COE Premiums for Big Cars Up Slightly
by Ernie B. Calucag
Certificates of entitlement (COE) premiums for vehicles closed mostly higher on Wednesday, led by premiums for big cars (cars above 1,600 cc) which rose for the fifth consecutive month to S$92,050.
This is 1.2 per cent higher from the S$91,000 in April’s second bidding.
Premiums for commercial vehicles and motorcycles also increased as prices for Category C (commercial vehicles) rose 1.7 per cent to S$58,553 from S$57,589.
Motorcycle premiums saw the biggest increase of 5 per cent to S$2,021 from S$1,924.
Meanwhile, COE premiums for small cars closed at S$62,600, down from S$64,201 in the previous bidding exercise on April 18.
In the Open Category, which is mostly used for big cars, prices ended at S$88,990, compared with S$92,010.
Premiums for goods vehicles and buses closed at S$58,553, going up by S$964 from the previous bidding.
The latest COE premiums come as the Ministry of Transport (MOT) tasked the Land Authority of Singapore (LTA) to look into easing the tight supply of COEs.
Minister for Transport Lui Tuck Yew last week said he had asked LTA to possibly delay plans of implementing the 0.5 per cent growth cap, from the current 1.5 per cent rate, initially scheduled to begin in August.
LTA is expected to complete its study and deliver a decision by the end of the month.