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COE premium for Open Category hits record high of S$110,524 as prices rise across the board

COE premium for Open Category hits record high of S$110,524 as prices rise across the board

File photo of cars, motorcycles and heavy vehicles on Singapore roads. (Photo: CNA/Jeremy Long)

SINGAPORE: Certificate of Entitlement (COE) premiums hit an all-time high of S$110,524 in the Open Category on Wednesday (Jul 6).

This surpasses the previous record 28 years ago, when prices in the then-Category Four classification reached S$110,500 in December 1994.

Open Category COEs can be used for any vehicle type but end up being used mainly for large cars. Premiums rose by nearly 6 per cent in the latest tender, up from S$104,400 two weeks ago.

Premiums went up as well in other categories.

For Category A cars - or those 1,600cc and below with horsepower not exceeding 130bhp - premiums closed at S$78,001, up from S$74,989 in the last exercise.

Premiums for larger and more powerful cars in Category B meanwhile rose to S$107,800 from S$106,001.

Motorcycle premiums closed at S$10,889, up from S$10,302 in the previous bidding exercise.

COEs for commercial vehicles, which include goods vehicles and buses, rose to S$54,001 from S$53,011 in the previous bidding exercise.

A total of 2,863 bids were received, with a quota of 2,023 COEs available.

COE prices have been on an upward trend, with premiums for Category B and the Open Category crossing the S$100,000 mark on Jun 8.

Source: CNA/nh

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