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.
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 $6,052 previously.
Latest COE results:
|Category||Current COE premium ($)||Previous COE premium ($)|
|A - Car (1600cc & below)||48,401||50,889|
|B - Car (above 1600cc)||48,209||52,807|
|C - Goods vehicle & bus||48,901||47,001|
|D - Motorcycle||6,412||6,052|
|E - Open||48,556||52,600|
Source: Land Transport Authority