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Latest Singapore COE prices and bidding results (21 February)

Latest COE prices and bidding results.

A tourist bus sits among other vehicles in traffic in the central business district of Singapore.
Latest Singapore COE prices and bidding results (21 February) (PHOTO: Getty) (Bloomberg via Getty Images)

SINGAPORE — Certificate of Entitlement (COE) prices fell for all but one category in the latest bidding exercise that ended on Wednesday (21 February).

The commercial vehicles category, which includes buses and goods vehicles, was the only category with an increased price in the latest bidding exercise, with premiums rising by S$1,000 to hit S$73,001.

COE premiums for Category A fell to S$76,801 after previously reaching S$79,000 in the last tender. Category A is reserved for cars up to 1,600cc and 130 bhp or electric vehicles (EV) up to 110kW.

In Category B, which is used for larger and more powerful cars, COE prices fell to S$97,000 from S$102,338 in the last round of bidding.

COE prices for motorcycles, or Category D, fell slightly to S$8,911 after closing at S$9,290 in the previous tender.

Category E, which can be used for all vehicle types except for motorcycles, closed at S$94,006, down from S$100,101 in the last tender.

A total of 4,277 bids were received, with a quota of 2,491 COEs available for bidding.

The Land Transport Authority (LTA) previously announced an increase in the supply of COEs for the February to April 2024 quarter. A total of 14,707 COEs will be available for bidding during this quarter.

A summary of the latest bidding results is as follows:

COE Category

CAT A

CAT B

CAT C

CAT D

CAT E (OPEN)

Quota Premium

S$76,801

▼S$2,199

S$97,000

▼S$5,338

S$73,001

▲S$1,000

S$8,911

▼S$379

S$94,006

▼S$6,095

Prevailing Quota Premium (PQP)

S$83,385 (Feb)

S$79,237 (Mar)

S$113,742 (Feb)

S$106,075 (Mar)

S$71,319 (Feb)

S$70,171 (Mar)

S$9,696 (Feb)

S$9,248 (Mar)

-

Quota

937

649

199

548

158

Bids Received

1,909

1,034

374

689

271

What is COE?

The COE gives the owner the right to register and use a vehicle in Singapore for 10 years. It can be obtained through an online open auction conducted twice a month. Bidding exercises usually start at 12pm on the first and third Monday of the month, and last for three working days. Each bidding will end at 4pm on Wednesday, if there is no public holiday in between.

The vehicle quota in each category will be announced before the start of each bidding exercise.

After 10 years, when the COE expires, an owner can choose to de-register the vehicle or renew the COE.

How is the COE quota counted?

Since 1 February 2023, the number of COEs available for bidding in the corresponding vehicle category in each quarter is the rolling average of the number of vehicles deregistered over the previous four quarters.

Will the COE price drop?

COE prices, of course, can drop – it is dependent on supply and demand.

Since 2017, the Land and Transport Authority has been freezing vehicle population growth and in October 2021 the authority announced that the 0 per cent growth rate will be maintained until 31 January 2025.

Singapore is one of the costliest places in the world to buy a car – in fact, in 2022, the Global Wealth and Lifestyle Report 2022, released by Swiss private bank Julius Baer, found Singapore cars were the most expensive globally.

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