was asked about the record Certificate of Entitlement prices. Category A premiums for instance, breached $92,000 at the latest tender on Wednesday - the highest in history.

Mr Lui in response said that 45 per cent of households here already own at least one car, and noted that there may not be much more room for a higher percentage since "about 12 per cent of space" is already occupied by roads.

He said the high COE prices was not only a function of supply - the smallest since the quota system started in 1990 - but also the robust economy and people's ability and willingness to spend. Mr Lui added that he has asked the Land Transport Authority to look into whether the newly-introduced Carbon emissions-based Vehicle Scheme (CEVS) - which accords lower emission cars rebates of up to $20,000 - had led to more aggressive COE bidding.