Certificate of entitlement (COE) premiums across all categories saw a drop in the tender exercise on Jan. 4, 2024.
COE premiums for Category A and B fell to their lowest since February 2022 and January 2022, respectively.
A quota of 2,422 COEs was met with 3,303 bids in this latest round.
Cat A
The COE premium for Category A, for smaller, less powerful cars up to 1,600cc and 130bhp, as well as for EVs with up to 110 kilowatts of power, fell to S$65,010.
This was a 23.5 per cent drop from the S$85,000 recorded at the last tender exercise two weeks ago on Dec. 20, 2023.
Cat B
The premium for Category B, for bigger, more powerful cars above 1,600cc or 130bhp, as well as EVs with more than 110 kilowatts of power, ended at S$85,010.
This was a 22.7 per cent drop from the S$110,001 premium set at the last round.
Other categories
The premium for the open category COE price is S$106,388, which is 10 per cent less than the S$118,388 premium set at the last tender.
The commercial vehicle COE premium fell by 2.63 per cent from S$69,423 to S$67,599.
The motorcycle COE premium ended up at S$9,114, an increase of 1.24 per cent from S$9,002.
Background
COE premiums for all car categories had hit new record highs in October 2023, when the Category B premium hit S$150,001, while the Open Category premium hit S$158,004.
While Singapore's zero-vehicle growth policy will be maintained, more COE quotas will be brought forward from peak years to fill the current supply troughs.
COE supply for the A, B and Open categories will increase significantly from the second half of 2024 before reaching the peak supply years from 2026 to 2027, Acting Minister for Transport Chee Hong Tat explained in Parliament on Nov. 6.
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