COE premiums increase except for Cat A and Open category
COE premiums were mixed in the second open bidding exercise this month.
The biggest rise in dollar terms was seen in the commercial vehicles category.
It rose by $1,112 to about $50,000.
Motorcycle COEs also went up by $715 to about $2,700.
President of Singapore Motor Cycle Trade Association, Wilson Phoon explains the rise in motorcycle COE premiums.
"With effect from February next month, the number of COE for the motorcycle will be from 1000 pieces to about 730 pieces a month. Typically this was due to the fact that number of scrapped motorcycles have dropped from 12,000 to 10,000 pieces last year. And 15 per cent of the motorcycles will have to go to the open category. That is the main cause of COE going up tremendously."
Premiums for big cars moved up by $300, to about $79,000.
Category 'A' COEs for smaller cars fell $79, to $72,290.
Open category COE fell $190, to $78,810.
From next month, COE quotas will be announced every three months instead of the current six months.
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