SINGAPORE: In the latest Certificate of Entitlement (COE) bidding exercise on Wednesday (22 Nov), premiums for smaller cars in Singapore continued their downward trend, while those for larger vehicles and the Open Category saw an increase.
This change in pricing dynamics follows a recent fall in COE premiums across all categories after an increase in the quarterly quota.
For Category A cars, defined as those with engine capacities of 1,600cc and below and horsepower not exceeding 130bhp, premiums fell to S$85,001 (US$63,446), a significant decrease from the previous S$95,689.
In contrast, premiums for Category B vehicles, which include larger and more powerful cars, climbed to S$135,336, up from S$110,001.
Open category COEs, applicable to any vehicle type but predominantly used for large cars, also experienced a rise, reaching S$135,002 from S$125,011.
In the commercial sector, COEs for vehicles like goods vehicles and buses decreased to S$73,889 from S$78,001.
Motorcycle premiums saw a modest decrease, closing at S$10,001, down from S$10,889. The bidding exercise attracted a total of 3,912 bids against a quota of 2,459 COEs.
This fluctuation comes after record-high premiums were observed in October, with Category B and Open Category COEs reaching S$150,001 and S$158,004, respectively.
Addressing the current trends, Acting Minister for Transport Chee Hong Tat earlier announced plans to bring forward more COE quota from peak years to alleviate the current supply shortages, aligning with Singapore’s zero-vehicle growth policy.
He highlighted that Categories A, B, and C are currently facing a “tight supply situation” due to many vehicles not yet reaching the end of their COE lifespan.
However, Mr Chee assured that the COE supply for these categories is expected to significantly increase from the second half of 2024 and peak between 2026 and 2027.
SDP Chief Chee Soon Juan receives POFMA order for comments on HDB policies
Indonesia Election update: Prabowo-Gibran commanding lead with 58.91%
AGC to evaluate further action on Kenneth Jeyaretnam over alleged falsehoods
Singapore fines man S$30,000 for illegally importing 2 tonnes of meat
Kenneth Jeyaretnam criticizes MSF’s POFMA on NCMP Leong Mun Wai’s Facebook post
SCDF annual report reveals 31% surge in AMD-related fires in 2023
Angry participants demand refunds for ‘delayed’ Sky Lantern Festival in Sentosa
SPF: At least 419 victims lost S$1.8M to fake buyer phishing scams since January
Love Aid Singapore raises US$60,000 in two days for Palestinians iftar meals
Indonesian lecturers spark “#JanganJadiDosen” movement, demand academic welfare reform
FAS responds to Tengah FC’s SPL aspirations, clarifying ongoing selection process
Singapore to invest S$100M in upgrading broadband network to 10Gbps
Singapore2 weeks ago
PM Lee encourages more births in the year of the dragon amid declining fertility rates
Singapore1 week ago
Singapore surpasses nursing recruitment target in 2023 amidst high attrition rates
Featured1 week ago
PA surveys community & govt confidence amid pending general election
Comments1 week ago
PAP Marcus Loh accuses WP’s MP of alleged dishonesty on debate about reserves
Civil Society1 week ago
Singaporeans stand firm in support for Palestine amidst police scrutiny
Civil Society6 days ago
At least 9 individuals summoned by police over Palestine solidarity activities on 2 Feb
Community1 week ago
Connectivity struggles in Tengah town prompt online user discussion
International1 week ago
Singapore Police investigate two events amid Israel’s genocide in Gaza