Singapore

COE prices close mainly higher across the board in latest tender

Certificate of entitlement (COE) prices ended mostly higher across the board in the latest tender yesterday, after a slight dip in the last tender.

The COE price for cars up to 1,600cc and 130bhp finished at $37,690, up from $35,990 two weeks ago.

The premium for cars above 1,600cc or 130bhp closed at $41,101, up from $39,000.

The premium for Open COE, which can be used for any vehicle type except motorcycles but ends up mainly used for bigger cars, also ended higher at $41,503 from $39,500.

The commercial vehicle COE price closed at $30,334, down from $31,502. Motorcycle premiums finished at $7,300, up slightly from $7,251.

The Land Transport Authority announced last month that the quota of COEs for cars (including Open COEs) will increase by 5.8 per cent to 4,865 a month for the November to January period.In total, the average monthly quota comes up to 6,649, or 7.1 per cent more than the previous period.

Mr Neo Nam Heng, chairman of the diversified Prime group, said the rise in COE prices for cars was mostly a reaction to the announcement by the National Environment Agency and the Land Transport Authority that there will be an increased rebate of $5,000 for cleaner cars from next year. This applies to cars that are deemed to be in the A1 and A2 band under the Vehicular Emissions Scheme.

He said: "Another reason is with the year ending, major brands are fighting for sales. There are also a lot of new models coming in, and a lot of promotions." - THE STRAITS TIMES

Transport