COE premiums close higher, except for motorcycles

SINGAPORE: Premiums for Certificates of Entitlement (COE) closed mostly higher at the end of the latest bidding exercise on Wednesday, the second bidding exercise for November.

The COE price for small cars in category A rose by 0.1 per cent or $90 to $77,291, from $77,201 in the previous bidding exercise.

That of big cars in category B rose by 0.7 per cent or $604 to $93,004, from $92,400.

The premium for goods vehicles and buses in category C rose by 1.9 per cent or $1,124 to $60,235, from $59,111.

In the open category, the premium saw an increase of 2.1 per cent or $1,890 to $93,990, compared with $92,100 previously.

On the other hand, the COE price for motorcycles in category D dropped 13.8 per cent or $270 to $1,689, compared with $1,959 previously.

Car dealers Channel NewsAsia spoke to say COE premiums will continue to rise in the coming year.

"Everybody is rushing to get the cars out and companies are also rushing to meet their targets so there will be a lot of promotions coming up," said Chin Kee Min, Senior Manager of KIA Motors.

"The demand in the market is pretty strong in the market at this point in time. So basically with the low supply of COE that we have, definitely prices will be pushed up," he added.

— CNA/jc