While it doesn't have a COE, tokyo does basically the same thing. You will have to pay $50k upfront for a 10-year car permit in singapore. In Tokyo there's no upfront cost but good luck getting a car park for less than $500/m - and you'll have to prove you have one to register the car. Adds up to about the same amount.
I live 100m from a train station with 2 lines, automated trains come every 3-4 minutes, 8 minutes to my workplace. Bike share outside my door. 3 supermarkets and hundreds of shops within walking distance. If absolutely necessary, there's Uber or grab. You don't need a car here. It's a luxury for the rich, and that's pretty much as it should be IMO.