10-8-2023 (SINGAPORE) In the most recent Certificate of Entitlement (COE) bidding exercise held on Thursday (Aug 10), Singapore witnessed a remarkable surge in premiums for Category B and E, reaching unprecedented heights and signaling a new level of demand in the automotive market.
Premiums for vehicles falling under Category B, encompassing larger and more powerful cars, skyrocketed to an all-time high of S$126,889. This notable increase from the previous tender’s S$118,001 has shattered the previous record set in June of this year, which stood at S$121,000.
Equally remarkable was the surge in premiums for the open category COEs, a versatile category applicable to various vehicle types, albeit predominantly utilized for larger cars. These premiums surged to S$126,201 from S$122,110, surpassing the previous record of S$125,000 established just this May.
The Category A cars, which comprise vehicles with engine capacities of 1,600cc and below, coupled with a horsepower limit of 130bhp, experienced an upward trajectory in premiums as well. The premiums concluded at S$99,499, marking a notable increase from the preceding exercise’s S$95,202.
Commercial vehicles, encompassing goods vehicles and buses, also witnessed an uptick in COE premiums. The premiums for this category rose to S$82,100 from the previous S$82,001 observed in the last bidding exercise.
The motorcycle segment also felt the effects of the surge, with premiums closing at S$11,501 compared to the preceding exercise’s S$10,501.
A total of 3,020 bids were received during this bidding exercise, while the allotted quota of available COEs amounted to 1,886.
