COE prices up across the board
Certificate of entitlement (COE) prices rose across the board in the latest bidding exercise that saw quotas reduced amidst slightly increased demand.
In the results released yesterday, Cat A premiums, for cars up to 1,600cc and 130bhp, saw the greatest increase, going up by about $6,000 from the previous round.
It was previously $26,667, but shot up to $32,725.
There were 2,023 bids for a quota of 1,059 Cat A COEs in the latest exercise.
The quota was significantly lower than the 1,623 in the mid-July exercise.
Cat C premiums, for goods vehicles and buses, and Cat D premiums, for motorcycles, also rose significantly.
The prices for Cat C premiums rose to $27,800, up from $24,599 previously, while Cat D premiums rose to $4,400, up from $3,554 previously.
Premiums for Cat B and E, for bigger cars and the open category, rose marginally.
The slight increase in demand was likely caused by the longer bidding period in the latest round.
The total COE quota of 3,506 is the lowest in a year.
This follows an announcement by the Land Transport Authority last month of a cut in the average monthly COE quota for August to October to just under 7,000, a significant drop from about 8,400 for May to July.
COE quotas have been reduced from the start of this year, having averaged about 10,000 monthly from November last year to January, and about 8,700 monthly from February to April. - DAVID SUN