From 26 August 2002, owners of existing vehicles can bid for new vehicle registration numbers to replace the registration number of their vehicles. Successful bidders of vehicle registration numbers will also be given a longer time up to twelve months to use the number to register new vehicles or to replace the existing numbers on their current vehicles.
If more time is needed, they may apply to the Land Transport Authority (LTA) for extension of six months upon payment of a non-refundable $1,000 and a service charge of $20. Only two extensions will be allowed.
The new measures will give bidders more time to use their newly obtained vehicle registration numbers. It will also provide vehicle owners with an avenue to replace the vehicle registration numbers of their existing vehicles with numbers of their choice. A fee of $300 will be payable for each replacement of the existing vehicle registration number.
regarding the holding time parts, let's say you buy no. 2 for $1k, you get to keep it for 12 months until you find your dream bike to put the no. on. if after 12 months and you still can't get your dream bike, you gotta pay LTA another $1020 to hold that number for an extra 6 months, and failing that, another $1020 for the next 6 months. after the 2nd time and you STILL can't find your dream bike, LTA will take the number plate back.
no mentioned whatsoever of what happens to you previous plate though...
they should put in a service to exchange no. plates... so i can go buy a new kup kia wif the no. 2 chia pai, then exchange it wif my "all go all die" chia pai, this number so chio, shouldn't let it go to waste