COE premiums mostly up; Category A priced higher than Category B
This is the second time this year that Category A premiums have exceeded those of Category B.
Traffic at a busy intersection in Singapore. (File photo: CNA/Jeremy Long)
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SINGAPORE: Certificate of Entitlement (COE) premiums closed mostly higher in the latest bidding exercise on Wednesday (Apr 22), with premiums of small cars exceeding those of larger cars for the second time this year.
For Category A cars, or those 1,600cc and below with horsepower not exceeding 130bhp, premiums closed at S$123,010, up 4.25 per cent from S$118,000 in the last exercise.
Premiums for larger and more powerful cars in Category B were flat at S$121,001, compared with the S$121,000 in the last exercise.
"Category A price has exceeded that of Category B, likely because of continued competitive electric car prices," said a spokesperson for the Land Transport Authority (LTA) on Wednesday.
COEs for commercial vehicles, which include goods vehicles and buses, rose 4.37 per cent to S$83,501 from S$80,001 in the previous bidding exercise.
Motorcycle premiums closed at S$9,290, down 7.10 per cent from S$10,000 in the last exercise.
Open category COEs, which can be used for any vehicle type but end up being used mainly for large cars, rose 3.31 per cent to S$125,002 from S$121,001.
A total of 5,276 bids were received, with a quota of 3,170 COEs available.
"COE prices remain elevated notwithstanding the increase in COE supply for passenger cars," LTA added.
The transport agency also said its review of COE categorisation is ongoing.
Acting Transport Minister Jeffrey Siow had announced in parliament last month that LTA would review the COE categorisation of cars, after Category B premiums fell below those of smaller Category A cars during a bidding exercise in February.
Though Category B prices returned to "somewhat normal", it is likely that the two prices will continue to converge "for some time", Mr Siow had said.
