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Singapore

LTA imposes measures on motorcycle COEs to 'encourage prudent bidding'

LTA imposes measures on motorcycle COEs to 'encourage prudent bidding'

File photo of a motorcycle on a road in Singapore. (Photo: Marcus Mark Ramos)

SINGAPORE: The Land Transport Authority (LTA) on Monday (Mar 14) announced it will adjust the certificate of entitlement (COE) bid deposit for motorcycles to “encourage prudent bidding behaviour”.

Starting from the second COE bidding exercise in March – which will take place from Mar 21 to 23 – the bid deposit for category D will increase from S$200 to S$800.

“The COE bid deposit will only be forfeited if the temporary COE (TCOE) issued to each successful bidder is not used to register a motorcycle before it expires,” LTA said in a news release.

At the same time, the validity of the TCOE will also be shortened from six months to three. TCOEs which have not been used to register a motorcycle within three months will be forfeited and returned to the bidding pool in the next COE quarter.

“This will allow unutilised TCOEs to be returned to the market more quickly,” the authority said.

Category D TCOEs that have already been obtained before the second COE bidding exercise in March 2022 will not be affected, it added.

The changes will not apply to other COE categories.

Premiums for motorcycles closed at S$11,400 at the latest bidding exercise, after exceeding S$10,000 for the first time in January.

Source: CNA/ga(rw)

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