https://www.theguardian.com/world/2023/oct/04/singapore-cost-car-certificate
Cost of ‘certificate of entitlement’, introduced in 1990 to control number of cars, now equivalent to four Toyota Camry Hybrids in US
No, it's to own a car for personal use. Singapore is a city state, emphasis on the city part. The article also says it only takes 60 minutes to drive end to end so the need for a car is probably minimal. The fee they are referring to here was created to reduce the amount of cars on the roads to help with traffic. Singapore has a pretty robust public transit system so for most people it probably isn't a deal breaker. I'm glad to see a country taking action to limit car dependance.
Wikipedia mentions the fee for commercial vehicles is slightly less at 75k. Even motorcycles are subject to the fee and quota.
People should stop dreaming about "a house & a car as sign of success", and i am happy it's gets that way at least somewhere