The cost of certificates of entitlement (COE) has reached a record high for large automobiles and risen across the board for all categories.
Premiums on open category permits, which may be bought for any vehicle but end up being used mainly for large cars, increased to a record $114,001 in July’s second round of bidding, according to the latest data.
The bids in the open group, called Category E, set a new record for the second consecutive time. COE bids for large and powerful cars in Category B also reached their highest level at $110,003.
The costs are surging because Singapore’s government is attempting to curb the number of vehicles on the streets and forces buyers to bid for a limited number of permits. The added charges can deter potential buyers, but the model is also one that might appeal to other cities seeking to reduce pollution.
The premiums on smaller cars — or those 1,600cc and below with horsepower not exceeding 130 bhp as well as electric vehicles up to 110kW power rating — rose to $78,899.
See also: Analysts maintain positive outlook on manufacturing sector in 2024 despite slowdown in IP
Infographics: Bloomberg
