SINGAPORE: Certificate of Entitlement (COE) premiums closed higher across the board in the latest bidding exercise on Wednesday (Feb 22), with open category prices hitting a record high of S$118,001.
Open category COEs, which can be used for any vehicle type but end up being used mainly for large cars, rose to S$118,001 from S$105,002.
It surpassed the previous high of S$116,557 recorded last November.
COEs for commercial vehicles under Category C, which includes goods vehicles and buses, also hit a new high, rising to S$87,790 and erasing the previous mark of S$85,119 set in the last bidding exercise.
For Category A cars, or those 1,600cc and below with horsepower not exceeding 130bhp, premiums closed at S$86,556, up from S$86,000.
Premiums for larger and more powerful cars in Category B rose to S$115,001 from S$105,524.
Motorcycle premiums closed at S$12,189, up from S$11,602.
A total of 2,491 bids were received, with a quota of 1,602 COEs available.
Wednesday’s bidding exercise also marked the first time a new additional registration fee (ARF) structure and preferential ARF cap came into effect.
Under the changes, announced by Finance Minister Lawrence Wong in his Budget speech on Feb 14, owners of higher-end cars will pay more for their vehicles.
The highest tier for ARF banding, which involves vehicles with an open market value (OMV) of above S$80,000, will see revised ARF rates of 320 per cent – up from 220 per cent previously.
For vehicles with an OMV above S$40,000 to S$60,000, the revised ARF rates will be 190 per cent. And vehicles with an OMV above S$60,000 to S$80,000 will be charged an ARF rate of 250 per cent.
Preferential ARF rebates will also be capped at S$60,000.
