Car COEs end lower as tighter rules for private-hire fleets loom
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Vehicles on AYE near Clementi Sports Hall on Dec 8, 2016.
ST PHOTO: LIM YAOHUI
SINGAPORE - Certificates of entitlement (COE) tumbled at the latest tender on Wednesday (Feb 8), a day after the government amended laws to keep a tighter rein on private-hire operators.
COE for cars up to 1,600cc and 130bhp ended at $48,401, down from $50,889 previously. COE for cars above 1,600cc or 130bhp finished even lower at $48,209, down from $52,807.
COE for cars up to 1,600cc and 130bhp ended at $48,401, down from $50,889 previously. COE for cars above 1,600cc or 130bhp finished even lower at $48,209, down from $52,807.
Open COE, which can be used for any vehicle type but ends up mostly for bigger cars, closed at $48,556, down from $52,600.
Bidding for car COEs has been fuelled aggressively by the advent of private-hire players like Uber and Grab. Since their arrival in 2013, the rental and private-hire car population has trebled to more than 50,000 as at end-2016.
With tighter regulations on the cards - including stiffer penalties for infringements - industry watchers expect people will not find driving a private-hire car to make a living or to supplement their income as attractive as before.
Meanwhile, commercial vehicle COE ended higher at $48,901, up from $47,001; and motorcycle premium soared to a five-month high of $6,412, from $6,052 previously.
Latest COE results:
Source: Land Transport Authority