COE premiums hit S$110,524 in Open Category

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COE premiums hit S$110,524 in Open Category

The Certificate of Entitlement COE premiums hit an all-time high of S $110,524 in the Open Category on Wednesday, which surpasses the previous record 28 years ago when prices in the then-Category Four classification reached S $110,500 in December 1994.

Open Category COEs can be used for any vehicle type but end up being used mainly for large cars. Premiums increased by 6 per cent in the latest tender, up from S $104,400 two weeks ago.

Premiums went up as well in other categories.

For Category A vehicles or those 1,600 cc and below with horsepower not exceeding 130 bhp-premies closed at S $78,001, up from S $74,989 in the last exercise.

Premiums for larger and more powerful cars in Category B rose to S $107,800 from S $106,001.

Motorcycle premiums were at S $10,889, up from S $10,302 in the previous bidding exercise.

COEs for commercial vehicles, which include goods and buses, rose to S $54,001 from S $53,011 in the previous bidding exercise.

A total of 2,863 bids were received, with a quota of 2,023 COEs available.

The prices for COE have been on an upward trend, with premiums for Category B and the Open Category crossing the S $100,000 mark on Jun 8.