SINGAPORE: Defying market predictions, Singapore’s Certificate of Entitlement (COE) premiums soared to unprecedented heights in the recent bidding, despite announcements of increased COE allocations.
The Open Category bore witness to the most dramatic escalation, topping out at a staggering S$158,004, intensifying apprehensions regarding vehicle affordability within the nation.
This figure marks a 3.95 per cent ascent from prior records, indicative of the relentless scramble for COEs, notwithstanding the impending 12.9 per cent augmentation in quota provisions over the next quarter. The Open Category, serving a broad spectrum of vehicles, has emerged as the definitive benchmark for the fervent bidding environment.
This trend was mirrored in other sectors, with COE premiums for larger vehicles and robust electric models climbing to S$150,001, a 2.74 per cent increase. In the same vein, their smaller counterparts registered a 1.92 per cent surge, pushing premiums to S$106,000. Events such as the Car Expo, spotlighting more economical vehicle models, significantly contributed to this upsurge.
Conversely, commercial vehicle COE premiums bucked the trend, recording a modest 1.29 per cent contraction to S$84,790, providing some solace in a market characterized by relentless hikes.
The spike in premiums comes on the heels of the Land Transport Authority’s (LTA) revelation of a bolstered COE pool for the November 2023 to January 2024 period, a robust 13 per cent climb from the preceding quarter, translating to 12,774 new COEs. This expansion, slated to commence from 6 November, encompasses all categories, with Categories A and C witnessing the most substantial growth.
Specifically, Category A experienced a surge of 22 per cent, bringing the total to 4,967 COEs, facilitated in part by the advanced deregistration of certain vehicles. In a similar vein, Category C saw a 35 per cent increase, with the new quota set at 924. Even the quotas for Category B and motorcycles (Category D) received a boost, with rises to 2,937 and 3,105, respectively.
These developments, particularly the considerable quota augmentations for Categories A and C, underscore the government’s responsive measures to balance supply with the escalating demand.
However, with the relentless climb of COE premiums, the efficacy and impact of these interventions on overall vehicle affordability continue to be hotly debated among industry observers and the general public.
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