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COE Premiums for Cat B vehicles in Singapore reach record high of S$120,702

Certificate of Entitlement (COE) premiums for Category B hit an all-time high of S$121,000 (~US$90,000), while smaller car and motorcycle categories saw slight declines.

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SINGAPORE – In the latest bidding exercise on Wednesday (21 Jun), Certificate of Entitlement (COE) premiums for Category B, encompassing larger and more powerful vehicles, surged to a new record high of S$121,000 (~US$90,000).

This marks a notable increase from the previous premium of S$120,702, and surpasses the earlier record of S$120,889 established on 19 April.

While prices soared for larger vehicles, premiums for Category A, typically for smaller cars, showed a slight decline.

The closing bid for this category settled at S$96,206, down from S$98,001 seen in the previous tender.

Open category COEs, applicable for any vehicle type but predominantly used for larger cars, witnessed a rise in prices as well. The premiums in this category escalated to S$123,000 from S$120,889.

The upward trend continued for commercial vehicles, which include goods vehicles and buses. COEs for these types of vehicles experienced an increase to S$83,140 from the previous bidding exercise’s S$81,801.

Conversely, motorcycle premiums saw a drop, closing at S$10,709, down from S$11,001.

The latest bidding exercise saw a total of 2,659 bids, with only a quota of 1,807 COEs available, showcasing the persisting high demand and competition for vehicle ownership in Singapore.

As COE prices continue to fluctuate, prospective buyers and industry stakeholders will be keeping a close eye on market trends in the upcoming bidding sessions.

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Politics

SDP: Chee Hong Tat, SMRT owe public full transparency, accountability for train system

Singaopre Democratic Party has called on Transport Minister Chee Hong Tat and SMRT to provide full transparency regarding the recent six-day disruption of the East-West Line. Despite S$2.5 billion spent on upgrades, serious issues persist.

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Bryan Lim, vice-chairman of the Singapore Democratic Party (SDP), has urged Transport Minister Chee Hong Tat and SMRT to take full responsibility for the ongoing issues with Singapore’s train system, following the unprecedented six-day breakdown of the East-West Line in September 2024.

In the statement from the party, Lim stressed that the public deserves full transparency regarding the management of the rail network and an itemised account of the more than S$2.5 billion spent on upgrading the North-South and East-West lines.

In the SDP’s statement, Lim pointed to a series of major incidents in recent years, including the deaths of two SMRT maintenance staff, the flooding of the Bishan MRT tunnel, and the Joo Koon train collision in 2016 and 2017.

He argued that these should have served as clear signals that the 35-year-old rail system required a thorough review to ensure the safety of millions of commuters and staff. Despite these warning signs and the substantial investments made to improve reliability, the recent breakdown reflects deeper, unresolved issues within the system.

Lim noted that former Transport Minister Khaw Boon Wan had, in 2017, promised a “quantum improvement” in the rail system’s performance following core replacements. However, seven years later, commuters are still grappling with major disruptions, despite the massive financial outlay.

According to the SDP, this raises serious questions about how effectively these funds have been used and whether SMRT’s focus on profits has compromised public safety.

Adding to public dissatisfaction, public transport fares have steadily increased over recent years. Since 2021, fares have risen by 2.2%, followed by a 2.9% increase in 2022 and a significant 7% hike in 2023. Another fare rise of 6% is expected in December 2024.

Authorities have justified these increases by citing the need to keep operators financially sustainable and ensure the provision of reliable services and fair wages for employees. However, Lim criticised this reasoning, pointing out that despite the rising fares, commuters continue to face significant service disruptions.

Lim further expressed concerns over remarks made by SMRT Chairman Seah Moon Ming, who emphasised the need to balance rail reliability with the cost of maintenance.

The SDP questioned whether this focus on financial considerations was coming at the expense of commuter safety and called for a detailed breakdown of the S$2.5 billion spent on upgrading the rail system.

Lim asserted that Mr Chee  and SMRT must be fully transparent with the public, providing clear explanations for the disruptions and disclosing how the funds were allocated.

Following the six-day disruption, multiple investigations into the incident are now underway. The Land Transport Authority (LTA) has launched an investigation into the root cause of the axle box failure that caused the disruption.

This investigation will include a forensic analysis of the component and an evaluation of SMRT’s procedures for fault detection and incident handling.

To support this effort, the LTA has appointed an Expert Advisory Panel (EAP) to review the findings and offer technical advice.

The EAP will be led by Malcolm Dobell, an expert with more than 45 years of experience in railway operations and engineering.

Dobell, who previously served as Head of Train Systems for London Underground, will be joined by a team of experts with extensive knowledge in railway engineering, maintenance, and safety protocols.

The panel’s goal is to ensure that all aspects of the disruption are thoroughly examined, and appropriate recommendations are made to prevent similar incidents in the future.

In addition to the LTA’s investigation, SMRT has also announced the formation of an internal committee to review the East-West Line disruption.

This committee will be chaired by Quek Gim Pew, a former Chief Defence Scientist and SMRT Independent Board Member, with Ng Chin Hwee, former CEO of SIA Engineering Company, serving as the deputy chairman.

The committee will include other independent panel members to provide impartial insights into the incident.

The Transport Safety Investigation Bureau (TSIB), a department within the Ministry of Transport, is also conducting a separate investigation.

Mr Chee confirmed this in a Facebook post, noting that TSIB’s investigation will focus on safety-related aspects of the disruption. The results of the investigations, which are expected to take a few months, will be made public once completed.

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Singapore

LTA announces 3.6% increase in COE quota to 15,834 for November 2024 to January 2025

The Land Transport Authority has announced a 3.6% increase in Certificates of Entitlement (COEs) for the period from November 2024 to January 2025. The new total will be 15,834, including more COEs for smaller cars, larger vehicles, and commercial use, along with a redistribution from deregistrations to enhance supply.

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SINGAPORE: The Land Transport Authority (LTA) announced on Friday (4 October) that the number of Certificates of Entitlement (COEs) available for bidding between November 2024 and January 2025 will rise to 15,834.

This represents a 3.6 per cent increase from the 15,283 available in the current bidding period from August to October.

In the upcoming three months, there will be 6,190 Category A COEs, which are designated for smaller and less powerful cars, as well as electric vehicles (EVs).

This is a notable increase of 5.6 per cent from the 5,864 pieces available in the previous period, translating to 54 more Category A COEs at each tender exercise.

Category B COEs, meant for larger and more powerful cars and EVs, will see their supply rise to 4,060 – a 2 per cent increase from the current 3,980 pieces.

The supply of Open category (Category E) COEs will also increase by 3.6 per cent, going from 1,035 certificates to 1,072.

When combined, the supply of Category B and E COEs represents a total increase of 2.3 per cent, amounting to 117 additional certificates compared to the previous three-month period.

Additionally, the supply of commercial vehicle (Category C) COEs will climb by 8.3 per cent to 1,407 pieces, up from 1,299. This results in an increase of 18 more COEs at each tender exercise. Meanwhile, the number of COEs for motorcycles (Category D) remains unchanged at 3,105 pieces.

The announced COE supply also factors in 3,315 certificates that have been redistributed from identified guaranteed deregistrations.

This includes 1,390 Category A COEs, 1,060 Category B certificates, and 865 motorcycle COEs.

This redistribution practice, initiated from the second tender exercise of May 2023, allows COEs set to expire in the next projected supply peak to be brought forward for allocation.

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