- POSTED: 23 Jul 2014 16:07
- UPDATED: 23 Jul 2014 23:42
COE prices ended higher for all categories.
SINGAPORE: Certificate of Entitlement (COE) prices ended higher in the latest open bidding exercise on Wednesday (July 23).
The biggest increase was in the Goods Vehicles and Bus category. It rose by S$8,620 to S$52,010.
COE prices for Category A cars, or those 1600cc and below with horsepower not exceeding 130bhp, rose S$900 to S$62,890.
Premiums for larger, more powerful cars ended higher at S$65,001- an marginal rise of S$112.
The premium for motorcycles closed at $4,252 - an increase of $251.
Open category premiums, which are mainly used for cars, increased S$2,001 to S$65,002.
An industry expert gave his reasons for the hefty increase in premiums for commercial vehicles. "The first reason is, the quota distribution for August to October went down by 33 percent. Second reason is, those agent on hand already committed the order before, so they have to fulfil all these orders," Mr Neo Tiam Ting, President of Singapore Vehicle Traders Association said.
He added that the number of COEs dropped from 770 to 515.