COE premiums rise across the board in first bidding exercise under new quota
Vehicles on a highway in Singapore. (File photo: CNA/Jeremy Long)
SINGAPORE: Certificate of Entitlement (COE) premiums closed higher across the board on Wednesday (Nov 3) in the first bidding exercise under the smaller quota for the November to January period.
For Category A cars, or those 1,600cc and below with horsepower not exceeding 130bhp, premiums closed at S$53,709, up from S$52,709 in the last exercise.
Premiums for larger and more powerful cars in Category B rose to S$82,801 from S$80,210.
Open category COEs, which can be used for any vehicle type but end up being used mainly for large cars, saw the biggest jump. Prices rose from S$85,000 to S$88,000.
COEs for commercial vehicles, which include goods vehicles and buses, rose to S$42,001 from S$40,501 in the previous bidding exercise.
Motorcycle premiums closed at S$9,381, up from S$9,310 in the last exercise.
A total of 2,646 bids were received, with a quota of 1,791 COEs available.
COE premiums have been on an upward trend, with prices in Category B and the open category topping S$80,000 in the previous tender on Oct 20.
Premiums for open category COEs are now at their highest since November 2013, when prices hit S$89,001.
The COE quota for November 2021 to January 2022 was set at 10,590, the lowest in more than seven years.
The Land Transport Authority (LTA) said last month that the vehicle growth rate in Singapore will be maintained at zero until Jan 31, 2025, amid land constraints and competing needs, and as the number of vehicles in Singapore approaches 1 million.
