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Singapore COE prices fall for all but one category in first bid with new quota

Which category saw an increase in COE?

Vehicles in Singapore on the Tampines Expressway, illustrating a story on Singapore COE premiums.
Singapore COE premiums fell for all categories with the exception of one category. (PHOTO: Getty) (Getty)

SINGAPORE — Certificate of Entitlement (COE) premiums fell in all categories with the exception of Category C vehicles, based on the latest bidding exercise which closed on Thursday (4 May).

This is the first bidding exercise under the new quota for the May to July 2023 quarter. There was a 1.5 per cent increase in the overall COE supply from 9,437 in the previous quarter to 9,575 for the May to July 2023 quarter.

A total of 2,226 bids were made with a quota of 1,621 COEs available in the latest exercise.

Category A, which includes cars up to 1,600cc and 130bhp, or electric vehicles (EV) up to 110kW, saw prices fall to S$101,001 – down from the all-time high of S$103,721 set in the previous bidding exercise.

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Prices in Category B, or cars above 1600cc and 130bhp, as well as EVs higher than 110kW, also fell from its all-time high of S$120,889 set in the last bidding exercise, to S$119,399.

Open category COEs, which can be used for any vehicle type but are used mostly for large cars, saw a slight price decline of S$499 to reach a new price of S$124,002, down from the all-time high price of S$124,501 set in the previous exercise.

After three consecutive price drops for Category C COEs, prices rose slightly to S$75,589 from the previous price of S$75,334. Category C includes commercial vehicles such as goods vehicles and buses.

Huge drop in motorcycle COE price

Prices for motorcycle premiums, or Category D vehicles, saw the biggest drop of S$7,177, from S$12,179 in the previous bidding exercise to S$5,001 in the latest.

This comes on the back of recent announcements by the Land Transport Authority aimed at curbing speculative behaviour among bidders. The bid deposit for motorcycle COEs was raised from S$800 to S$1,500, and the COE is also required to be used within a month instead of three months.

New quota for the quarter

A new calculation method announced by the LTA on 20 January was first implemented during the February 2023 COE bidding exercise. The new quota system is aimed at reducing supply volatility through the revised method for calculating available COEs for bidding.

Available COEs for bidding in each quarter are now computed based on the rolling average of the number of deregistered vehicles in the previous four quarters instead of two.

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