COE prices for Category B and Open Category surge to new records in latest bidding exercise
COE premiums for Category B and Open Category reached record highs in the October 4, 2023 bidding exercise. \n \nCategory B premiums surged to S$146,002, up from S$140,889, while Open Category COEs spiked to an astonishing S$152,000 from S$144,640.
SINGAPORE: Certificate of Entitlement (COE) premiums for Category B and Open Category reached unprecedented heights once again during the latest bidding exercise held on Wednesday (4 Oct).
Premiums for Category B, which encompasses larger and more powerful automobiles, soared to an eye-watering S$146,002 (approximately US$106,355), climbing significantly from the previous S$140,889 in the last tender.
Simultaneously, COEs within the Open Category, known for their versatility across vehicle types but predominantly utilized for large cars, escalated to an astounding S$152,000, surging from S$144,640 in the preceding round.
The surge in COE prices is a continuation of a worrisome trend, as just two weeks prior, on September 20, COE prices for larger vehicles in Category B and the Open Category had already broken the S$140,000 barrier for the first time in history.
In contrast, Category A cars, which are defined as vehicles with engine capacities not exceeding 1,600cc and horsepower ratings below 130bhp, experienced a slight dip in premiums.
The COE prices for these vehicles closed at S$104,000, marginally lower than the record-setting S$105,000 observed in the prior exercise.
Furthermore, COEs designated for commercial vehicles, encompassing goods vehicles and buses, also underwent an uptick, with prices reaching S$85,900 from the previous S$83,801 in the preceding bidding exercise.
Meanwhile, motorcycle premiums displayed a moderate increase, closing at S$10,856, up from S$10,700 in the last exercise.
In total, the Land Transport Authority (LTA) received 2,795 bids for the available quota of 2,010 COEs, highlighting the persistent demand for vehicle ownership in Singapore.
This latest bidding exercise takes place in the wake of the LTA's announcement regarding the reallocation of an additional 300 Category A COEs for the month of October.
This allocation marks a substantial 24 per cent increase in the Category A quota available for the month.
Additionally, it was revealed that the subsequent October bidding exercises will each introduce an extra 150 COEs into the market.
