SINGAPORE: All Certificate of Entitlement (COE) premiums closed lower on Wednesday (Dec 20), with the Category B premium falling by more than S$20,000 (US$15,045).The premium for Category B, for larger and more powerful cars, fell from S$130,100 to S$110,001 – a 15 per cent dip.
Open category COEs, which can be used for any vehicle type but end up being used mainly for large cars, also fell – from S$133,388 to S$118,388.
The premium for Category A cars, or those 1,600cc and below with horsepower not exceeding 130bhp, closed at S$85,000, down from S$88,020 in the previous exercise.
COEs for commercial vehicles, which include goods vehicles and buses, fell to S$69,423 from S$71,001 in the previous bidding exercise.
Motorcycle premiums closed at S$9,002, down from S$9,858.
A total of 3,246 bids were received, with a quota of 2,447 COEs available.
Premiums for all car categories reached record highs in October, with COE prices hitting S$150,001 in Category B and S$158,004 in the Open Category.
The COE quota for the November 2023 to January 2024 quarter was increased from the previous quarter, bringing the total supply of COEs to 14,388.
Last month, Acting Minister for Transport Chee Hong Tat said that more COE quota would be brought forward from peak years to fill the current supply troughs while maintaining Singapore’s zero-vehicle growth policy.
Categories A, B and C face a “tight supply situation” because many of the existing vehicles have not reached the end of their COE lifespan and are not due for deregistration, Mr Chee said in parliament on Nov 6.
But he added that the COE supply for these categories would increase significantly from the second half of 2024 before reaching the peak supply years from 2026 to 2027.
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A deep dive into COE prices in Singapore: Does the system need an update?
