SINGAPORE — Prices closed lower across the board in the most recent Certificate of Entitlement (COE) bidding exercise on Thursday (23 May).
Premiums for smaller cars saw the biggest drop. COE for Category A cars (1,600cc and below, with horsepower not exceeding 130bhp) ended at $27,000, a sharp drop from $36,704 in the previous exercise two weeks ago.
COE for Category B cars (above 1,600cc and with horsepower exceeding 130bhp) also fell from $48,010 to $42,564.
In a reversal of an upward trend in recent months for the Open Category (for any vehicle type except motorcycles), COE prices also dropped from $52,502 to $47,000.
COEs for commercial vehicles (goods vehicles and buses) fell from $28,559 to $27,400. Motorcycle premiums closed at $3,202, a drop from $3,352 in the previous exercise.
A total of 5,625 bids were received, with a quota of 4,327 COEs available.
According to The Straits Times, industry players attribute the price drop to slow fresh sales, following price increases in recent tenders. While they expect the latest prices to generate more buying interest, consumers may still hold out for bigger price drops.
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