- POSTED: 22 Jan 2014 17:05
- UPDATED: 22 Jan 2014 22:55
Premiums for Certificate of Entitlement (COE) ended mixed in the second COE bidding exercise for January with motorcycles recording the highest increase in COE prices by nearly 36 per cent.
SINGAPORE: Premiums for Certificate of Entitlement (COE) ended mixed in the second COE bidding exercise for January.
Motorcycles recorded the highest increase in prices, rising by nearly 36 per cent or S$715 to end at S$2,704.
COE prices for big cars and commercial vehicles also saw an increase.
Premiums for cars above 1,600cc inched up S$300 to close at S$79,000.
Commercial vehicles registered a 2.3 per cent, or S$1,112, jump to finish at S$50,001.
Meanwhile, COE prices for smaller cars fell marginally by S$79 to end at S$72,290.
COE premiums for vehicles in the open category also fell by S$190, closing at S$78,810.
This was the last COE bidding exercise before the revised system for determining the COE quota comes into effect in February.
On January 13, the Land Transport Authority had announced that 9,127 COEs would be available from February to April under a revised three-monthly recycling period, instead of six months.
Dealers attributed the spike in the motorcycle COE price to the announcement made last week of a cut in the quota for motorcycles in the next three months.
"It made me fall from my chair. We will definitely be seeing the price of the COE going north, typically due to the limited supply of COEs in the future,” said Singapore Motor Cycle Trade Association President Wilson Phoon.
“The number of motorcycle COEs has dropped from 1,000 pieces to 730 pieces a month. Typically, this is due to the fact that the number of scrapped… motorcycles have dropped from 12,000 to 10,000 pieces. Besides, we still have to contribute 15 per cent of our scrapped (COEs) to the open category."