COE bidding exercises to resume from 6 July: LTA
SINGAPORE — Certificate of Entitlement (COE) bidding exercises will resume, with the first bidding exercise starting on 6 July, said the Land Transport Authority (LTA) on Thursday (18 June).
Motor vehicle dealerships and showrooms will be reopened from Friday and motor dealers will resume operations including test drives by prospective vehicle buyers.
The 6 July date provides a two-week period for motor dealers and vehicle buyers to plan and confirm vehicle purchases before the COE bidding exercises resume, the LTA said.
COE bidding exercises will resume and open on the first and third Mondays of each month.
The COE quota for the bidding exercises in July will be 8,737, with the additional quota returned from the suspended bidding exercises.
The accumulated COE quota of 19,490 from the suspended bidding exercises from April to June will be returned to the market from July 2020 to June 2021.
“In reviewing how to return the accumulated COE quota to the market, LTA has considered the need to ensure sufficient supply of COEs to meet the orders that have built up during the period of COE bidding suspension, as well as the need to smoothen the supply of COEs to ensure long-term market stability.”
As such, one-third of the accumulated quota will be returned from July to September 2020. The remaining two-thirds of the accumulated quota will be returned from October 2020 to June 2021.
This will result in an additional quota of 6,494 COEs across all categories from July to September 2020, and 12,996 COEs across all categories from October 2020 to June 2021.
The next COE quota announcement for the bidding period from August to October 2020 will be made in July.
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