COE for cars up to 1,600cc closed at $4,460, from $1,020 two weeks ago. COE for cars above 1,600cc finished at $4,889, from $689. -- ST PHOTO: AZIZ HUSSIN
CERTIFICATES of entitlement at the latest tender on Wednesday ended higher across the board, as a sharp cut in supply announced last week sent more buyers scurrying to showrooms.
COE for cars up to 1,600cc closed at $4,460, from $1,020 two weeks ago. COE for cars above 1,600cc finished at $4,889, from $689.
Open COE, which can be used for any vehicle type but ends up mainly for cars, climbed to $5,889, from the previous $3,000.
The premium for commercial vehicles ended at $4,190, from $2,590 previously. And motorcycle COE closed at $801, from $701 in the last tender.
Motor traders reported brisk business over the weekend, as motorists, spooked by a cut in the April 2009-March 2010 COE supply, flocked to showrooms.
Last week, Transport Minister Raymond Lim announced that the new quota will be 24 per cent less than the current one. It was one of the sharpest reductions in COE supply in recent memory.
'We sold a lot more cars than previous weekends,' said Mr Gavin Yeo, commercial director of Toyota agent Borneo Motors, one of the largest COE bidders here. 'I think most other car showrooms were also crowded.'
Mr Vincent Ng of Honda agent Kah Motor was not surprised. He predicted that COE for cars up to 1,600cc - the mainstay of car buyers here - would hit 'a minimum of $2,000 to $3,000'.
He also said the other car premiums would rise in tandem. Unlike recent tenders, bids began flowing in on Tuesday. By 2pm on Wednesday, the premium for cars up to 1,600cc had crossed $1,000. And 20 minutes later, it breached $2,000.
