COE premiums close higher; Category A price rises to S$118,000
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SINGAPORE: Certificate of Entitlement (COE) premiums closed higher across the board in the latest bidding exercise on Wednesday (Apr 8).
The Category A premium, which is for smaller cars, saw the largest percentage increase. Prices closed 5.5 per cent higher at S$118,000 (US$92,670), up from S$111,890 in the last exercise.
Premiums for larger and more powerful cars in Category B rose to S$121,000 from S$115,568.
COEs for commercial vehicles, which include goods vehicles and buses, also rose to S$80,001 from S$78,000 in the previous bidding exercise.
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Motorcycle premiums closed at S$10,000, up from S$9,589 in the last exercise.
Open category COEs, which can be used for any vehicle type but end up being used mainly for large cars, rose to S$121,001 from S$118,119.
A total of 5,614 bids were received, with a quota of 3,150 COEs available.
Acting Transport Minister Jeffrey Siow announced in parliament last month that the Land Transport Authority would review the COE categorisation of cars, in light of Category A and Category B prices converging.
During a bidding exercise on Feb 20, Category B premiums fell below those of smaller Category A cars. The last time Category B prices fell below those for smaller cars was in March 2020.
While Category B prices returned to "somewhat normal", it is likely that the two prices will continue to converge "for some time", Mr Siow said.
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