COE prices hit new highs for two car categories and Open category in latest tender exercise

SINGAPORE — Certificate of entitlement (COE) prices for the two car categories set new records again, and the Open category COE also hit a new high in the COE tender exercise that closed on Wednesday. The COE premium for smaller cars up to 1,600cc and 130bhp and electric vehicles (EVs) with up to 110 kilowatts of power, finished at S$96,501, a 3.21 per cent hike over the S$93,503 record set two weeks ago. The COE premium for larger cars and more powerful EVs ended at S$118,501 – 1.98 per cent over the previous high of S$116,201. The Open category COE price was the third one to set a record. It ended at S$118,990, up 2.56 per cent from S$116,020. The previous record of S$118,001 was set in the second tender exercise in February 2023.

Industry observers attributed the price increases to an anticipated reduction in COE supply for the next three-month period from May to July, and bids from companies supplying cars to ride-hailing services. The tender drew 749 bids in the COE category for smaller and less powerful cars and EVs. This is comparable with the 768 bids registered two weeks ago, when the premium for this category of COE broke the 2013 record of S$92,100. The Land Transport Authority (LTA) is expected to announce the supply of COEs for the May to July period soon. Under the current policy, the main determinant of the number of COEs available for bidding is the number of vehicles taken off the road in the previous four quarters, or 12 months. The motorcycle COE premium closed at S$12,001 on Wednesday, unchanged from the previous tender exercise. At S$76,801, the premium for commercial vehicle COE – applicable to vans, trucks and lorries – is 10.06 per cent lower than the S$85,389 posted a fortnight ago.