SINGAPORE — In the latest bidding exercise that concluded on Wednesday, February 7, certificate of title (COE) prices fell in almost all categories except the commercial vehicle category.
Insurance premiums for the commercial vehicle sector, which includes buses and lorries, increased by S$4,000 to S$72,001. The previous COE bidding exercise on Jan 17 had previously ended at S$68,001.
The Category A COE premium was reduced to S$79,000 from S$81,589 in the previous bid. Category A is reserved for cars up to 1,600cc and 130 bhp, or electric vehicles (EVs) up to 110kW.
In Category B, which targets larger and more powerful vehicles, the COE price fell to S$102,338 after jumping from S$27,000 to S$112,000 in the previous bid.
The COE premium for two-wheelers, or Category D, fell slightly to S$9,290 after closing at S$9,309 in the previous bid.
Category E, which can be used for all vehicle types except motorcycles, ended at S$100,101, down from the previous bid of S$109,004.
A total of 4,482 bids were received and there were 2,482 COE allocations available for bidding.
The Land Transport Authority (LTA) previously announced an increase in COE supply from February to April 2024. A total of 14,707 COEs will be available for bid during this quarter.
A summary of the latest bidding results is below.
|
COE category |
Category A |
Category B |
CAT C |
Category D |
CAT E (open) |
|
quota premium |
SGD 79,000 ▼S$2,589 |
S$102,338 ▼9,662 Singapore dollars |
72,001 Singapore dollars ▲S$4,000 |
SGD 9,290 ▼S$19 |
S$100,101 ▼S$8,903 |
|
General Quota Premium (PQP) |
S$83,385 (February) |
S$113,742 (February) |
S$71,319 (February) |
S$9,696 (February) |
– |
|
quota |
938 |
655 |
196 |
530 |
163 |
|
Bids received |
1,931 |
1,163 |
366 |
717 |
305 |
What is COE?
The COE gives the owner the right to register and use the vehicle in Singapore for 10 years. Available through online public auctions held twice a month. Bidding exercises typically begin at 12:00 pm on the first and third Monday of each month and last for three business days. Each bid ends on Wednesday at 4pm, with no holidays in between.
Vehicle allocation for each category will be announced before the start of each bidding exercise.
After 10 years, when the COE expires, the owner has the option of deregistering the vehicle or renewing the COE.
How are COE assignments counted?
Starting February 1, 2023, the number of COEs available for bid in the corresponding vehicle category each quarter will be a moving average of the number of vehicles deregistered over the previous four quarters.
Will COE prices fall?
Of course, COE prices could go down. It depends on supply and demand.
Since 2017, the Land, Infrastructure, Transport and Tourism Bureau has frozen the growth of the car population, and in October 2021, the agency announced that it would maintain a 0 percent growth rate until January 31, 2025.
Singapore is one of the most expensive places to buy a car in the world. In fact, the 2022 Global Wealth and Lifestyle Report released by Swiss private bank Julius Baer in 2022 found that Singapore cars are the most expensive in the world.
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