COE prices for commercial vehicles hit new high in first tender under latest quota

SINGAPORE: Certificate of Entitlement (COE) premiums for commercial vehicles, which come under Category C, rose by about S$8,000 to a record S$85,119 on Wednesday (Feb 8).

Category C includes goods vehicles and buses. The previous high was S$81,802 in November last year.

The bidding exercise that closed on Wednesday is the first under a new quota, computed based on a revised method that is meant to reduce supply volatility.

Premiums closed mixed, with Category A cars - or those 1,600cc and below with horsepower not exceeding 130bhp - ending at S$86,000, unchanged from the previous tender.

Premiums for larger and more powerful cars in Category B rose to S$105,524 from S$105,459. 

For Open Category COEs, which can be used for any vehicle type but end up being used mainly for large cars, prices fell to S$105,002 from S$107,000.

Motorcycle premiums closed at S$11,602, up from S$11,101 in the previous bidding exercise.

A total of 2,174 bids were received, with a quota of 1,589 COEs available.

Under the new quota that covers the February to April period, there is a 3.4 per cent increase in the overall supply from the previous quarter.

However, the supply of COEs under Category C fell by 37 per cent.