COE premiums in Singapore increased across most categories, with strong demand from local individual buyers driving the surge. The Land Transport Authority (LTA) also announced a new mandatory three-year lock-in period for certain privately-owned chauffeured vehicles used for ride-hailing services.
SINGAPORE: Certificate of Entitlement ( COE ) premiums closed mostly higher on Wednesday (Feb 19), hours after the Land Transport Authority (LTA) announced a new mandatory three-year lock-in period for certain chauffeured private-hire vehicles . For Category A cars, or those 1,600cc and below with horsepower not exceeding 130bhp, premiums closed at S$92,850 (US$69,184), up from S$85,000 in the last exercise.
COEs for commercial vehicles, which include goods vehicles and buses, increased to S$65,189 from S$62,506 in the previous bidding exercise. Open category COEs, which can be used for any vehicle type but end up being used mainly for large cars, remained flat at S$110,002 compared to last exercise's S$110,000. The latest COE results came after LTA earlier on Wednesday imposed the mandatory three-year lock-in period on all newly registered or converted chauffeured private-hire cars that are owned by businesses, and all such vehicles that are transferred from individuals to businesses. LTA had originally intended to announce the new requirement after this latest COE bidding exercise. But it brought forward the announcement due to an “unintended release of information” by its vendor NCS, which resulted in some industry players knowing of this new lock-in period before the planned announcement date. “To ensure transparency and fairness for all stakeholders, LTA has decided to bring forward the implementation of this new policy to Feb 19, before the close of the COE bidding process,” it said. The new rule ensures that businesses that acquire such private-hire cars do so predominantly for the purpose of leasing them to drivers who provide ride-hail services, LTA added. It also prevents the premature conversion of such vehicles out of the chauffeured private-hire car scheme, which will affect the supply of vehicles available for point-to-point services.LTA officials acknowledged that the main driver for the increase in COE prices in recent quarters was likely due to strong demand from local individual buyers, and not foreigners or car leasing companies. The authority said it would continue to monitor the COE market closely and take appropriate steps to ensure its stability
Transportation COE Singapore Land Transport Authority Private-Hire Vehicles Lock-In Period Demand Prices
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
COE Premiums Fall Across All Categories in SingaporeIn the latest bidding exercise, COE premiums decreased across all categories in Singapore. Category A car premiums fell to S$93,601, commercial vehicle COEs dropped to S$65,476, and open category COEs declined to S$115,112. This decrease follows an announcement by the Land Transport Authority stating that the overall COE supply will increase by 8 percent for the February to April period.
Read more »
COE Premiums Drop Across All Categories in January 2025 Bidding ExerciseThe second bidding exercise for January 2025 saw a decrease in Certificate of Entitlement (COE) premiums for all vehicle categories. Category E experienced the most significant reduction, with premiums dropping by almost $8,000.
Read more »
COE Premiums Fall Across the Board in January 2025 BiddingCertificate of Entitlement (COE) premiums decreased in the second bidding exercise for January 2025. Cat E saw the largest drop of almost $8,000. Other categories, including Cat A, B, and C, also experienced reductions in premiums.
Read more »
Cat A COE premiums rise sharply in second bidding exercise for February 2025Category A Certificate of Entitlement (COE) premiums saw a sharp rise in the second bidding exercise for February 2025, reversing the downward trend that was seen in the past three exercises. Cat A COEs, which are used for cars with internal combustion engines (ICEs) of up to 1,600cc in capacity and have a power output of less than 130hp, as...
Read more »
Singapore Tennis Open 2025: Main draw unveiled, Singapore players bow out in qualifiers Singapore News -%
Read more »
LTA to pilot driverless minibuses on certain shorter routes Singapore News%
Read more »