The second open bidding exercise in March for Certificates of Entitlement (COEs) will open on March 25 at noon, and will close on March 27 at 4pm.

In the first bidding exercise of March, COE premiums for small and big cars fell due to drastic car loan curbs and a tiered tax system which were introduced in February.

For cars above 1,600cc, COEs closed at a two-year low of $58,090. Open COEs, which are used mainly for bigger cars, ended at $65,001 - also a two-year low.

COE premiums for cars of up to 1,600cc ended at $74,689, a 4.6 per cent dip from February's bidding.