SINGAPORE - Certificates of entitlement (COE) ended mostly higher at the latest tender Wednesday in response to an unexpected flat supply of certificates in the November to January quota.
COE for cars up to 1,600cc and 130bhp closed at $57,301, up from $56,001 two weeks ago. COE for cars above 1,600cc or 130bhp finished at $59,889, up from $58,190.
Open COE, which can be used for any vehicle type but ends up mainly for bigger cars, shot up from $58,801 to hit $60,000.
Motorcycle premium climbed to a three-month high of $6,302, while commercial vehicle COE bucked the trend to close at $42,303 - down from $44,890.
Industry observers point to several factors for the latest results, which came just a week after the Land Transport Authority announced that supply of car COEs would shrink by 0.3 to 3 per cent in the nex t three-month quota period, while motorbike certificates would fall by nearly 8 per cent. There would however, be a 32 per cent spike in commercial vehicle COEs.
Improved performance of the Singapore stock market was cited as one reason for the latest results. The benchmark STI Index went from around 2,800 just three weeks ago to cross the 3,000-mark.
Singapore also averted a technical recession, albeit narrowly, in the third quarter.
Traders also said price cuts after last fortnight's drop in premiums had also drawn more buyers to showrooms.
Latest COE results:
|Category||Current COE premium ($)||Previous COE premium ($)|
|A - Car (1600cc & below)||57,301||56,001|
|B - Car (above 1600cc)||59,889||58,190|
|C - Goods vehicle & bus||42,303||44,890|
|D - Motorcycle||6,302||6,201|
|E - Open||60,000||58,801|
Source: Land Transport Authority