Singapore

COE premiums fall across the board

Certificate of Entitlement (COE) premiums closed lower across the board when the second round of bidding for this month ended at 4pm yesterday.

After a 25 per cent increase during the previous round of bidding fuelled by higher quotas, the COE prices for commercial vehicles dropped 4.2 per cent, from $38,501 to $36,879.

Mr Michael Lim, president of the Singapore Vehicle Traders Association, said buyers held back due to the spike during the last round of bidding.

The downward trend for cars below 1,600cc continued, with prices closing at $42,801, down from $45,201.

Prices for cars above 1,600cc also continued to drop, going down from $50,110 to $47,501.

Mr Neo Nam Heng, chairman of diversified motor group Prime, said demand for private-hire cars had decreased ahead of the June 30 deadline to apply for the private-hire car driver's vocational licence.

"There is an excess of cars compared to drivers," he said.

After holding steady at $6,101 during the last two rounds of bidding, the COE premiums for motorcycles also dipped slightly to $6,001.

The COE premium for the open category - available for any vehicle type but used mostly for bigger cars - dropped about 5 per cent to $48,001. - THE STRAITS TIMES

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