The surge in COE prices due mainly to foreign buyers?

Dear TRS,

I refer to: Year-end bumper crop of COEs expected. 

I would like to bring to everyone's attention on the above article which was published on ST on 20 Aug 14. 

While it appears to be just another article that reports on the unabated surge of COE prices, upon closer scrutiny of the content and you'll read this remark by SIM Uni's transport expert :

SIM University urban transport management expert Park Byung Joon said prices are unlikely to return to the previous lows witnessed in 2006 and 2007, when they fell below $20,000.

"It is not just because Singapore has (a bigger) population now. More importantly, Singapore has more money now."

It is rather easy to analyse Dr Park's points :

(1) Firstly, Singapore's birth rate has been on stagnate mode if not falling and the sudden drastic increase in population has been achieved by mass influx of foreigners on all scales.  

(2) Secondly, Singapore's median income has also been stagnated for many years and if not, also on falling basis. So the argument that Singapore has "more money" to buy cars can be ruled out.

Hence, we can safely conclude that the unabated surge in COE prices is largely due to the exponential growth in foreigners' population, namely FTs who are fully employed and snapping up cars here.

If so, aren't the Foriegners driving out (pun intended) Singaporeans in their hope of owning a car ? Especially for Singaporean families with both young kids and senior parents living under the same roof? Having a car is such a necessity, and not a luxury, to ferry both children and old folks to school and hospitals for medical appointments etc.