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.