COE premiums end mostly higher in first round of bidding

Certificate of entitlement (COE) premiums ended mostly higher in the first round of bidding for this month, which closed yesterday.

The biggest jump was for cars up to 1,600cc and 130bhp, which closed at $38,830.

This is an increase of about 5.5 per cent from $36,810.

Mr Ron Lim, general manager of Nissan agent Tan Chong Motors, said the COE price for these smaller cars during the last round of bidding two weeks ago hit a "sweet spot" for buyers.

"The price hit a threshold that buyers felt comfortable coming in," he said, adding that this resulted in the higher prices this time around.

Premiums for motorcycles hit $8,009, up 4.5 per cent from $7,667.

Prices for the open category - which can be used for any vehicle type except motorcycles, but is mostly used for bigger cars- finished at $39,000, up from $38,801.

COE prices for cars above 1,600cc or 130bhp went up by just a dollar to close at $39,001.

Yong Lee Seng Motor managing director Raymond Tang said the higher prices show that the demand for vehicles is bouncing back, after dropping slightly during Chinese New Year.

Only COE prices for commercial vehicles showed a decrease, dipping 2.3 per cent to $36,003 from $36,859. - ZHAKI ABDULLAH